Reef Finance welcomes DEX protocol Kwikswap to build on Reef Chain
Reef, a cross-chain DeFi operating system built on Polkadot, has announced the addition of Kwikswap into its growing ecosystem; Kwikswap is a building block of layer-2 DeFi with its fast decentralized swap exchange protocol. Kwikswap becomes the first project to build on Reef Chain.
Much like Uniswap, KwikSwap enables other developers to build on its APIs and dApp UI and source code which can assist in extending the reach of the protocol. By building on the Reef chain, Kwikswap will be able to leverage Reef Chain’s high scalability and higher throughputs while minimizing fees.
Kwikswap DEX to go live on Reef Chain
Kwikswap is a cross-chain swap protocol with layer-2 scaling that allows users to utilize the platform for swapping, market creation, providing liquidity, and staking. It enables the creation of token markets, own KWIK tokens, and on-custodial wallet connections.
On the other hand, Reef is a gateway to DeFi through liquidity and protocol aggregation, proprietary analytics, and multi-chain accessibility. It is secured under Polkadot’s shared security model, ensuring high resilience and forkless upgradability.
Reef Chain has higher throughputs and scalability than Ethereum and allows for porting of existing DeFI apps from Ethereum to Reef chain through its solidity support. Reef Chain is self-upgradable with a novel liquidity bridge now in the works.
Value proposition of the Kwikswap + Reef partnership
This collaboration makes great sense as Kwikswap users will be able to trade assets at lightning-fast speeds with near-zero gas fees using Reef Chain. KwikSwap is developed on its own source code and its automated token exchange on Reef Chain will feature:
- Non-custodial wallet integration via Web3
- Market creation abilities to all end-users
- Anyone can add liquidity and share in fees
- Staking rewards for holders of KWIK token
- No more expensive fees
In addition, Reef has provided a grant for the Kwikswap team through its Reef Developer Program. Kwikswap’s liquidity mining will go live soon as well.