Reef Bonds — A Flexible DeFi Investment Product
Here is another cool Defi product you surely don’t want to miss. It’s a product of Reef Finance providing users different opportunities to earn from their investment.
Buying coins at a low price and selling at higher prices is one of the old ways to make cool money in the crypto space but today, there are so many other ways to earn lucrative returns from ordinarily holding your coins in form of staking.
Read on to know more about it.
Reef bonds is an initiative that allows users to earn lucrative returns from staking their assets for a long certain lock-up period. This initiative is built such that every address has a maximum deposit limit and maximum deposit amount which has been configured using smart contract.
- Users have the opportunity to choose their preferred lock-up period from the available 3, either 6 months, one year, or 2 years. The lock-up period chosen by users affects the APY, the longer the lock-up period, the higher the APY a user will get.
- Users can lock-up their $Reef token and earn $Reef in return, and in the future, they will be able to lock-up their $Reef token to get other coins as a reward.
- To help users with price fluctuation when they lock a token to farm another, the app will only show the USD value of the farmed tokens.
How to start
- Step 1: To get started with your Reef Bond and earn rewards, users have to visit Here as the first step.
This will be regarded as the second step of getting started.
Reef supports only Metamask, WalletConnect, Torus, and Wallet Link.
- Step 4: Connecting with any of the wallets, the fourth step has to be the Reef dashboard where you can now get started with the main business. At the left side of the dashboard, Reef Bond can be seen, click on Reef Bond to continue.
- Step 5: In the fifth step, you can now select the bonds you want to invest in from the available ones, choose the lock-up period you want, then click on the “Get Reward” button. The bonds won’t be available forever as it has a limited period, when the time lapses, the bond will be unavailable for participation.
Step 6: After clicking the “Get Reward” option, then you have to type the number of Reef tokens to be locked ensuring that the connected wallet has Reef token in it, after this, you can now click on the “Buy the Bond” button.
Step 7: Just as known that performing a transaction on any wallet needs confirmation to send out tokens, users have to wait for a pop-up to confirm the transaction which will include Gas fee payment.
Step 8: To make the transaction go through and complete your investment process, gas fee has to be paid, click on confirm and you can go back to see your investment in Reef Bond on the dashboard.
Here you can also see your locked Reef token and the interest accrued in the bond.
All through the process, they are 2 transactions, one is to allow staking, and the other is for the approval.
This is truly a flexible investment, not too many processes to get it done.