Cross-chain DeFi operating system, Reef DeFi announced on Monday that it is partnering with Cosmos based multi-chain DeFi network, Kava Labs. As per a Twitter thread, Reef DeFi will integrate USDX stablecoin and HARD Protocol, built on the Kava Blockchain, providing collateralized loans and other DeFi services to their users.
Through this partnership, we will offer DeFi services to #Reef users?
— Reef Finance (@ReefDeFi) November 23, 2020
Reef DeFi OS is built on the Polkadot chain, offering a seamless user interface, along with a small liquidity aggregator and yield engine. This provides the traders with access to liquidity from centralized exchanges as well as decentralized exchanges for DeFi services like crypto lending, staking, mining, and borrowing via the Reef Yield Engine.
In the official statement about their partnership with Kava Labs, Reef DeFi stated that Reef users will now be able to procure collateralized loans by staking their crypto holdings like Ethereum, Bitcoin, Ripple, ATOM, BNB, etc., in the form of Kava’s native stablecoin USDX. Commenting on the partnership, Reef DeFi CEO Denko Mancheski said that choosing Kava DeFi Hub will increase opportunities for users on Reef’s platform.
Denko also said that the ultimate goal of the partnership is achieving interoperability “by connecting a Substrate pallet which implements IBC and Kava’s native IBC compatibility.” He also said that this would also enable a seamless integration of the Polkadot network’s para-chain capabilities and the Kava DeFi ecosystem.
Kava Labs is the world’s first layer-1 platform for cross-chain DeFi applications, and HARD Protocol, built on Kava Blockchain, is the first cross-chain DeFi application for money markets. Speaking about the integration of USDX and HARD Protocol within Reef DeFi, Kava Labs’ Vice President for Global Business Development, Aaron Choi, stated that it speaks volumes about growing yield opportunities and Kava DeFi Hub’s prowess of implementing quality cross-chain technology. Choi further added that the partnership between Kava and Reef could further the interoperability between Polkadot and Cosmos networks.