Reef Finance and OpenDAO are ecstatic to announce that the REEF has been approved as the collateral that could be used for USDO minting on the BSC (Binance Smart Chain)! Reef Chain, a scalable, quick, and EVM-supported chain for DeFi applications, was developed by Reef Finance. Reef Chain is presently on the mainnet’s canary version, with the official mainnet set to launch in the coming weeks. Reef Chain is a bespoke blockchain that enables Ethereum developers to create DApps or deploy existing apps. Reef will soon be pooling funds from Avalanche, Cosmos, Binance Smart Chain, and Polkadot. This will open doors for the Reef Chain users as they can now operate across multiple ecosystems.
The OmniCOMP minter agreement will be deployed on Reef Chain in collaboration with OCP, permitting traders to mint USDO on the REEF, with the possibility of other native tokens from different ecosystems being used as collateral. Additionally, besides REEF becoming USDO collateral, Reef Finance is also transforming into an official liquidity partner for mining. For the liquidity providers of USDO, it is now permissible to bet their LP to gain OCP and then stake OCP to earn REEF!
As per the latest development, in the process of six months, Reef Finance will share approximately 25,000 USD in REEF with the liquidity providers. More information about the dates and the liquidity mining incentive is speculated to be released soon.
About Reef Finance
Reef Finance is building a DeFi blockchain using a substrate framework named Reef Chain. Reef Chain has tremendous scalability, allowing for practically instantaneous low-cost transactions, and it supports EVM and Solidity, letting developers move their DApps from Ethereum without much code changes. Their vision is to make DeFi accessible to all by building DeFi apps on top of the Reef Chain.
The OPEN project is a toolkit that connects the real world to DeFi, incubating and funding teams that use the OPEN toolkit to create solutions that help them achieve their goals. The role of Open DAO is to escalate both liquidity and demand of USDO either by partnerships or on/off ramping solutions or development grants.