In a blog post published on Wednesday, May 26th, Reef Finance said that the addition of Polkalokr would add a layer of trust and transparency to its platform and value to the projects participating in its brand new IDO platform, ReefStarter.
Reef Chain is an EVM-compatible smart contracts blockchain, built on Polkadot Substrate. At its core, Reef is a DeFi protocol that offers a great trading experience to users by giving users access to liquidity from both CEXes and DEXes with its smart liquidity aggregator and yield engine. Notable features of the Reef are low transaction costs and on-chain governance. As reported, Reef Finance has recently raised $20 million from Alameda Research that purchased REEF tokens thus becoming a significant stakeholder in the REEF Ecosystem.
Polkalokr aims to offer the right solutions to the problems that complicate the tokenomics system with its trustless, concise, customizable, and enterprise-focused escrow. LOKR and SWAPR are their two flagship products.
LOKR is a multi-chain token distribution protocol that is user-centric, customizable, and allows event-based token distributions via Oracle feeds. While SWAPR, a P2P cross-chain token swapping protocol.
According to the announcement, Reef Finance will use Polkalokr’s token locking mechanism on Reef Chain to add trust and transparency to its platform. Reef Finance said:
“As per this partnership, Polkalokr’s smart contracts will add a layer of trust and transparency by locking liquidity into DEXs and automating the distribution of vested tokens to early participants. This collaboration will boost investors’ confidence at Reef Finance as their investments will now be safer using Polkalokr’s liquidity locking mechanics.”
Furthermore, Polkalokr’s products will provide advantages to projects participating in the new ReefChain IDO platform, ReefStarter. According to a separate announcement by Polkalokr, it will provide two distinct advantages to projects participating in ReefStarter. Firstly, automated token distribution, and secondly, with the introduction of Polkalokr’s SWAPR product later this year, the ability to swap locked tokens and explore more avenues to make greater yields.
In return, Polkalokr will use Reef Chain “as one of the blockchains and explore new ways to enhance its platform services.” This combined effort aims to simplify DeFi operations for everyone. Imran Ashfaq, the CEO of Polkalokr, commented:
“Reef Finance aims to make DeFi easy, and Polkalokr aims to simplify complex token economies to put power back into participation. So, this collaboration will be the beginning of various joint operations to make DeFi mainstream, accessible, less complicated, and user-centric. This cooperative move will enhance the user experience of both platforms effectively.”
Denko Mancheski, CEO of Reef Finance, stated:
“On our way to make DeFi easy, we always look forward to collaborating with projects that can enhance our user experience. With the addition of Polkalokr’s product and token locking mechanism, our investors will have the safest experience while making investments.”
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