Cross-chain DeFi platform Reef Finance announced a strategic partnership with Tron for building its DeFi ecosystem.
Tron tries to break into DeFi
The project announced a partnership with Tron to help build its DeFi ecosystem. This integration with Tron will enable Reef Finance users to directly access Tron’s DeFi applications and TRC-20 tokens through the platform.
Reef Finance provides an intelligent liquidity aggregator and yield generation engine, and went live on Binance Launchpool in Dec 2020.
The platform is built on Polkadot and therefore supports cross-chain capabilities for DeFi.
Interoperability will allow Reef to easily onboard Tron’s TRC-20 tokens for DeFi use cases such as lending and borrowing.
“This partnership with Tron is an extension of Reef’s efforts to collaborate with the biggest players of the DeFi world. To provide curated yield opportunities on leading DeFi platforms all under one roof and establish the platform as the easiest way to get into DeFi”, said Denko Mancheski, CEO of Reef Finance.
Ethereum scaling issues benefit Tron
Tron, a centralized public blockchain operated by controversial crypto entrepreneur Justin Sun, has not had much exposure to mainstream DeFi. Tron directly funded its leading projects such as JUST and JustLend to help the ecosystem get onto the DeFi bandwagon.
However, Tron is undoubtedly on the lookout for more mainstream DeFi partnerships. Recently, Tron collaborated with DEX aggregator 1inch Exchange to integrate with Tron’s trading protocol JustSwap.
Ethereum scaling issues and exorbitant gas fees have DeFi users searching for other blockchains. Here, despite their centralized nature, blockchains such as Tron provide a viable option to save transaction fees.
The ongoing scaling issues on Ethereum have caused the largest stablecoin USDT to see major growth in popularity on Tron, outpacing USDT transactions on Ethereum last month.