Reef Finance launches on Avalanche
Reef Finance is integrating with the Avalanche blockchain (AVAX), enabling users to access decentralised finance (DeFi) applications in the Avalanche ecosystem directly through Reef's platform. The project is planning to roll out initial features on Avalanche in early Q1 2021.
Reef will support AVAX-affiliated tokens and financial primitives through the basket engine, providing users with more investment opportunities. Reef users will also be able to channel capital into Avalanche to maximise savings and earn higher interest in stablecoins launched natively on AVAX through yield farming baskets.
Reef is the first cross-chain DeFi operating system, with a smart liquidity aggregator enabling traders to access liquidity from both centralised and decentralised exchanges. Reef also provides a range of portfolio baskets containing different DeFi products, while the AI-driven Reef yield engine curates personalised investment recommendations to users.
Avalanche, the highly scalable, open-source ecosystem for launching decentralised applications and enterprise blockchain deployments, is the newest blockchain platform that Reef is integrating, alongside ethereum and Binance Smart Chain. Avalanche confirms transactions in under 1 second with fees less than a cent, and is fully compatible with ethereum smart contracts, applications, and tooling.
Upon launch of the Avalanche-Ethereum Bridge, DeFi users will be able to leverage the fast transaction speed and low costs on Avalanche, solving one of the critical network congestion challenges and high gas fees affecting ethereum.
Since launching its mainnet on 21 September, Avalanche has gained over 650 full, block-producing validators participating in network consensus, and an additional 2,500 delegators participating in staking. Collectively, they make Avalanche the most decentralised layer 1 blockchain platform, and have accounted for over USD1.3 billion in AVAX staked to secure the network at peak.