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Reef Finance It has reportedly integrated with Kava to provide “world-class” decentralized finance (DeFi) services to platform users.
As noted in the announcement:
“Coffee [has] partnered with Reef Finance, the leading DeFi project in the Polkadot ecosystem. The cooperation will bring Kava’s secured loans, USDX stablecoins, HARD protocol and other … exciting return opportunities for Reef users. “
As previously reported, the Polkadot network aims to offer “unprecedented” economic scalability by allowing a common set of transaction validators to secure multiple blockchain platforms.
The USDX stablecoin is a cryptocurrency that aims to provide the same level of “stability and confidence” as the US dollar. The coin can be acquired via a mobile app and can be used to send payments as easily as sending a message. The HARD protocol is described as a “decentralized” and permissionless cross-chain money market. Users had been able to stake their Binance Coin (BNB), Binance USD (BUSD) and KAVA tokens in different pools to grow (or earn) HARD tokens.
Kava says it’s the first DeFi initiative on the Cosmos blockchain or Distributed Ledger Technology (DLT) network. Kava focuses on offering interoperability to DeFi. Kava’s platform offers various cross-chain DeFi opportunities, secured stablecoin loans, and real-time price feeds via Chainlink’s widely used oracle network.
As confirmed in a blog post from Kava Labs, Chorus One, which manages transaction validation nodes and stakeout services for blockchain Proof-of-Stake, has received a grant from the Cosmos Interchain Foundation to develop a Substrate implementation of inter-communication. -blockchain (IBC) protocol that “aims to connect the two ecosystems”.
As mentioned in the announcement:
“As part of this effort, Reef Finance will integrate with emerging technologies such as IBC to create a cross-chain DeFi ecosystem. Kava is the first project built with Cosmos SDK that will integrate with the Reef platform. The partnership brings a number of features to Reef Finance’s DeFi platform: “
The blog further noted:
“Kava’s platform provides secured loans in the form of Kava’s USDX stablecoin, in exchange for cryptocurrencies from different blockchains, including BTC, ETH, XRP, BNB, ATOM and so on. Thanks to this partnership, users of Reef’s DeFi platform will be able to easily access the secured loans available on the Kava platform. “
Reef is reportedly leveraging a DeFi Smart Yield Farming engine based on artificial intelligence and machine learning (ML) that will allow users to access various yield farming opportunities offered through the Kava platform. This also offers Reef users the ability to “further diversify their investments through Reef’s intelligent portfolio management tools.”
(Note: For more details on this announcement, check here.)
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