The leading DeFi project in the Polkadot ecosystem, Reef Finance, has partnered with Kava, the cross-chain lending platform. According to the official blog, Reef will offer its users a host of enhanced features and services by integrating Kava. Precisely speaking, Reef Finance will gain access to USDX stablecoins, Kava’s collateralized loans, HARD Protocol, and other attractive high yield opportunities.
A Substrate implementation of Inter-Blockchain Communication (IBC) will basically connect the Kava and Reef Finance ecosystems. Chorus One, the infrastructure provider that secures proof-of-stake blockchain networks, will develop the IBC. The official blog states that Chorus One has received a grant from Cosmos Interchain Foundation to build the Substrate implementation of IBC.
1/ We’re pleased to announce our partnership with @kava_labs , the first #DeFi project on the #Cosmos ecosystem🤝
Through this partnership, we will offer DeFi services to #Reef users🔥
Read more: https://t.co/5Nl8voRhKx pic.twitter.com/dwx6Ik1odr
— Reef Finance (@ReefDeFi) November 23, 2020
World-Class DeFi Features
Reef will integrate IBC to create a cross-chain connection with Kava. Moreover, it will be the first project built with Cosmos SDK to integrate with Reef. According to Denko Mancheski, CEO of Reef Finance, the Kava DeFi Hub will increase earning opportunities for Reef Finance users. However, the final aim is to facilitate seamless integration of Polkadot’s parachains and Kava’s DeFi ecosystem to achieve full interoperability.
Once the integration is complete, Reef Finance users will have access to:
Collateralized Loans
USDX denominated loans using BTC, ETH, XRP, BNB, ATOM, and more cryptocurrencies as collateral.
Higher Yield Opportunities
Reef Finance offers its users machine learning and an AI-powered DeFi Smart Yield Farming engine. Reef users will be able to identify highly attractive yield opportunities on the other platform using these smart portfolio management tools.
Secure Stablecoin USDX
Once the ecosystem integration is complete, Reef’s users will also have access to Kava’s stablecoin USDX.
Access To HARD Protocol
Reef users will have access to HARD Protocol, which is the world’s first cross-chain, money-market application built on Kava.
Unlocking DeFi Liquidity
Along with the Kava, Reef Finance also announced its partnership with StaFi Protocol. StaFi is the first DeFi protocol which unlocks liquidity of staked assets. Furthermore, the protocol will help Reef users make their staked assets liquid within the Reef platform.
KAVA Price
Meanwhile KAVA, the native token, is performing well and is trading at $1.93 at the time of press. In the last 14 days, KAVA price is up by 31.4%.
