Reef Finance, the cross-chain DeFi operating system, has launched its platform for initial DEX offerings (IDOs) called ReefStarter. The new product will focus on projects from the decentralized finance space, allowing them to swap tokens cheaply and rapidly.
Describing itself as the “first cross-chain DeFi operating network,” Reef Finance enables traders to access liquidity from centralized and decentralized exchanges through its smart liquidity aggregator and yield engine. The project announced the release of its long-anticipated IDO platform earlier today in a press release shared with CryptoPotato.
ReefStarter will work on top of the team’s Substrate-based blockchain called Reef Chain, which saw the light of just recently. It will allow users to “seamlessly raise capital in a fully decentralized and transparent manner.”
The utilization of the EVM-compatible Reef Chain will enable developers to employ the platform’s “high scalability and compatibility with Ethereum.” This includes support for Ethereum-based assets and smart contracts written in Solidity or Vyper.
Furthermore, Reef outlined that users will be able to take advantage of “rapid and cheap token swaps” while also letting liquidity providers farm tokens and compound them regularly. Moreover, they wouldn’t spend “a small fortune” on gas fees.
The statement highlighted that ReefStarter will enable projects built on top of it to access “plentiful” liquidity from other large blockchains, including Ethereum. This comes because of Reef’s expanding ecosystem and compatibility with those networks.
Consequently, projects released as ERC-20 tokens will be able to migrate them to Reef Chain and back. It would allow them to “enjoy the perks of ReefStarter without having to make changes to their roadmap.”
Denko Mancheski, the CEO of Reef Finance, touched upon the significant role of IDOs in the cryptocurrency industry by describing them as “the most effective and decentralized way to raise funds.”
Nevertheless, he believes “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.”