Homework Task 7: Introduction to Defi and Yield Farming- REEF Finance | lesson by @gbenga

Hello, everyone. It’s a privilege to be here again at this time of the day as I have read another lecture from the Steemit crypto professor @gbenga. The lecture opened the floor for Decentralized Finance and it was a great one. I will like to present the task given at the end of the lecture.

Decentralized finance is another name in the financial sector that has its foundation on the blockchain which comes in to eliminate the traditional practices of old financial system. Decentralized finance makes it easy for users to carry out transactions on the blockchain without the involvement of third parties, also coming with the feature of smart contracts and peer-peer transaction incorporated.

Decentralized finance makes it easy for users to buy/sell, swap/exchange, loan or borrow assets by just interacting with the DeFi platform using several DApps without the involvement of other parties. With no doubt, DeFi is the new world of finance and many people already embraced it and it’s been adopted by many others on daily basis.

I will be giving a list of the advantages of DeFi below;

DeFi have come into the blockchain ecosystem to bring about many innovations and we have see many projects built on it. One important project I’d like to talk about in this article is the REEF Finance.

REEF finance is a great project built on Decentralized finance that came into existence not long ago, powered by Polkadot and it allows the integration of any Decentralized protocol. The inventor knows that decentralized finance is taking over the finance world and that necessitated the invention of the REEF finance project. Reef finance comes with their token known as REEF which is a cryptocurrency sitting at the 113 position on market capitalizationwith a circulating supply of 11,268,898,338 REEF coins and a maximum supply of 20,000,000,000 REEF coins. The adoption of the REEF finance has been so great from different users all over the world, most especially because of the innovation it brought to the DeFi world.

DeFi just as promising as it is also comes with a few shortcomings and one of the shortcomings is the interaction with different DApps before getting the desired transaction done on DeFi which is often stressful for users as they have to navigate through several DApps. This shortcoming necessitated the invention of the REEF finance which they nicknamed as All-In-One Defi as all features of the DeFi are combined in one place on the REEF finance.

REEF finance takes care of the shortcoming of the DeFi by putting all that is necessary for completing transaction all in one place such that users can easily buy/sell, swap/exchange, loan/borrow all in one platform without having to navigate through other DApps outside the REEF finance and this has ease off the early stress encountered by Defi Users.

The CEO Denko Mancheski and the co-founders of REEF finance have a good vision to invent such wonderful platform after noticing the challenges of the earliest DeFi. And the invention has received wide adoption from the public having the project compatible with smart contracts and an All-In-One Defi feature put in place in the special DeFi project.

Another feature of the REEF finance is the smart yield farming aggregator where users can easily earn yield rewards when they create stakes with their individual REEF assets and this is just like the Proof of Stake, when users are eligible to earn appreciable yields from their staking.

The first step is to visit the website stake.reef.finance to access the REEF finance App and the landing interface will be shown below.

From the above, click connect to wallet to enable using assets from your wallets to carry out different transactions (buy/sell, swap/exchange, loan/borrow, stake) on the REEF finance App. Select any of the wallets you are in possession to proceed and start transacting on the REEF Finance. The connect wallet interface is shown below.

The REEF tokens are widely available on excahnges with numerous trading pairs. I couldn’t proceed to the connect wallet because I don’t have any of the wallets above. If you have any of the wallets, then it’d be a swift journey of transaction.

Decentralized finance is taking over the finance world with great innovations that enhances swift transactions and also eliminates the involvement of third parties in transactions. The incorporated smart contracts feature is a great one and it has greatly received adoption from many users all over the world. REEF finance is one notable project on DeFI that has come in place to rectify the shortcomings of DeFi having the whole features of DeFi in a single platform. Thanks to professor @gbenga for this great lesson and I look forward to learning more from you sir.