Reef Finance is developing its Reef Chain blockchain to enable future DEX applications.
According to Binance-backed CoinMarketCap, its native token went up by more than 8.44% in the last 24 hours. This will trade at around $0.03635 at the time of reporting. The price increase is because of the ongoing cryptocurrency bull market. Therefore, the company also announces a strategic alliance with Aavegotchi.
Aavegotchi, in particular, is a leading non-fungible token project that the Aave protocol supports. The project is unique that provides collateral to NFT in the form of a Tokens.
Reef Finance and Aavegotchi
Reef Finance’s CEO, Denko Mancheski, states that the company is happy to offer NFTs on the Reef Chain and Reef DeFi baskets. When you learn how Aavegotchis work, you can’t help but be happy by how innovative the concept is.
According to Coinmarketcap, the coin has a market capitalization of $409,627,382. Its daily trading volume is around $83 million. There are currently 11,268,898,338 REEF units in circulation. The total supply of REEF in the coin market is 15,934,019,762 units, with a maximum supply of 20,000,000,000 REEF.
It is 133rd on the list by Coinmarketcap. It is in a good position to tap into the defi ecosystem through cutting-edge technology. This enables fast, secure, and low-cost transactions.
The DeFi Market
Notably, Reef Finance is developing Reef Chain, a blockchain that will enable future decentralized applications. It offers a high degree of scalability, enabling near-instant and inexpensive transactions.
Users can interact with the Aavegotchi project by staking the tokens in Reef Yield Engine Baskets, as a result of a strategic partnership between Reef Finance and the Aavegotchi project.
It is anticipated that the increased utility value of the token will significantly increase its market liquidity. It will additionally list fractional Aavegotchi NFTs in Reef DeFi baskets. Fractional NFTs enable the creation of liquid markets for rare collectors’ items, complementing Reef’s core competencies, as the company noted in a press release.
It has partnered with other blockchain-related projects, all of which have contributed to the liquidity of tokens. The majority of partnerships have involved decentralized financial platforms with the same objective of facilitating adoption.
Last month, it entered into a strategic partnership with Elrond to enable Reef users to access DeFi applications built on the Elrond platform through the platform. Reef Finance announced a partnership with Paralink earlier this year to utilize its oracle platform and flexible nodes.
As the preeminent decentralized financial platform on Polkadot, it partnered with Polygon to realize its Defi mission.
What is Reef Finance?
The project aims to develop a unified platform for all DeFi applications, thereby facilitating user access to the DeFi ecosystem. A variety of assets can be purchased, traded, staked, lent, and borrowed on a single platform.
It is a liquidity aggregator and multi-chain intelligent yield engine that permits the incorporation of any DeFi protocol. Also, it was developed with Polkadot and its security model is shared across the ecosystem, allowing for cross-chain integrations. The project provide retail investors with a method to access DeFi without significant technical barriers, while also facilitating the decision-making procedure.
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