Reef and Plasm to Bring DeFi Mainstream Adoption with Polkadot
Reef Finance is excited to announce that we are working together with Plasm in developing Reef — a suite of cutting edge DeFi products for the Polkadot ecosystem. Recently, the gas costs on Ethereum have been expensive and the finality has been slow. Plasm makes DeFi transactions cheaper and faster through its unique Layer2 technology. When Reef uses Plasm, the project will be able to use the Optimistic Rollups, a subset of OVM technology.
On August 21st Plasm Network became the first Parachain in one of the Polkadot Parachain test networks. Stake Technologies, the creators of Plasm, boasts one of the top technical teams in Asia. The team has received several Web3 Foundation Grants to build tooling that supports the Polkadot ecosystem, including Plasma Network, OVM and ECDSA implementation.
“I am really excited to work with Reef and support DeFi use cases on Plasm and Polkadot. Ironically, the transaction cost is more expensive than a centralized system right now and it takes minutes to probabilistically finalize transactions. We solve these problems with cutting edge Layer2 technologies and provide scalable smart contract functionalities with DeFi builders” said Sota Watanabe CEO of Stake Technologies the team behind Plasm.
“I am excited to work with a team of the caliber of Plasm Network to bring faster and more cost efficient transactions to DeFi end users everywhere” said CEO of Reef Finance Denko Mancheski.
Reef will work closely with the Plasm team to deploy quality products in the Polkadot ecosystem. We believe Plasm is one of the strongest technical teams in the ecosystem as part of the Substrate Builders Program and the Substrate Delivery Partner Program.
With Plasm, Reef Finance can make cross chain DeFi a reality faster/today.
Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, mining through AI driven personalized Reef Yield Engine.
For more information about Reef, or to join our team, Please contact us at: firstname.lastname@example.org