Reef Finance — November 2020 Review

Reef Community,

November was an eventful month packed with partnerships, campaigns, and AMAs. This month was phenomenal and now we are a community of over 5000 members. We also commenced with our Ambassadors Program which has been great so far.

Reef Finance has made incredible progress this month. Let’s take you through our accomplishments so far.

PARTNERSHIP DEVELOPMENTS

This month, we have had some rock-solid partnerships. We’re confident that these collaborations will accelerate Reef’s growth to a whole new dimension.

Reef Finance and Matic Network joined forces to bring life to cross-chain DeFi Applications. Matic Network is an Ethereum Layer 2 scaling solution provider that uses an adapted version of Plasma with PoS based side-chains in order to massively scale Ethereum Network.

The partnership with Matic will help Reef Finance scale its DeFi platform, and offer users a smooth, fast, and secure user experience. Payments will be settled on-chain whenever needed with fast finality. With multiple DeFi platforms available to users today, the collaboration with Matic will enable Reef to provide the best-in-class DeFi service and stay one step ahead of others.

Read more about this partnership.

Reef Finance partnered with Kava to provide DeFi users with a host of enhanced features and services. Kava is the first DeFi project on the Cosmos ecosystem and focuses on providing interoperability to DeFi.

Through this partnership, Reef users will get access to collateralized loans and yield opportunities on Kava’s platform. This partnership brings a host of features to Reef Finance’s DeFi platform and gives its users access to Kava’s stablecoin USDX.

Reef is working towards making a wide range of stablecoins from different blockchains available on its platform, to provide more options to users who wish to lend or borrow stablecoins.

The partnership between Reef and Kava will enable users to utilize the earning opportunities that HARD Protocol provides. In the future, as more such applications and earning opportunities are built in the Cosmos network, users of Reef Finance would be able to access them seamlessly through Kava’s cross-chain bridges.

Read more about this partnership.

Reef Finance and finance.vote partner to offer superior governance and price discovery systems to Reef users. Finance.vote is developing a consensus layer for DeFi applications and a decentralized system for enhancing the governance of crypto networks, engaging in market discovery and socially coordinated trading.

With this partnership, the superior governance, voting and price discovery systems that Finance.vote provides will be integrated into Reef’s platform. Users will be able to use these features for proper asset risk management and for maximizing yield from their stakes.

Reef and Finance.vote will also focus on building asset baskets that are balanced from the market indicators generated by Finance.vote’s quadratic voting based prediction market system. The partnership will provide a unique value proposition to users that is unparalleled by any other yield aggregator or DeFi platform.

Read more about this partnership

Reef Finance and Stafi Protocol are working together to let investors simultaneously enjoy the DeFi yield opportunities along with the liquidity of their assets staked in DeFi applications.

StaFi is the first DeFi protocol which unlocks liquidity of staked assets, by letting users stake PoS tokens through StaFi’s Staking Contracts and receive rTokens (reward-Token) in return.

With this partnership, Reef users will be able to use Stafi’s Staking Contracts to issue rREEF tokens for the assets that they have staked on Reef’s platform. These rREEF tokens will be liquid and tradable, while the original assets remain locked in their native blockchain network.

This will help Reef users to hedge against market volatility by making the staked assets liquid, while still earning the DeFi rewards that are available through Reef’s machine learning and AI-powered DeFi Smart Yield Farming engine.

Read more about this partnership.

Reef Finance and Equilibrium collaborated to offer a suite of cutting edge DeFi products for the Polkadot ecosystem.

Equilibrium is introducing a cross-chain money market that combines pooled lending with synthetic asset generation and trading. It will furthermore act as a liquidity provider for Reef Finance, whose users gain access to additional liquidity and trading leverage.

The Equilibrium team will work closely with Reef Finance to deploy a high-quality decentralized insurance platform.

Read more about this partnership.

Reef Finance and Jarvis Network partner to bring Jarvis’ synthetic assets pools to Reef users. Jarvis is a set of protocols on Ethereum allowing anyone to gain economic exposure to the price of any financial assets with stablecoin, against liquidity pools.

Through this partnership, Reef users will be able to seamlessly participate in providing liquidity into Jarvis’ Synthereum, i.e. synthetic assets to bring traditional assets on Ethereum using Reef’s basket engine.

Reef will also introduce a Jarvis-powered basket which will give users exposure to the traditional assets available on their platform.

Read more about this partnership.

Reef Finance integrates with Binance to enable FIAT gateway and increased liquidity. Binance is consistently ranked as one of the biggest cryptocurrency exchanges by volume today. Binance Access API integration will enable cryptocurrency purchases with FIAT and trading via Reef Finance in a non-custodial manner. Reef users can also expect Binance Smart Chain support in the near future.

Through this integration, Reef users can experience a host of innovations and those who want to execute trade, the Binance Brokerage integration will be called. Users will be able to purchase cryptocurrencies using a credit card.

Through the collaboration between Reef and Binance, users will be able to onboard onto crypto finance platforms in a faster and cheaper manner.

Read more.

TECH DEVELOPMENTS

  • Finalized the first audit on the initial version of the smart contracts. The report can be found here. We are planning to do another audit before the official launch. We have also been working on programmatic limits and emergency plugs as an additional measure to ensure high security.
  • Started working on the Rust implementation of the basket engine.
  • Binance Access integration has been finalized. Reef will integrate the Binance Access API for fiat/credit card purchase and Binance Brokerage for access to CEX. We will soon also offer access to Binance Smart Chain.
  • UI redesign is in progress. We will have basket catalog browser on day 1
  • Adding support for Value vaults in the stablecoin farming basket
  • Improvement on Indexers, work has started on real-time basket monitoring
  • Prototyping pooling mechanism (reduce fees for invest/disinvest). Planned to launch in v2
  • Started working on the multi-ecosystem support wallet (very WIP)

COMMUNITY DEVELOPMENTS

Crossing 5000 members for our community was a big milestone this month and we are humbled by the support and love we received. Let’s take you through some of the events and activities we had this month.

We had several AMAs this month. We had joint AMAs with our partners Crust Network, Plasm Network, Equilibrium and Covalent HQ. Apart from these, Block Talks had hosted an AMA with us.

Read the AMA transcript with Blocktalks.

Charlie Gibona is an international YouTube channel that specializes in Cryptocurrency and blockchain. Our CEO, Denko Mancheski, was featured for an interview on this youtube channel.

Watch the interview.

Valeria Kholostenko from Reef Finance made a video introducing Reef to the Genesis Block, a unit dedicated to educating and growing the blockchain community, and creating a safe online environment for them. This video is a part of the Genesis Block Crypto Classroom series.

Watch full video.

Our events and contests this month included the Token Design Contest wherein our community creates new designs for Reef Tokens and shared with our team. We received amazing artworks out of which we picked 4 winners through community voting on telegram.

We also have an ongoing Ambassadors Program with a unit of 92 members known as Reef Rangers. We have already started working with our Rangers and it has been really great having them along-side so far.

Apart from these, we had a few contests for our community to guess our new partners. We have loved our community’s enthusiasm so far and we have a lot more contests lined up for them for the last month of the year.

LOOKING INTO DECEMBER

Owing to our community’s enthusiasm, we have many contests and activities in the pipeline of December. If you thought November was big, December is going to be even bigger with events you may have never seen before.

Stay tuned for more updates on Token Generation Event, Binance Access Integration, stakedrop activities and much more.

Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, mining through AI driven personalized Reef Yield Engine.

For more information about Reef, or to join our team, please contact us at: info@reef.finance

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The first cross-chain DeFi operating system