Reef Finance Partners with Aavegotchi as First NFT Project

April 26th, 2021 at 1:00 pm UTC · 3 min read

Reef Finance, a leading liquidity aggregator and DeFi hub that’s easily accessible to anyone, has announced a partnership with Aavegotchi, one of the most famous and creative projects in the non fungible token (NFT) space.

The NFT ecosystem exploded in early 2021 as both crypto enthusiasts and mainstream celebrities endorsed the movement. Aavegotchi is one of the more innovative and unique NFT projects as it combines DeFi concepts with gaming mechanics inspired by the Tamagotchi handheld arcade gadgets, popular between the late 1990s and early 2000s.

Aavegotchi NFTs are unique because they have intrinsic value offered by their underlying collateral of aTokens, interest-bearing representations of assets supplied to the Aave DeFi protocol. Withdrawing the collateral destroys the Aavegotchi, as the tokens represent its “spirit force.”

The direct connection with DeFi makes Aavegotchi the perfect first NFT partner for Reef Finance. Thanks to the collaboration, Reef users will be able to interact with Aavegotchis by simply staking the REEF tokens.

Jesse Johnson, COO at Aavegotchi’s Pixelcraft Studios, said:

“Reef continually delivers on their promises and has built out a series of financial products that embody our shared belief in decentralization… Importantly, they’ve also achieved this by injecting personality into finance. That’s something we vibe with.”

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.

Denko Mancheski, CEO at Reef Finance, said:

“We’re pleased to be offering 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.”

The expansion into NFTs marks a logical next step for the Reef project, which is designed to aggregate liquidity across all venues, both centralized and decentralized. The recently-launched Reef Chain is perfectly suited for hosting NFT platforms and tokens, thanks to its universal liquidity bridges and full support for the Ethereum Virtual Machine.

Mancheski added:

“We’re excited to begin onboarding NFT projects. You can’t beat Reef Chain’s low gas fees and thorough developer support.”

About Reef Finance

Reef Finance is building Reef Chain, a DeFi blockchain built on Substrate and customized for the needs of the DeFi DApps of tomorrow. ReefChain provides high scalability, enabling almost instant and low cost transactions. ReefChain supports Solidity and makes full use of EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Reef’s main goal is to make DeFi easy for everyone by aggregating different protocols allowing smart exposure through their basket engine.

Reef Finance Partners with Aavegotchi as First NFT Project

About Aavegotchi

Aavegotchis are digital frens for the crypto generation. Each Aavegotchi is 100% on-chain, staked with Aave’s interest-generating aTokens and verifiably adorable ~\(^o^)/~

Compete for player rewards by earning XP, leveling up, and increasing the rarity of your Aavegotchi. Aavegotchi is governed by the AavegotchiDAO and the native eco-governance token GHST. Summon your first Aavegotchi today and join the future of DeFi-staked NFT avatars!

For more news and latest updates please visit Aavegotchi Medium and Reddit accounts, follow in Discord. Feel free to join Aavegotchi community in Telegram and Twitter or just check out their Wiki.