Reef Finance (REEF) Price Rises 8%, Company Onboards Aavegotchi as First NFT Partner
4 hours ago by Steve Muchoki · 3 min read
Photo: Unsplash
Reef Finance is building its blockchain dubbed Reef Chain to enable future decentralized applications.
Reef Finance native token REEF jumped more than 8.44% in the past 24-hours to trade around $0.03635 at the time of reporting according to Binance-backed CoinMarketCap. Although the spike in REEF price could easily be attributed to the ongoing cryptocurrency bull market, the company also announced that it has formed a strategic alliance with Aavegotchi.
Notably, Aavegotchi is a leading non-fungible token (NFT) project powered by the Aave protocol. The Aavegotchi project is unique in the sense that it is a decentralized finance center that provides NFT with collaterals as aTokens.
Place/Date: - April 26th, 2021 at 1:00 pm UTC · 3 min read Source: Reef Finance
Reef Finance, a leading liquidity aggregator and DeFi hub that’s easily accessible to anyone, has announced a partnership with Aavegotchi, one of the most famous and creative projects in the non fungible token (NFT) space.
The NFT ecosystem exploded in early 2021 as both crypto enthusiasts and mainstream celebrities endorsed the movement. Aavegotchi is one of the more innovative and unique NFT projects as it combines DeFi concepts with gaming mechanics inspired by the Tamagotchi handheld arcade gadgets, popular between the late 1990s and early 2000s.
Aavegotchi NFTs are unique because they have intrinsic value offered by their underlying collateral of aTokens, interest-bearing representations of assets supplied to the Aave DeFi protocol. Withdrawing the collateral destroys the Aavegotchi, as the tokens represent its “spirit force.”