Reef Finance has recently formed a partnership with Elrond, which has been making the headlines over the last year or so. Elrond saw the price of its ERD crypto soar 5000% in 2020, before the launch of its much-awaited new Mainnet.
This network offers a much more stable performance with enhanced speed and reduced transaction fees, when compared to typical centralized networks.
Meanwhile, the ERD cryptocurrency was then transitioned to eGold as the native crypto of the Elron blockchain. Since it was released, EGLD has climbed over 300%.
What Does This Partnership Bring?
Reef Finance is a De-Fi protocol that offers users a one-stop destination for all their leading DApps, as well as a smart algorithm which is able to learn about users’ activities and grow from them, offering better returns and minimizing their risks.
On the other hand, the Elrond project is all about scalability and taking the steps to bring it closer to Web3, next-generation internet, which enables true decentralized transactions, cutting out the middleman. Elrond’s technology is quite unique: it uses Adaptive State Sharding, a database optimization technique which has never before been used for the blockchain, and the Secure Proof of Stake (SPoS) consensus mechanism.
The partnership means that users can access all of Elrond’s functionalities through the Reef platform. Reef, which has been made from Polkadot, is a very secure model across the entire ecosystem that allows for cross-chain integrations.
Reef opens the door to the world of DeFi by removing technical barriers from the user or developer. It gives the user the chance to access a huge selection of DApps with one simple login, while maintaining privacy across personal details and payment details.
The structure of Reef is built from a chain of smart contracts that makes up the network. This chain is able to communicate with both the analytics engine and the liquidity aggregator, which means that users can invest across a variety of DeFi platforms at the same time, from one clean interface, effectively cutting out the noise from the DeFi space.
The underlying infrastructure of Reef is a chain of smart contracts that compose and integrate the ecosystem. It communicates with the analytics engine and liquidity aggregator to allow a user the ability to enter and exit positions on multiple DeFi platforms from one easy to use interface.
Reef and Elrond together are helping the market to take a leap forward by offering accessibility and removing complexity for the user.