Reef Finance and OpenDAO are thrilled to share that REEF token is now approved as collateral for minting USDO stablecoins on Binance Smart Chain!
Reef Finance has developed a fast, scalable, and EVM-compatible chain for DeFi applications, Reef Chain. Reef Chain is currently in the canary version of the mainnet and the official mainnet is due to launch in the next couple of weeks. Reef Chain is a customized blockchain that allows developers to build DApps or deploy existing projects from Ethereum. Reef will also connect liquidity from a range of major blockchains such as Polkadot, Avalanche, Cosmos and Binance Smart Chain, giving Reef Chain users exposure to interoperability across multiple ecosystems.
In coordination with OCP, the OmniCOMP stablecoin minter contract will be deployed on Reef Chain, allowing users to mint USDO on Reef Chain backed by REEF, with the potential for other ecosystem native tokens to also be used as collateral.
In addition to REEF as USDO collateral, Reef Finance is also becoming an official liquidity mining partner! This means that for USDO liquidity providers, it will be possible to stake your LP to earn OCP, and then stake OCP in order to earn REEF!
As part of this arrangement, Reef Finance will share $25,000 in REEF to liquidity providers over a 6 month term. More details on the liquidity mining incentive, including dates, will be announced soon.
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
The OPEN project is a toolkit to connect the real world to DeFi, incubating and providing grants to teams using the OPEN toolkit to build solutions that further their mission. They believe the key to connecting real world assets to DeFi is to build enough distribution that makes programmatic liquidation enforcement of real world assets possible. OpenDAO’s role, as the creator of USDO, is to increase both demand and liquidity of the token via partnerships, development grants, and on/off-ramping solutions.
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Reef Finance and OpenDAO Announce REEF now Integrated as Collateral for USDO was originally published in Reef Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.