Presenting Reef Chain – The First DeFi Blockchain on Substrate for DeFi Applications of the Future
Reef Finance’s vision is to make DeFi easy for everyone. We built our platform for seasoned investors or first-time entrants to make DeFi easy and accessible for all. Reef aggregates the best liquidity sources from the entire DeFi landscape onto a single platform that allows anyone with any level of knowledge to participate in the thriving DeFi landscape. With our AI-powered Yield Engine, Reef provides customized DeFi investment recommendations to users based on their unique set of requirements, risk levels, and allocation opportunities.
Reef technology significantly lowers the entry barrier for first-time investors, who might otherwise have a difficult time navigating through the labyrinth of the DeFi world.
Continuing with this vision, Reef has partnered with some of the most prominent players of the DeFi sector, including Avalanche, bZx, and Kava. These alliances allow Reef users to access all the investment opportunities that these companies provide directly through a single platform, Reef. Investors no longer have to search various websites evaluating the most profitable investments, they can access DeFi’s offerings directly through Reef with the help of our analytics engine.
To further expand our scope, Reef is also collaborating with some of the most prominent blockchain infrastructure platforms, such as Elrond, Tron, and Harmony. Once the integrations are complete, Reef users will be able to seamlessly access DeFi applications that are deployed on these blockchain networks all from one place.
In our efforts to open the doorway to DeFi to everyone, we have realized that there is a more fundamental issue that is plaguing the DeFi sector as it is today — scalability, or lack thereof, to be more precise. Unless we solve this piece of the puzzle, all our other efforts for mainstream adoption of DeFi will not reach their full potential.
Today, Ethereum is still the primary choice for deploying new decentralized applications. Therefore, it’s no surprise that most liquidity pools and DeFi platforms are implemented on Ethereum. Unfortunately, the low transactions per second (TPS) and lack of scalability cause transaction fees on Ethereum to sky-rocket every time a DApp gets popular or activity increases.
For retail investors, the fees associated with entering and exiting a DeFi investment position can completely disintegrate the profits from any successful trade. This has turned into a huge roadblock for the community of budding retail investors who want to get in on the action of DeFi.
Introducing the Industry’s First DeFi Blockchain: Reef Chain
Reef Finance is developing the Reef Chain on the Substrate framework to address this issue of the lack of scalability.
Reef Chain will be an EVM-compatible chain with a fully decentralized Proof of Commitment mechanism, something which Ethereum 2.0 aspires to be. This will allow Reef to become a state-of-the-art, next-generation DeFi platform, where developers can easily port their existing DeFi applications from legacy Ethereum without the need for any code change.
Reef chain will not be just EVM compatible, but it is also going to be the first DeFi blockchain developed on Substrate.
Polkadot is an open-source multi-blockchain protocol which focuses on security, scalability and interoperability. Its underlying technology, Substrate, is a modular framework that enables the seamless development and deployment of purpose-built blockchains by composing custom or pre-built components.
We are currently working on the first testnet release which will allow developers to launch existing DeFi applications such as Uniswap, Dai, Compound, AAVE, and others on Reef Chain. Please stay tuned for more updates!
Reef Tokenomics Update
The total supply of REEF tokens is 15,934,019,762.
The total max supply of REEF tokens is 20,000,000,000.
These tokens are available as both ERC-20 and BEP-20 tokens.
CoinMarketCap and Gecko have updated the Reef tokenomic numbers on their official websites.
Once the Reef Mainnet is deployed, all these tokens will be convertible 1:1 with native REEF tokens on Reef Chain. Please note that the creation of the Reef Chain will not increase the total supply of REEF tokens; we will only employ a bridge to help users interchange between the native Reef, Ethereum, and Binance Chain versions, so that they are able to utilize all possible DeFi investment opportunities.
The remaining tokens will be issued on Reef Chain and distributed in the following structure:
Reef has been constantly trying to provide more value to our users and REEF holders. Our latest initiatives include the REEF/BNB Liquidity Pool on PancakeSwap and the Reef Litentry Bond, both of which allow our community members to stake REEF tokens to farm other tokens. The Litentry Bond has seen a phenomenal response from our community, which has inspired us to create more similar offerings. The interest has also revealed that we are progressing and are on the right path.
As we move ahead, we are going to increase our efforts to integrate more of the Polkadot ecosystem and will participate in the upcoming Polkadot Parachain Slot Auction.
We’re also in the process of launching the Reef Debit Card. This will be the first DeFi Debit Card which will make investing in DeFi as easy as purchasing goods in a store.
Meanwhile, we are also busy developing the Reef Chain as it will be the foundation on which future DeFi applications will be built. In this process, we will continue to add partners who add value to the Reef ecosystem with our primary focus on deploying the Reef Chain Testnet.
Check out the official Reef website for the updated roadmap –https://reef.finance/roadmap
Presenting Reef Chain – The First DeFi Blockchain on Substrate for DeFi Applications of the Future was originally published in Reef Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.