Reef Finance is Collaborating with L2 Solution Provider Matic to Bring to Life Cross-Chain DeFi Applications
Reef Finance, the leading DeFi project on the Polkadot ecosystem, has recently announced its intention to work with Ethereum Layer 2 scaling solution provider Matic Network to make cross-chain DeFi a reality.
Matic Network uses an adapted version of Plasma with PoS based sidechains, in order to massively scale the Ethereum network. Matic’s Side-chain solution provides much faster and extremely low-cost transactions with finality on the main Ethereum chain.
The partnership with Matic will help Reef Finance scale its DeFi platform, and offer users a smooth, fast and secure user experience. Payments will be settled on-chain whenever needed with fast finality. With multiple DeFi platforms available to users today, the collaboration with Matic will enable Reef to provide the best-in-class DeFi service and stay one step ahead of others.
The partnership will also open the doorway to Ethereum’s layer-2 interoperability with the Polkadot network. Polkadot has been designed to connect private and public chains, oracles, and other decentralized technologies, and create an internet where independent blockchains can exchange information and transactions in a trustless manner.
Ethereum and Polkadot are two of the most important DeFi platforms available today. Matic massively scales the Ethereum blockchain, and this interoperability bridge will create a highly scalable cross-chain channel between Ethereum and Polkadot.
The finality will happen on Ethereum on one side and on Polkadot on the other side. The bridge can be deployed on multiple parachains, and eventually can become a parachain itself. This will allow Matic to connect to multiple parachains.
Through this partnership, DeFi applications built independently on Ethereum and Polkadot will be able to interact in a trustless, secure and scalable manner. The interoperability will open a world of opportunities to DApp developers to create world-class applications for the upcoming decentralized Internet (or Web 3.0 as it is popularly known).
Speaking about the partnership, Denko Mancheski, CEO of Reef Finance, said, “We’re honored to have Matic on board with us. Matic has been a thought leader in scalability. We’re ecstatic to work with them and make scalable, fast, and easy-to-use DeFi a reality”.
Sandeep Nailwal, Co-founder and COO of Matic Network, added, “Decentralization is still unknown to the masses, and it lacks usability and convenience and we completely resonate with what Reef Finance is trying to do. Through this partnership, we can contribute to simplifying DeFi for mainstream use and adding to the convenience of Reef users”.
Reef and Matic share similar core values, which makes this partnership an important step forward for the holistic development of the blockchain industry.
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem.
Reef Finance 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: email@example.com
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