REEF Token Collateral Asset 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 connection with this, Reef Finance and OpenDAO formed an alliance resulting to $REEF Token becomes a collateral asset for minting stablecoin $USDO on Binance Smart Chain. 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.

ABOUTt 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.

ABOUT OpenDAO
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.

RESOURCES
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