Home » Press Release » Reef Finance Debuts as the First Polkadot Project on Binance Launchpool

Reef Finance Debuts as the First Polkadot Project on Binance Launchpool

Dec. 23, 2020

“Binance Launchpool, a new initiative designed to bring the decentralized finance (DeFi) experience to Binance users, today announced its new project, Reef Finance, a multi-chain smart yield engine and liquidity aggregator where any financial hub can integrate into.” Pioneering DeFi on Polkadot: Binance Launchpool Introduces Reef Finance, Binance.com, Dec 22, 2020

Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision making process based on user’s risk levels. On the heels of its latest integration with Binance, one of the leading crypto exchanges globally by trading volume, Reef Finance is introducing its native token REEF to the extensive user base on the Binance platform through the Binance Launchpool. The strategic collaboration enables Binance users to take advantage of crypto purchases with FIAT and trading through the Reef Finance platform in a non-custodial manner. In addition, Reef Finance eyes the potential offering of Binance Chain support to its users in the future.

Binance’s Launchpool platform was created by the exchange to facilitate new digital farming for users. The project is now aiming to simplify the reward acquisition process for staking BNB and other assets on the Binance platform. Historically, with Hard Protocol and Unifi DAO, Binance launch pools have catapulted projects into new heights by market cap. During Launchpool participation users will be able to stake their BNB, BUSD, or DOT tokens into separate pools to farm $REEF tokens, starting from 2020/12/23 at 0:00 AM (UTC). Binance will then list REEF in the innovation zone at 2020/12/29 6:00 AM (UTC) and open trading for REEF/USDT and REEF/BTC and trading pairs. Reef is also the first Launchpool project where Binance users would be able to stake their DOT tokens and earn staking rewards. To sum up, DOT holders can now farm Reef on Binance, whereas usually, one could farm with BNB, BUSD, and ETH. Now with Reef, one can farm using BNB, BUSD, and DOT.

Reef is positioned as a hub for DeFi and other cryptocurrency financial services on Polkadot. As a founding member of the Polkadot DeFi Alliance, which will support and grow the overall success of the ecosystem as a cross chain solution with a cohort of members and partners Interlay, Equilibrium, and Moonbeam.

“By abstracting away the complexities of using order books and learning how different protocols work, Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry and additionally augmenting the decision making process based on the user’s risk levels” said Denko Mancheski, Founder and CEO of Reef Finance.

“We are very excited for the upcoming Polkadot ecosystem, and glad to support Reef Finance’s progress through Launchpool”, said Binance CEO and Founder, CZ (Changpeng Zhao). “It’s also great to welcome our first Polkadot ecosystem project to Binance Smart Chain”.

For more information about Reef Finance, read the in-depth report provided by Binance Research.

Disclaimer