The decentralized finance space has experienced incredible growth over the last two years. This growth has been spurred by the addition of more projects to the market as well as a general awareness of the importance of decentralization.
People believe an independent and more democratized model is best suited for managing their finances. At the helm of providing such services are DeFi projects like Reef Chain. Reef boasts one of the most advanced EVM-compatible blockchains.
Reef’s platform wants to do for banking applications what payment switches do for users of other complicated processes: making them seem simple and direct.
What is Reef Chain?
Reef, a Substrate-based layer 1 blockchain, was launched in 2019 by Denko Mancheski. The project changed its name from Reef Finance in November 2021 to represent its evolution from a decentralized finance (DeFi) platform to a fully functional blockchain.
What is Reef Chain?#Reef chain is a “Reliable, Extensible, Efficient, & Fast” Layer-1 Blockchain that has been designed to power Next-Gen DeFi, NFT & Gaming dApps.#Reefchain #Buidlthereef #Reef pic.twitter.com/OdrKn4JALN
— Tanha Tabassum (@preshicezy) August 5, 2022
Reef is an EVM-first blockchain created with the goal of making Web3 available to the next billion users. In addition, Reef makes use of Nominated Proof of Stake, an extensible EVM, and on-chain upgradeability to provide great scalability and low transaction costs.
What areas does Reef specialize in?
Reef caters to areas such as
- smart contract development,
Reef possesses the perfect fusion of old and new. The founding idea of this platform was to provide a smooth experience for new entrants. To do that, Reef has launched a couple of products. It provides a liquidity bridge to help move BEP-20 tokens between Reef and the BNB Chain and ERC-20 tokens between Reef and Ethereum.
Reef also provides cross-chain trading, smart liquidity aggregation, and a yield engine. However, its core focus is on DeFi. The Reef Yield Engine enables users to participate in smart borrowing and lending, staking, and mining. These activities are all powered by artificial intelligence. Some of Reef’s features include
- on-chain governance,
- low fees,
- EVM extensions that connect native tokens.
The platform’s smart contracts power Reef’s self-upgradability feature. Appchains like Reef for DeFi are a big crypto narrative so far this year.
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What does Reef aim to achieve?
Reef Finance works for only the most favorable DeFi opportunities so that traders and investors can maximize their DeFi transactions and other services. Without a doubt, the market has become saturated with tokens, investment opportunities, etc. While this is good, it has made the DeFi space crowded. Reef solves this by pooling new opportunities within a single ecosystem.
People can leverage Reef to access DeFi platforms like
- Binance Smart Chain,
The REEF token
REEF is the native cryptocurrency of the Reef Chain. It can be used for both on-chain governance and transaction fees on the network. Being a utility token, users can deploy REEF for activities like transactions and data storage. Then, as a governance token, you can stake it to become a validator.
Reef aims to reduce the technological obstacles usually present in DeFi frameworks. This way, it gives retail investors a better chance to participate in DeFi. This will undoubtedly draw more investors to the network and provide Reef with the groundwork it needs to develop into a premier DeFi platform.
People are asking what is so special about Reef Chain that other Layer 1 blockchains do not have, so I want to tell you that inside the ecosystem of Reef, The REEF crypto is the native cryptocurrency of Reef Chain and functions both as a governance token. and a utility token.
— Karan Manocha │SpaceId0786.ETH (@karan_manocha00) November 22, 2022
REEF is available on a few exchanges. That includes Binance.US for our American readers. Also, did you know that on Binance US, you can get whitelisted for the Cristiano Ronaldo first official NFT collection? Just click the link to get started and use AltcoinBuzz as the promo code.
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