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Tron partnered with Reef Finance to break into DeFiAhtesham Anis
Tron partnered with Reef Finance to break into DeFi

Reef Finance, a multi-chain DeFi platform, has recently announced a strategic partnership with Tron. Reef Finance is a cross-chain DeFi platform offering intelligent liquidity aggregators and yield generation engines. Following the partnership, it is observed that Tron is willing to break into the decentralized finance (DeFi) sector, whereas Reef Finance is planning to build its DeFi ecosystem. On the other side, Tron’s integration is expected to offer direct access to its dApps and TRC-20 tokens to the users of the DeFi platform. However, it is known that the partnership will lead the first-ever launch of multi-chain DeFi platform on Tron (TRX).

According to the official release, Reef Finance, a platform aggregating the most profitable liquidity usage strategy, has entered in a strategic partnership. The cross-chain DeFi platform is built on the Polkadot ecosystem and develops AI-driven personalized yield liquidity farming strategies. Reef aims to collaborate with all the most prominent players of the DeFi sector to offer curated yield opportunities on leading decentralized platforms under one roof.

Within the framework of the latest partnership, DeFi applications and smart contracts of Tron are expected to be available directly from Reef’s platform. Indeed, the cross-chain operating system will be empowered by the functionality of TRX. According to Denko Mancheski, the chief executive officer of Reef Finance, the latest partnership is an extension of the platform’s effort to collaborate with the most prominent DeFi sector players.

Although Tron is a centralized public blockchain, it has not much exposure to mainstream DeFi. Tron has directly funded its leading projects to help the ecosystem get into a decentralized finance world. However, TRX is undoubtedly looking for a more mainstream DeFi partnership. On the other hand, due to scaling issues and high gas fees on Ethereum, DeFi users are already searching for other alternative blockchains. Indeed, the ongoing scaling issues on the Ethereum blockchain network have caused Tether (USDT) to see significant growth in popularity on Tron’s network. The fact also outpaced the dollar-pegged stablecoin transactions on the ETH network. Despite the centralized nature, TRX can offer a viable option to save transaction fees. 

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Ahtesham Anis

cryptoDATA 18 Feb 2021 cryptoTIME 2 min read
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