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Reef Finance is building its blockchain dubbed Reef Chain to enable future decentralized applications.
Reef Finance native token REEF jumped more than 8.44% in the past 24-hours to trade around $0.03635 at the time of reporting according to Binance-backed CoinMarketCap. Although the spike in REEF price could easily be attributed to the ongoing cryptocurrency bull market, the company also announced that it has formed a strategic alliance with Aavegotchi.
Notably, Aavegotchi is a leading non-fungible token (NFT) project powered by the Aave protocol. The Aavegotchi project is unique in the sense that it is a decentralized finance center that provides NFT with collaterals as aTokens.
Reef Finance and Aavegotchi
“We’re pleased to offer NFTs on Reef Chain and Reef DeFi baskets. When you learn of how Aavegotchis work you can’t help but be amazed at how cool the concept is,” Denko Mancheski, the CEO of Reef Finance said.
REEF coin had a reported market capitalization of $409,627,382, whereas its daily traded volume was around $83 million according to Coinmarketcap. Currently, there are 11,268,898,338 units of REEF in circulating supply. The REEF coin market has a total supply of 15,934,019,762 units of REEF with a maximum supply of 20,000,000,000 REEF.
Ranked position 133 by Coinmarketcap, REEF is well-positioned to tap on the decentralized financial ecosystem through a state-of-the-art technology that enables fast, secure, and cheap transactions.
Reef Finance and the DeFi Market
Notably, Reef Finance is building its blockchain dubbed Reef Chain to enable future decentralized applications. ReefChain provides high scalability, enabling almost instant and low-cost transactions.
As a result of the strategic partnership between Reef Finance and the Aavegotchi project, Reef users can interact with the latter through staking the REEF tokens in Reef Yield Engine Baskets. The increased utility value of the REEF toke is expected to significantly improve its market liquidity. “Reef Finance will also list fractional Aavegotchi NFTs in the Reef DeFi baskets. Fractional NFTs allow creating liquid markets for unique collectors’ items, synergizing with Reef’s strengths,” the company noted in the press release.
Reef Finance has also partnered with other blockchain-related projects that have all attributed to the REEF tokens’ liquidity. Most of the partnerships have included decentralized financial platforms with the same agenda of enabling adoption. Earlier last month, Reef Finance strategically partnered with Elrond to enable Reef users to access DeFi applications developed on the Elrond platform directly through the Reef platform. Earlier this year, Reef Finance announced a partnership with Paralink to utilize its oracle platform and flexible nodes.