Reef Finance partners with Paralink to integrate its multi-chain oracle solutions.
Reef Finance is a cross-chain DeFi operating system offering its users a smart liquidity aggregator and AI-driven yield engine. Paralink is a real-world data ingress for cross-chain applications.
Reef is collaborating with Paralink to utilize its oracle platform and flexible nodes. The partnership will allow Reef to use paralink’s oracles for real time price data and include paralink token $PARA in Reef baskets.
Importance of Paralink’s Integration with Reef
Reef Finance enables trading with access to liquidity from both CEXs and DEXs while offering smart lending, borrowing, staking, mining through AI driven personalized Reef Yield Engine.
However, for the proper functioning of the platform, it is vital for accurate data feeds of cryptocurrencies to be reflected on the Reef smart contracts.
Paralink collects, validates, aggregates and interpolates real-world datasets and feeds them into smart contracts on Ethereum and Polkadot. Applications that require the highest degree of security can use Paralink on-chain consensus algorithm, running on Polkadot Substrate. This makes coordination much cheaper than performing the same computation on Ethereum.
Features of the Partnership
Reef chose to work with Paralink because Paralink’s flexible node design allows developers to query data including real-world events, sports, weather, random numbers and more. Developers can create custom queries using Paralink Query Language and connect smart contracts with traditional web APIs within minutes.
With this integration, real-time price data will be fed onto Reef Finance contracts using Paralink’s multi-chain oracles. Additionally, Paralink’s native token $PARA will be added onto reef baskets. This will allow Liquidity Providers to stake and earn additional yields.
“Reef’s users will be able to seamlessly participate in utilizing the Paralink platform and utilize Paralink’s flexible node , helping usher in mainstream DeFi adoption” said Denko Mancheski CEO of Reef Finance.
Paralink Network offers a multi-chain oracle solution for DeFi and other blockchain applications. It provides accurate and real-time data. A parachain with oracle quorums for Polkadot, it provides reliable and trustworthy data sources to other parachains, such as real-time price feeds for decentralized markets.
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 CEXs and DEXs 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
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