Lendefi Finance Announces Adoption Of Reef Chain Ecosystem

Lendefi Finance Announces Adoption Of Reef Chain Ecosystem

May 24, 2021 – Lendefi Finance (“Lendefi”) is pleased to announce it will be joining the Reef Finance, (“Reef”) ecosystem to facilitate the operation and growth of its lending protocol.

As an early adopter of Reef, Lendefi believes the decentralized nature of the Reef Chain will provide an ideal platform from which to achieve its protocol development and deployment goals.

The reef is one of the most exciting projects within the DeFi environment. The recent deployment of their Reef Chain Testnet 1 as a Polkadot substrate, demonstrates Reef’s ability to rapidly deliver its decentralized network to the marketplace. Reef’s vision for decentralization is set to shape the way DeFi technologies are implemented.

Lendefi’s strategic partnership with Reef will strengthen its ability to meet their development and deployment objectives. These include the governance launch, broader interoperability and scalability of the protocol. Due to the aligned DeFi vision and development roadmaps between Lendefi and Reef, onboarding Lendefi’s protocol to the Reef Chain represents a symbiotic engagement.

In conjunction with the Reef Chain Developer Support Program, Lendefi will leverage Reef’s advisory on technical support, partnerships, and marketing channels. Lendefi intends to deploy its DAO onto the Reef Chain and will utilize support from Reef to achieve this vision.

Value proposition of the Lendefi-Reef relationship

The operation of Lendefi’s protocol on the Reef Chain demonstrates an alignment of development goals within the DeFi environment. Reef’s vision for a decentralized network based upon independent nodes, mirrors Lendefi’s vision for a lending system based on a DAO principle. As both projects grow towards greater decentralization, they are building the foundations for the future of DeFi.

The operation of Lendefi’s lending protocol on Reef Chain will feature:

  • A lending pool operating on the Reef Chain.
  • A bridge to facilitate the conversion of ERC-20 and BEP-20 tokens to REEF-20.
  • An interoperable smart DAO.

In line with their agile development roadmap, Lendefi’s protocol will soon achieve its Mainnet deployment milestone. The development of both projects is in alignment with Reef’s aim to deploy DeFi primitives within their ecosystem in the coming months.

“Reef’s chain will provide the true decentralization the Lendefi protocol needs to execute our DAO vision. An alignment of visions provides the foundation for a symbiotic relationship between our technologies.” – Scott Schulz, Lendefi CEO

“Lendefi’s innovative protocol is the first of its kind to deliver undercollateralized loans for digital assets. The potential for growth in this market is significant and we are happy to have Lendefi onboard Reef Chain”  – Denko Mancheski, Reef CEO

Lendefi intends to commence work on the Reef chain and is looking for development talent to join us. If you’re a full-stack developer with experience in blockchain apply here.

About Lendefi Finance

Lendefi is an innovative new protocol that facilitates leveraged trading through undercollateralized secured loans for digital assets. The Lendefi protocol enables the creation of leveraged investment positions within the DeFi environment. A trustless relationship between lender and borrower is delivered which is managed through the protocol, to remove counterparty risk.

Learn about Lendefi’s recent official news:

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About Reef Finance

Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions. Reef Chain supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Reef Finance’s vision is to make it easy to invest in DeFi and to build DeFi applications on top of Reef Chain. 

Learn about Reef’s recent official news:

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