Cryptocurrency

Reef Finance

Reef Finance (Symbol: REEF) is the first cross-chain DeFi (Decentralized Finance) operating system powered by the Polkadot network. The protocol is a multi-chain smart yield engine and liquidity aggregator for any DeFi protocol to integrate with.

Reef Finance aims to give retail investors an easy user DeFi experience. The protocol is a global liquidity aggregator, Yield Farming aggregator and asset-management product.

Reef Finance CEO Denko Manceski stated:

“The average retail investor entering the DeFi landscape is confused,” said Manceski. “They don’t know the names of the projects or how to keep up with the best strategies and stay safe and well-diversified. They have to go through, like, five different websites and use different made by different vendors. It’s overwhelming. And while you do this, you’re missing out on different opportunities.”

Features

  • Multi-chain smart yield engine liquidity aggregator for any DeFi protocol to integrate with.
  • Gives retail investors access to DeFi with a low technical entry barrier while at the same time augments the decision-making process based on users’ risk levels.
  • Stake into various pools to earn interests with preferred Annual percentage rate.
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Introduction

Reef Finance is powered by the Polkadot network and shares its security model with the ecosystem, and enables cross-chain integrations across other DeFi protocols. Reef Finance gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time, it augments the decision-making process based on the user’s risk levels.

Reef Finance has regional communities in the United States, China, Korea, and Vietnam. The project has plans to extend its reach to other markets globally as the project gains more popularity.

Binance CEO and founder Changpeng Zhao stated about the project:

“It’s great to welcome the first Polkadot ecosystem project to Binance Smart Chain”, said Binance CEO and Founder, CZ (Changpeng Zhao). “We look forward to working together with Reef Finance and are happy to support their progress through Binance Launchpool.”

Protocol

Reef’s technical infrastructure is a chain of multiple smart contracts composing and integrating on top of the ecosystem. This entry component is called a basket engine which communicates with the liquidity aggregator and the analytics engine. It allows the user to invest and divest into multiple DeFi platforms with a single click and reduces the necessity to manage the outputs of the activities manually (e.g. LP tokens). The engine is being extended to support insurance cover of the basket and multi-hop strategies. The infrastructure will support multiple chains including Ethereum, Binance Smart Chain, Plasm, Moonbeam, and Avalanche (AVAX). This will allow users access to a large number of DeFi platforms.

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REEF Token

The $REEF token is the governance token of Reef Finance which is used to vote on different proposals such as releasing new features, readjusting certain parameters in the system, and more. The token is also powering Reef’s infrastructure that users can pay the protocol fees with it. It is also deeply integrated into the yield distribution mechanism.

Funding

In September 2020, Reef Finance announced that they had closed a $3.9 million seed funding. Investors included in the round were NGC Ventures, AU21 Capital, QCP Capital, Kenetic Capital, and Woodstock Fund.

Partnerships

Reef Finance has partnered with other Polkadot projects such as Plasm and Crust Network. The company has stated that it also plans to integrate with leading oracle service providers Chainlink and Bluzelle.