Categories: News

Elrond joins forces with Reef Finance to build a DeFi bridge for cross-chain liquidity

  • Elrond and Reef Finance have entered into a partnership to enable Reef users to directly access DeFi applications in the Elrond ecosystem.
  • Elrond is in the process of launching the DeFi 2.0 module, which will connect major global DeFi marketplaces.

Blockchain interoperability in the decentralized finance (DeFi) space is becoming an increasingly important topic, which is why the Reef Finance team has partnered with Elrond. As announced today, the collaboration aims to enable Reef users to access DeFi applications in the Elrond ecosystem directly through the Reef Terminal.

On the one hand, this will allow Reef users to benefit from Elrond’s highly scalable, fast and secure blockchain platform with low transaction costs. On the other hand, Reef Finance will make eGold and Elrond available on its platform, allowing users to trade Elrond DeFi products directly from the Reef Terminal.

This is a cross-blockchain “DeFi operating system” that allows investors to access the entire DeFi landscape. Reef Finance does this by building on a platform with three key components: the Global Liquidity Aggregator, which taps into the liquidity available on multiple chains and centralized exchanges; the Smart Yield Farming Aggregator, which allows users to easily and automatically invest in multiple DeFi opportunities; and the Smart Asset Management, which allows users to rebalance their holdings across multiple different baskets of assets.

Elrond is also in the process of launching the DeFi 2.0 module, which will connect major DeFi marketplaces around the world. To extend the module’s capabilities, Elrond will also access Reef Finance’s intelligent liquidity aggregator and yield engine. Commenting on the partnership opportunities, Beniamin Mincu, CEO of Elrond, said:

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.

Denko Mancheski, CEO of Reef Finance, added: “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. We are excited to integrate it into our platform and collaborate towards establishing a global DeFi landscape that anyone finds easy to interact with.”

Elrond’s ecosystem already includes 115 companies and startups working to integrate and expand Elrond. In recent months, the Elrond (EGLD) token has received massive demand and managed to rise into the top-40 cryptocurrencies by market cap.

Reef recently launched a new DeFi initiative where users could stake REEF tokens for other DeFi projects. The first application was Litentry Bond, and managed to receive more than $4 million worth of assets locked within the first few hours.

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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