Today we are talking about an innovative DeFi product running on Polkadot: Reef Finance ($REEF). This project, launched last year after raising significant investments (3.9M USD – source CoinDesk) from companies such as NGC Ventures, AU21 Capital, Kenetic Capital and so on, describes itself as a liquidity aggregator and multi-chain yield engine, capable of connecting liquidity of classic CEXs with DEXs, as well as connecting multiple blockchains to get users the best Yield at any time.
Reef Finance is built on different smart contracts on the Polkadot blockchain and has as its main component an engine called basket engine, through which it is possible to access different cross-chain DeFi strategies with a single click. It is based on Polkadot because of its security and ease of working with other blockchains, but as already mentioned, Reef is also cross-chain and uses other chains such as Ethereum, Binance Smart Chain, Plasm, Moonbeam and Avalanche (which has been gaining momentum in recent days). By leveraging all these different blockchains, yield farming becomes easier and more profitable for everyone.
In terms of liquidity, Reef Finance is able to aggregate liquidity from any exchange, whether centralized or decentralized. For example, Reef is able to use liquidity from Kraken, Binance, Coinbase but also from DEXs such as AirSwap, Uniswap, Kyber Network and so on. Why always have war between CEXs and DEXs when we can leverage both to make the crypto world perfect?
In a nutshell, Reef is all that is needed when thinking about DeFi and Polkadot. The product is still new but it already has a nice roadmap that will definitely take it to the top of the Polkadot ecosystem. P.s. we specify that the CEO is a public figure and that the protocol has passed several audits, so, for now, there shouldn’t be any security issues or risk of the team disappearing (as it has often happened in the last months in the DeFi world). Reef has also launched its own governance token, $REEF, using Binance’s Launchpad.
The $REEF Token
Reef token is exchangeable on various exchanges such as Binance, Huobi Global, Gate.io, Poloniex, CoinBene, Uniswap, PancakeSwap, Bilaxy etc. Between the two chains (Binance Smart Chain and Ethereum) it has a total of 100 billion units. At the moment there are less than 6 billion tokens in circulation and the price is about 3.5 cents. According to the data reported on CoinGecko, the lowest price reached by Reef is only 0.0066 cents (on January 13th), while the highest price was 0.05 cents (on December 29th). Fortunately, the market now seems to be quite strong so we expect new ATHs in the coming days.
Having REEF tokens is useful to participate actively in the governance of the project but also for protocol fees, staking and Yield distribution. In short, a token that we recommend to all those who believe in DeFi and the Polkadot blockchain. This could be one of Polkadot’s TOP products in the coming years!