Reef Finance is iterating the ‘IDO’ Model with new ReefStarter Platform
The first decentralized IDO platform for the Reef Chain launches with a bang.
Cross-chain DeFi operating system, Reef Finance has released an Initial DEX Offerings launchpad on its Substrate-based blockchain, Reef Chain. Simply named the “ReefStarter”, the new offering is a decentralized IDO platform empowering crypto projects with the ability to distribute tokens and raise liquidity.
ReefStarter is the industry’s first IDO platform exclusively built to support the ever-growing DeFi sector. Through the innovative system, ReefStarter has found a solution to incentivize and reward all token holders in a fully decentralized and transparent manner, with a low barrier to entry.
The hallmark of ReefStarter is a system that allows liquidity providers to farm tokens and compound them at regular intervals. This guarantees an allocation to users in every tier without spending too much on gas fees and giving back all their returns to the miners.
ReefStarter will also provide projects with rapid and cheap token swaps. They can aggregate additional liquidity from multiple sources into the Reef ecosystem with more ease and convenience than ever.
By deploying on the EVM-compatible Reef Chain, hosted IDOs can port their existing applications from Ethereum without base code alteration. Reef Chain achieves smart Defi visibility through integration with Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain.
Multichain is the future of IDOs
That multi-chain feature not only allows IDOs to access plentiful liquidity from other major blockchains but also resolves pain points where crypto fundraising campaigns failed because they relied on a single chain and lacked accessibility and openness. Reef also offers direct contact for projects that are interested in launching their IDO with ReefStarter.
Reef Finance explains:
“Projects that already released an ERC-20 version of their token will be able to migrate them to Reef Chain and back, allowing them to enjoy the perks of ReefStarter without having to make changes to their roadmap.”
Reef Finance’s liquidity aggregation and multi-chain smart yield engine already allow the integration of any DeFi protocol. With the new offering, the non-custodial platform is carving out a new niche in a sea of complex financial solutions by serving risk-averse investors with a single point of entry.
Denko Mancheski, CEO at Reef Finance said:
“The IDO has quickly become the most effective and decentralized way to raise funds for new projects. But high gas fees tend to ruin the IDO experience for both founders and buyers, which is why we launched ReefStarter. By using the scalable and interoperable Reef Chain as a base, we can offer the most seamless and cost-effective IDO platform.”
While DeFi appeals to investors because of faster-operating speeds, Reef Finance catches up with the trend by providing users with many yield options, but without navigating a sea of complex protocols.
Reef Finance project has experienced strong growth since its inception late last year along with the boom of the DeFi industry. The IDO platform complements Reef Finance’s product portfolio that aims to create an ecosystem to combine all of the various DeFi applications in one place.
Managing such a diverse package of investment opportunities within crypto, and specifically in decentralized finance, would have been hectic without Reef Finance’s aggregation solutions.