Thursday, December 9, 2021
HomeDeFi NewsElrond (EGLD) platform is now perfectly accessible to Reef Finance (REEF) users

Elrond (EGLD) platform is now perfectly accessible to Reef Finance (REEF) users

Elrond Network (EGLD), a new-gen programmatic blockchain environment based on Adaptive State Sharding and Secure proof of stake (SPoS) consensus, is now seamlessly connected to Reef Finance (REEF) multi-chain DeFi platform.

Elrond (EGLD) products are now accessible to Reef Finance (REEF) users

According to a press release shared with Cryptoreportage, Romanian blockchain unicorn Elrond Network (EGLD) has partnered with Reef Finance (REEF), a multi-purpose cross-chain ecosystem for decentralized financial protocols. The new integration will address problems of liquidity and interoperability.

As Reef Finance (REEF) aggregates liquidity from multiple centralized and decentralized exchanges, it is crucial for them to use high-speed, low-cost infrastructure. The latest congestion and gas fee spike made Ethereum (ETH) unattractive in relation to this goal.

Within the framework of the new partnership, EGLD token and Elrond-native assets will be available on the Reef Finance platform. Also, all Elrond Network functionalities will be seamlessly accessible to Reef Finance (REEF) clients.

Denko Mancheski, Reef Finance CEO, highly praises the opportunities provided by the new collaboration and the way they are aligned with Reef’s long-term vision:

The technical capabilities of the Elrond Network combine with attractive eGold tokenomics and a highly committed userbase to create a DeFi ecosystem with very high potential.

Now Reef Finance ecosystem comprises two liquidity aggregators and smart assets management instruments.

Approaching Elrond DeFi 2.0

Beniamin Mincu, Elrond CEO, predicts an unmatched “flow of value” into the new system as a result of Reef Finance’s (REEF) integration:

Assets that become globally available regardless of the originating platform will add up to a massive liquidity pool. The resulting unprecedented flow of value will amplify DeFi benefits for everyone. Actors like Reef Finance have the opportunity to enable that, so we are happy to interoperate towards our common vision.

The announced integration is one more step in the rollout of Elrond’s DeFi 2.0 roadmap. It will interconnect major DeFi ecosystems across the globe, regardless of basic blockchains.

At press time, 115 startups and corporations are leveraging the potential of multiple Elrond (EGLD) products.

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