Reef Finance, a DeFi ecosystem powered by Polkadot, has launched a brand new funding product aimed toward serving to passive buyers acquire entry to a broader portfolio of cryptocurrencies.
Reef Baskets V1 is described as an “Ethereum-based framework for deploying collections of DeFi tokens” and different crypto belongings. It operates in an analogous method to exchange-traded funds, or ETFs, that are well-liked amongst conventional buyers and institutional managers.
Buyers who use Reef Baskets have the chance to put money into a number of DeFi token baskets on the identical time. Reef Finance describes its Baskets as a “quantitative method to yield farming” that reduces an investor’s decision-making area to only two elements: how a lot cash they’re prepared to speculate and the way a lot threat they’re prepared to imagine.
The preliminary model of Reef Baskets is obtainable on Ethereum, with a forthcoming launch scheduled for the Polkadot-based Reef Chain.
CEO Denko Mancheski believes Reef Baskets offers a viable choice for buyers who don’t have time to sift by the a whole lot of recent DeFi tasks hitting the market. He defined:
“Reef Baskets are the perfect instrument for the passive investor who could not want to spend time researching and curating his personal portfolio of tokens […] Choosing the winner is objectively laborious in DeFi, and Reef Baskets mixed with the Good Engine simplifies the funding course of.”
Decentralized finance stays one of many hottest verticals throughout the blockchain trade. There are at present 274 cryptocurrencies listed within the DeFi class of CoinMarketCap, a determine that’s prone to increase considerably this 12 months as extra tasks come on-line. The market cap of current DeFi tasks is listed at simply over $98 billion.
Reef Finance made headlines final month after it acquired $20 million in strategic investments from Alameda Analysis. The acquisition gave Alameda an estimated 528 million REEF tokens.