HomeNEWSEcosystem expansion: REI Network partners Open Cred

Ecosystem expansion: REI Network partners Open Cred


Follow us


Lightweight, EVM-compatible blockchain, REI Network has collaborated with Open Cred Network as part of its ecosystem expansion focus. The network announced the partnership on Thursday via a post on its official page on X (formerly Twitter). 

In the announcement, REI Network described Open Cred as a network that supports users with an anything-to-earn model. As revealed, the model transforms trust relationships into economic assets. The collaboration is another landmark achievement for the network as it focuses on expanding its ecosystem.

The partnership with Open Cred Network surfaced shortly after REI Network collaborated with Evadore, a regenerative finance (ReFi) project. According to a Binbits report, the synergy emanated as a result of REI Network’s framework that is in accordance with the mission of Evadore to solve global environmental issues. Hence, the collaboration focused on building a sustainable future. 

So far, the network has collaborated with thousands of projects across popular sectors like Web3, NFT, GameFi, Metaverse, DeFi, SocialFi, Artificial Intelligence, and many more. Renowned firms like Bitgert, Binance, DeFiLlama, and Supra Oracles are among its high-profile partners.

In the DeFi landscape, REI Network is still struggling to find its feet and it only hosts three projects according to DeFiLlama. According to data provided by the firm, the network has a total value locked of $29,947.

Meanwhile, the native token of the network, REI, has been enduring a noticeable dip in price lately. According to Coinmarketcap, REI has dipped by 24.36% in the last 30 days in what has been a catastrophic downturn for the token. 

Side Note on REI Network 

It is worth mentioning that the REI Network is designed to serve numerous purposes. The core features of the network are its lightweight and Ethereum compatibility. Also, the network has made a name for itself in the industry with its high performance and zero-fee network charges. 

The network aims to address issues combating developers. Some of these problems are high transaction costs and scalability issues. In addition, the REI Network has proved useful in the creation and running of Decentralized Autonomous Organizations (DAOs). 

With the support of the network, projects can create DAOs that are managed by smart contracts. Consequently, governing DAOs with smart contracts will help ensure true decentralization, eliminating the need for a central authority. Additionally, it will help enhance transparency and efficiency in the decision-making processes of the DAOs. 

Read More:

David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

Most Popular