Introducing Reef Bonds, a Flexible DeFi Investment Product
January has been a busy month for Reef Finance. Among other things, we added five more partnerships with prominent DeFi players to our list, had $REEF listed on Huobi Global, and launched REEF staking on Unifarm. All this on the back of an extremely successful listing on Binance last year, when Reef became the first project from the Polkadot ecosystem to be listed on Binance.
Today, we are excited to present to you our latest DeFi offering, Reef Bonds.
What are Reef Bonds?
Reef Bonds is a DeFi initiative where users can stake their assets for a certain lock-up period and earn lucrative returns. Each user’s registered deposit address will have a maximum deposit limit configured through smart contracts, and every Reef Bond will also have a certain maximum deposit amount.
Once the bond is deployed, users will have a predetermined time limit to deposit their assets. The Reef Bond will continue accepting deposits as long as this deposit period is open or until the maximum deposit limit is hit.
It’s quite likely that the maximum limit will be reached even before the time window closes. We suggest you send your funds to the Reef Bond’s deposit address at the earliest opportunity after the window opens.
Users will be able to track how much they have earned so far directly in the app. Once the bond period expires, the withdrawals will be enabled to get their initial stake and the farmed tokens back.
When is it going live?
We’ll publish the details shortly. Stay tuned to our official Twitter and Telegram channels for more information on Reef Bonds.
Details of Rewards
Users have the flexibility to choose from one of the three lock-up periods — 6 months, one year, or two years. The higher the lock-up period, the higher the APY.
For the first set of Reef Bonds, users can lock up $REEF and earn $REEF as farming rewards. Going forward, we will deploy bonds where users will be able to lock up a certain token to farm a different token. For example, users can lock $REEF and farm $LIT, or lock $LIT and farm some other token.
In those bonds where users lock a certain token and farm a different type of token, the price of these two tokens might fluctuate in opposite directions. In such cases, the app won’t show the APY as this won’t be a reliable indicator. Instead, the total USD value of farmed tokens will be displayed.
How to Participate?
This is a step by step guide on the entire process of staking your $REEF for farming $REEF in this session. Please note, all figures shown in the screenshots are for demo purpose only.
Step 1. Visit the Reef Dashboard on the following link: https://stake.reef.finance/
Step 2. Click on the “Connect” button to log in to the Reef Dashboard.
Once you click on the Connect button, you will be requested to accept Reef’s Terms & Conditions and Privacy Policy. Ensure that you have read it before clicking on the “Accept” button.
Step 3: You will be requested to connect the wallet of your choice. Note that currently, the Reef Dashboard supports MetaMask, WalletConnect, Torus, and Wallet Link. We will gradually add support for more wallets.
Step 4: After successful login, the dashboard on your account would look like as shown below. Click on the option “Reef Bonds” on the left sidebar.
Step 5: Refer to the details about available bonds to invest in. Make sure you check the lock duration and click on the “Get Rewards” button. The bonds are available for a limited period so when the timer reaches 0 the bond will become unavailable for participation.
Step 6: After clicking on the “Get Rewards” option type the number of REEF tokens you want to lock in and then click on the “Buy the bond” button. Please make sure the wallet you are connected with has REEF tokens.
Step 7: You will need to first Approve the contract to allow the spending of $REEF as shown below. The confirmation might take some time so wait until you receive another pop-up from your wallet to pay the gas fees.
Step 8: Click “Confirm” to pay the gas fees and confirm the investment in Reef Bonds to see your transaction. You can check the amount of REEF you have locked and the interest accrued in the bond. Please note there are two transactions in total. One for allowing the staking and other for approving it.
About Reef
Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXs and DEXs while offering smart lending, borrowing, staking, mining through an AI-driven personalized Reef Yield Engine.
For more information about Reef, or to join our team, please contact us at info@reef.finance
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