Reef Finance partners with Jarvis Network to bring Jarvis’ Synthetic Assets Pools to Reef Users
Reef Finance, the leading DeFi project on Polkadot recently announced its intention to work with Jarvis Network. 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.
“Synthereum”, Jarvis’ most anticipated protocol built on the top of UMA priceless framework, allows the issuing and exchanging of USDC-backed synthetic assets which track the value of any asset without using on-chain price feed. These assets are issued against a liquidity pool, which, from a user perspective, looks like a classic swap: users send 100 USDC to the protocol which mint 100 US dollar worth of any of the supported synthetic asset in exchange, or users send back 100 US dollar worth of synthetic assets which are burnt to redeem 100 USDC back to them. Prices are agreed off-chain between the users and the liquidity providers.
Among all the advantages of this design, anyone can redeem the underlying USDC collateral of any asset. This will help traders to constantly perform arbitrages between Jarvis Dex and Uniswap as example, creating a very strong peg as well as generating fees for the liquidity providers and token holders of Jarvis and Uniswap.
With a strong focus on Forex and commodities at the beginning, Jarvis will issue allow to issue jEUR, jCHF or jOIL which will be listed against USDC on Uniswap and other DEXes; due to the low volatility of EUR/USD rate, and the constant arbitrage activity, liquidity provider on such pair could generate bigger commission than the impermanent losses.
“Through the basket engine, Reef’s users will be able to seamlessly participate in providing liquidity into Jarvis’s Synthereum: synthetic assets to bring traditional assets on Ethereum. In the near future, we will also introduce a Jarvis-powered basket which gives the user exposure to the available traditional assets” said Denko Mancheski CEO of Reef Finance.
About Reef
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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