Tron Expands Its Presence in DeFi Through a Partnership With Reef Finance

Tron Expands Its Presence in DeFi Through a Partnership With Reef Finance

Reef Finance, a cross-chain DeFi platform, has announced that it has established a strategic partnership with Tron (TRX) to build its DeFi ecosystem. The association with Tron will help Reef Finance users gain direct access to Tron’s DeFi applications and TRC-20 via the platform.

Reef Finance provides an intelligent liquidity aggregator and yield generator engine and was launched in December last year on Binance Launchpool. The platform is also built on Polkadot (DOT), thereby supporting cross-chain capabilities for DeFi.

That said, interoperability will help Reef integrate nicely with Tron’s TRC-20 tokens for DeFi use, including lending and borrowing. The CEO of Reef Finance, Denko Mancheski, spoke on the integration recently, noting that “this partnership with Tron is an extension of Reef’s efforts to collaborate with the biggest players of the DeFi world. To provide curated yield opportunities on leading DeFi platforms all under one roof and establish the platform as the easiest way to get into DeFi.”

Tron, the twenty-first-largest cryptocurrency by market size, is still relatively new to the mainstream DeFi space. The company funded some of its leading projects like JUST and JustLend to boost their prospects of hopping on the DeFi train. That said, Tron is still on the prowl for more mainstream DeFi partnerships, and we could see more collaborations in the coming weeks.

TRXUSD – Hourly Chart

Key TRX Levels to Watch — February 19

TRX is currently trading on very bullish momentum most likely riding the wave of the recent Bitcoin spike. The cryptocurrency recorded a new all-time high around $0.6482 earlier today, posting more than 21% in gains from its daily low. However, the cryptocurrency has recorded a modest correction over the past few hours to the $0.6000 psychological support, where it’s currently consolidating around.

That said, we expect the $0.6000 support to serve as a rebound zone for the TRX in the coming hours or days, likely taking the price to the previous ATH and higher.

Meanwhile, our key resistance levels are at $0.0648, $0.0700, and $0.0750. While our key support levels are at $0.0600, $0.0556, and $0.0514.

Total Market Capitalization: $1.63 trillion

Tron Market Capitalization: $4.4 billion

Tron Dominance: 0.27%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.