Rei Network Strengthens DeFi Presence Through Collaborations Feb 1, 2024 Feb 1, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsFebruary 1, 2024 by Kelly Cromley

Rei Network Strengthens DeFi Presence Through Collaborations

Blockchain network Rei has announced a strategic collaboration with Evadore, a Regenerative Finance project, as revealed through a post on its official X page on Thursday. The collaboration aims to bring forth era-defining projects.

Evadore Views Rei as a Solution to Global Environmental Challenges

In a separate statement, Evadore confirmed the partnership, characterizing Rei Network as a gas-free blockchain framework that aligns with its mission to address global environmental issues. The project expressed its commitment to working closely with Rei to usher in a sustainable era.

Rei Network’s Attractiveness for Emerging Projects

Rei Network has evolved into a sought-after blockchain for emerging projects due to its robust infrastructure supporting such initiatives. This collaboration follows closely on the heels of Rei’s partnership with Determinant Finance, a rapidly growing DeFi project.

Rei Network’s Support for Partner Projects

Rei Network, in affirming the collaboration, pledges support to Evadore in overcoming existing challenges in the crypto market and aims to enhance overall user experience in the DeFi landscape. Despite ongoing efforts, the blockchain is still finding its place in the competitive DeFi sphere.

Rei Network’s Current Standing

Presently hosting three DeFi projects, Rei Network boasts a Total Value Locked (TVL) of $11,605, according to DeFiLlama. The influx of new projects like Evadore and Determinant is expected to contribute to the network’s popularity and adoption.

Rei Network’s Recovery from Setbacks

Rei Network has rebounded from setbacks faced in April 2024 when FilDA, a lending protocol on the network, fell victim to a cyber attack resulting in a loss of $700,000 in various crypto assets. This incident tarnished the network’s reputation, prompting questions about its security. However, Rei seems to have overcome these challenges.

Rei Network’s Continued Trustworthiness

Despite the FilDA attack, Rei Network has regained trust from projects in the industry. Notably, in July, a few months post the cyber attack, Rei Network partnered with Cyber City to onboard more users into the Metaverse. Since then, the network has demonstrated resilience, establishing itself as a promising blockchain in the industry.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.