Reef Finance October 2020 Community Update
Dear Reef Community,
We have been overwhelmed by the support and enthusiasm that we have received after announcing the launch of Reef Finance, the First Cross-chain DeFi OS.
You can read the announcement here — https://medium.com/reef-finance/introducing-reef-finance-the-first-cross-chain-defi-os-483ff03f7016.
In October, Reef Finance has made exciting progress. It has been a successful month of various game-changing partnerships and technical developments!
Reef has integrated the main Ethereum DeFi protocols as well as the initial version of the aggregation layer.
The Indexers in the Analytics Engine are being deployed this week.
Testing on Plasm
As Reef is preparing to launch the platform to support the Polkadot DeFi ecosystem, we are working closely with smart contract platforms which will launch as parachains. We’ve already begun testing on Plasm, which became one of the first Parachain test networks.
We are thrilled to showcase new partnership developments and completed integrations with some of the decentralized finance pioneers.
Reef team will be working in collaboration with Crust Network, a leading protocol for decentralized storage. Crust implements an incentive layer protocol for decentralized storage and is also capable of supporting a decentralized computing layer and building a decentralized cloud ecosystem.
Crust adapts multiple storage layer protocols including IPFS and provides support for the application layers of projects. At the same time, Crust’s architecture also can provide support for a decentralized computing layer to build a distributed cloud ecosystem.
Decentralized storage allows data from the Reef Finance platform to be stored on different hosts by distributing the files across the entire network without being restricted by any centralized entity. Flexibly managing data and effectively enhancing data security and reliability through data encryption, secure backup, authorized access and other means will be important for Reef Finance to scale up into a leading DeFi platform.
Reef is excited to announce the integration of Bluzelle cross-chain data feeds which will allow Reef the ability to capture real-time blockchain data in order to power the next generation of DeFi applications. Bluzelle’s advanced data delivery network protects projects from data breaches, network failures and performance troubles. By entering the Polkadot ecosystem, we will provide a backbone to support innovation while positioning itself at the heart of the Web3 movement.
Reef will leverage existing and/or launch new Chainlink Price Reference Data oracle networks to power our cross-chain smart asset management platform. The planned Chainlink integration will enable our DeFi platform to use high-quality price feeds denominated in both ETH and DOT in order to set exchange rates for atomic swaps, trigger automated portfolio management, determine lending and borrowing rates, provide valuations for automated market maker (AMM) liquidity pools, and more. We have decided to make Chainlink our go-to oracle solution, helping maintain strong network performance, security, and reliability of Reef. Through Chainlink’s readily available oracles and easily integrative framework, we can both accelerate our current launch date by offloading our oracle needs to proven experts, and scale to support additional assets as demand rises.
We are working together with Phala Network in developing Reef — a suite of cutting edge DeFi products for the Polkadot ecosystem. Recently, advances in privacy technology have allowed for dark wallets and hidden order books to become a possibility. Phala Network is a privacy-preserving protocol for data-protection and blockchain smart contract.
Phala not only won a W3F grant but it also joined the Substrate Builders’ Program to make Phala a contributor to Kusama or Polkadot Parachain. For these reasons, the Reef team is excited to collaborate with the Phala team. Reef will work closely with the Phala team to deploy quality products in the Polkadot ecosystem. We believe Phala is one of the strongest technical teams in the ecosystem as part of the Substrate Builders Program and the Substrate Delivery Partner Program. With Phala, Reef Finance can make cross-chain DeFi a reality faster/today.
We are working together with Bifrost in developing Reef — a suite of cutting edge DeFi products for the Polkadot ecosystem. Recently, advances in middleware platforms have led to increases in TPS.
Bifrost is a middleware platform that connects between dApps and third party protocols. Earlier this year, Bifrost released a pilot version of Ethereum and its TPS rose to 750, with gas fees dropping by 75%. Bifrost also recently demonstrated that they can combine Ethereum and other protocols using EVM (Ethereum Virtual Machines) for scalability to increase Ethereum’s TPS to 3,000 using Amazon Web Services (AWS). Bifrost seeks to similarly build on Polkadot and enable Polkadot ecosystem projects faster performance and speed.
We are working together with Aleph in developing Reef. Aleph provides a safe decentralized network with decentralized storage and computing for internet-scale applications and decentralized finance, on all blockchains.
Current decentralized applications are generally unreliable and slow or tied to single blockchain architecture. Decentralized applications need to not only overcome these issues, but they also need to be able to communicate with other projects.
The large majority of current blockchain-related technologies cannot scale to the levels needed for large applications such as finance apps we use on a daily basis.
We are working together with Covalent in developing Reef — a suite of cutting edge DeFi products for the Polkadot ecosystem. Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks and we will use this API to provide Reef users with more advanced portfolio analytics.
Covalent is the absolute richest blockchain data on the Internet. It currently provides 25 billion rich transactions indexed including every transaction since genesis including 30,000+ price feeds for fiat and crypto pairs, 200K+ smart contracts available with internal data structures for querying and a 30-second refresh rate.
We are working together with Darwinia in developing Reef — a suite of cutting edge DeFi products for the Polkadot ecosystem. As an open cross-chain bridge protocol based on Substrate, Darwinia focuses on the construction of future Internet of Tokens, including decentralized tokens swapping, exchanging and market-making.
Darwinia is a cross-chain interoperability bridge solution and a para chain of Polkadot focused on cross-chain token trading. The technology provides support for cross-chain communication and a decentralized cross-chain transaction protocol.
AMA session with GAIN
Denko Mancheski, CEO and Founder of Reef Finance, had an open and meaningful conversation with the GAIN community. He discussed Reef Finance in detail. We always aim to connect with as many users as possible to share our opinions and solve their queries.
Interview with Tron Weekly
Reef Finance’s founder, Denko Macheski opened up about the DeFi protocol and regulations in an interview with Tron Weekly.
Looking into November
We’ve had an exciting round of community quiz, hosted in our Telegram channel with enthusiastic participants from the Reef community!
While there is a Reef Gleam campaign going on at the moment to continuously drive growth and bring users to our community, we have planned a few more exciting events to maintain momentum for the project launch.
We will be launching a liquidity mining program, Polkadot ecosystem initiatives, bug bounty campaigns, and many more!
Stay up to date with the latest news and chat with other Reef community members through our social media platforms:
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