Reef Finance: A DeFi OS Built On Polkadot
What is Reef Finance?
Reef Finance is a user friendly DeFi operating system built on the Polkadot for the purpose of trading with access to liquidity from both CEXs (Centralized Exchange) and DEXs (Decentralized Exchange). Reef is also a smart liquidity aggregator that offers smart lending, borrowing, staking and even mining. Reef Finance is structurally built on DeFi system of trading.
What is DeFi?
Decentralized Finance, also known as DeFi is a decentralized system of trading that is run by the users. DeFi in it's operation provides it's users the ability to put their cryptocurrency to work instead of keeping it in a box and praying that there would be an hike in the price. So users are now open to chances of sending their liquidity to work for them even by Lending it out. Early 2020, when it was launched, the system rewarded both borrowers and lenders with $COMP, a so-called governance token. 'A single $COMP was worth $64 when it launched on June 17. Less than a week later, a single $COMP was worth $346.' Just like any other Decentralized Finance, Reef Finance poses itself to be one with a big load of trading Opportunities.
Why did Reef Finance come when there a lot of Decentralized Finance?
Reef CEO Denko Manceski explains that Reef Finance came to solve problems encountered by users of DeFi. In a statement made by Denko Manceski, he said "Reef aims to solve the high technical barrier investors face when attempting to participate in DeFi, not to mention doing away with gas fees on Ethereum that are currently running at near-record highs".
“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 [user interfaces] made by different vendors. It’s overwhelming. And while you do this, you’re missing out on different opportunities.” As the limitations and costs of running decentralized finance (DeFi) apps on Ethereum continue to ride high, a growing list of projects are lining up on competing Blockchains and a lasting solution has to be found to tackle these problems.
To remove the headache from a typical DeFi user experience, Reef offers a kind of one-stop shop, combining a global liquidity aggregator, yield farming aggregator and asset-management product, said Manceski. So far, Reef has partnered with Polkadot projects like Plasm, a dapp platform on Substrate; and Crust Network, an incentive layer for decentralized storage. The company said it also plans to integrate with leading oracle service providers including Chainlink and Bluzelle.
Advantages of Reef Finance over other DeFi
1. Smooth and easy web structure enhancing a user friendly situation.
2. Reduced cost of maintenance by eradicating the gas fee laden on Ethereum.
3. Allowing for high rate of profit that allows for lenders and borrowers to earn.
4. Open it's users to more trading opportunities like staking and mining.
5. Some individuals keep hold to cryptocurrencies that they have but Reef Finance as a Decentralized Finances allow people to to push their currencies out and make it work for them.
For more information about Reef, or to join our team, Please contact us at: [email protected]
Twitter: @ReefDeFi
Telegram: https://t.me/reefdefi
Website: reef.finance
Author: @Michot