Cross-chain DeFi operating system Reef Finance has partnered with Covalent, a unified API provider that focuses on ensuring visibility and transparency to assets across crypto networks. In a tweet, Polkadot stated that Reef will utilize Covalent’s APIs to provide advanced portfolio analytics to their users.
Reef Finance is one of the major DeFi solutions network established on the Polkadot ecosystem. It functions as a liquidity aggregator and an AI-driven yield engine, focused on providing a seamless experience. It enables liquidity from decentralized and centralized exchanges for its users, offering DeFi services like crypto lending, crypto staking, and crypto mining.
DeFi is one of the fastest growing segments of the crypto-blockchain industry, with demand growing by the day. The global economic slowdown since the end of 2018, and the global lockdown due to COVID19 since the beginning of this year have further amplified the demand for DeFi products around the globe. Therefore, strategically, time has never been more appropriate for DeFi focused crypto companies to go all guns blazing to push mass adoption.
In the official announcement, Reef stated that Covalent is the richest blockchain data available on the Internet, with 25 billion indexed transactions, over 30,000 price feeds, and more than 200,000 smart contracts. Commenting on their partnership with Reef, Covalent CEO Ganesh Swami said that they are proud to partner with Reef. They also look forward to the Next-Gen DeFi protocols that are built with cross-chain competencies that require timely, accurate, and granular blockchain data.