EAST.Finance 2.0, an enterprise-grade cross-chain SafeFi Protocol, is launched
2022 was the most challenging year yet in the history of the stablecoin market. The good part is that hard times grow awareness. Being a successor of the original EAST stablecoin, EAST.Finance 2.0 offers a totally new approach to DeFi — SafeFi. It solves traditional DeFi problems, such as opaque, shady profit models, insecurity and inaccessibility of collateral. To manage them, the new EAST relies on three basic principles: safety, availability, and predictability. These principles are implemented through EAST key features.
Overcollateralization means that each and every EAST is backed by a larger sum of liquid crypto assets. At its launch, the protocol supports ETH and WAVES as collateral. Later, BTC will be added and, as soon as EAST is implemented in Waves Enterprise blockchain, users will be able to back with WEST. Each asset has its own minimal backing ratio for issuing EAST. The mechanisms of overcollateralization are transparent and reliable.
Partial liquidation lets a user liquidate up to 50% of an EAST vault with decreased backing ratio. The threshold of liquidation also varies for different assets. Partial liquidation strengthens EAST backing and the protocol health. The liquidity cannot get stuck in whale positions for too long, and EAST users stay protected from losing their whole positions at once.
Native staking enables a stable profit in EAST from staking EAST. The staking is based on a transparent and reliable Proof-of-Stake model. The native staking mechanisms will also start a bit later.
To assure EAST peg, its stability fee is moderated. If EAST costs less than $1, the stability fee increases. Users rather buy EAST than issue it, so the price grows. The same is applicable vice versa. To boost EAST supply, the protocol may use USDT collateral at 100% backing ratio to issue EAST, with no stability fee, so you can sell EAST at a higher price. You can also earn with EAST in other ways: trade with leverage, liquidate vaults and stake your stablecoins.
EAST.Finance is expected to be governed by WEST DAO, an enterprise-level DAO in charge of Waves Enterprise mainnet development. EAST with liquidity pools is already available at WX Network. More exchanges will follow.