Next Generation Synthetics Platform Horizon Protocol Integrates with Reef Finance’s Reef Chain
Reef Finance, the builders of the Ethereum VM-compatible smart contract blockchain called Reef Chain, announced an upcoming integration with Horizon Protocol, a synthetic asset platform that extends “mainstream DeFi” (borrowing, lending, liquidity) into the creation of on-chain synthetic assets representing the real economy. This integration will bring access to synthetic assets tied to real asset oracles, asset verification, asset yield farming, lending and borrowing, and additional cross-chain bridges to Reef Chain.
Horizon Protocol allows for the creation and liquidity provision of synthetic assets that are tied to crypto and real-world assets and instruments. Reef Chain users holding HZN, Horizon Protocol’s native token, can earn rewards/fees in HZN by staking HZN as collateral to back synthetic assets in addition to providing liquidity. Since a synthetic asset aims to replicate the price, volatility, and the corresponding risk, return, and valuation profiles of the underlying assets, this is a part of the platform where HZN stakers play a crucial role in allowing Horizon Protocol to operate.
“The Horizon Protocol team knows that we are already living in a multi-chain world, a paradigm that will only be more entrenched over time. There is not a zero-sum game for layer 1 blockchains, and so cross-chain interoperability is a must. We are excited to extend Horizon Protocol’s plan for interoperability across Ethereum, Binance Smart Chain, Tron, Neo and Cosmos to now include Reef Chain so that we can help with Reef Finance’s vision of making DeFi easy,” said a representative from Horizon Protocol.
In addition to synthetic asset creation, Horizon Protocol will provide advanced decentralized finance products and capabilities to the Reef ecosystem. Reef Chain users will be able to take advantage of Reef’s almost instant, low-cost transactions to wrap NFTs, fractionalize NFT ownership, access NFT trading, derivatives and indices. Horizon Protocol will also bring sophisticated derivatives products like margin trading, leveraged trading, and prediction markets to Reef!
“While other networks struggle to bring basic, let alone advanced protocols, to market, Reef Finance and Horizon Protocol are collaborating early on in Reef’s journey to ensure we’re not missing critical, advanced DeFi primitives,” says Denko Mancheski, CEO of Reef Finance. “The Horizon Protocol dApp, while looks phenomenal, allows for so many possibilities that I’m very excited for Reef users to get their hands on it. More bridges means more choice, and synthetic assets enables many possibilities that, because of high fees on Ethereum, only a wealthy few can truly enjoy.”
The Horizon Protocol team will deploy its innovative synthetic assets to Reef Chain, and are eager to contribute technology and existing data partnerships like FTSE, S&P Global and MSCI to the Reef ecosystem.
About Horizon Protocol
Horizon Protocol is a DeFi platform that facilitates the on-chain trading of synthetic assets that represent the real economy. Horizon Protocol seeks to provide exposure to real-world assets risk/return profiles via smart contracts on the blockchain.
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, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
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