Reef Finance Quarterly Review — Q3 2021

This post was originally published on Reef F

Oct 5 · 9 min read

We are now three quarters of the way through 2021! As we continue our work at Reef Finance towards Making DeFi Easy, the third quarter of 2021 gave the team some time to breathe after the mainnet launch, but that meant others needed to double their efforts on outreach, coordination, and more. The Reef Finance team is still incredibly busy, but now shifting gears towards focusing on bringing dApps to the mainnet, communicating with the community about those dApps and the amazing teams behind them, and more.

On Twitter, we grew to over 200K followers and held a giveaway to celebrate! Our Discord community also grew by almost 3x in Q3, where many are now engaging and talking about how to bond and nominate Validators, working on getting their own Validator nodes up and running in preparation for more slots being open, and lots of other great discussions happening.

Let us take you through the entire third quarter of 2021 at Reef Finance!

Collaborations and Launches

CoinFantasy is aiming to expand a niche space into a multi-billion dollar opportunity at the cross-section of the cryptocurrency, NFT, and the crypto gaming market. With an obtainable market of roughly $100 billion, there is a large, untapped opportunity awaiting CoinFantasy and the Reef ecosystem.

Learn more about this collaboration here.

In coordination with OCP, the OmniCOMP stablecoin minter contract will be deployed on Reef Chain, allowing users to mint USDO on Reef Chain backed by REEF, with the potential for other ecosystem native tokens to also be used as collateral.

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Learn more about how to mint USDO here.

PARSIQ will make it easy to monitor on-chain Reef Chain data in real-time, allowing anyone to create automated workflows for off-chain apps and devices. If you are familiar with “If This > Then That” statements, you too will be able to leverage PARSIQ to capture Reef Chain events and create actions from them!

Read more about this upcoming integration here.

Elk Finance makes it easy for the next generation of crypto adopters to participate in DeFi and other blockchain applications without having to set up 10 different RPCs and wallets to interact with the most interesting and profitable projects throughout the space.

Learn more about the integration on the blog.

Raze Network is building a novel solution that can provide end-to-end anonymity for the entire EVM-compatible DeFi and Web3.0 stack, applying zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. The objective is to enable cross-chain, privacy-preserving payment and trading systems while protecting the transparency of user assets and behaviors from surveillance.

Read more about Raze Network here.

The Reef Ecosystem Map features projects, dApps, and exchanges from all over the world. From core infrastructure like Covalent and Pinknode, to human resource dApps like Ispolink, DeFi protocols like Relite and 5x Margin Tool, on to games and NFT dApps like Realm, CoinFantasy, and ChainGuardians. It also features some of the world’s largest cryptocurrency exchanges like Binance, Huobi, Poloniex, and core decentralized liquidity protocols like 0x.

We first introduced the ecosystem in July, and updated it again in August. Look for another update in the near future!

Polychain Monsters aims to create a cross-chain and multi-chain digital collectibles and gaming ecosystem with mainstream appeal. At its core, Polychain Monsters offers animated NFTs, which can be unpacked from digital booster packs using the platform’s native token (PMON) on Ethereum and Binance Smart Chain. These NFTs will play an integral part in multiple on-chain and off-chain games which are currently being developed.

Read more about Reef Finance and Polychain Monsters working together.

Hypersign and Reef are collaborating to bring DID infrastructure and passwordless authentication solutions to Reef Chain. This will allow users taking advantage of Reef powered dApps to easily reuse existing Verifiable Credentials, built off the W3C standards becoming more widespread every day, instead of having to create more usernames, passwords, or create new wallets.

Learn more about how Hypersign benefits Reef’s ecosystem and users here.

HAPI aims to fend off attacks against blockchain protocols by allowing developers to integrate HAPI’s security technology into smart contracts. With specifically designed oracles, HAPI enables a real-time stream of data on stolen, malicious, and fraudulent activities, helping prevent or even halting a catastrophic loss of funds from happening.

Learn more about this integration with HAPI.

Reef Finance and Klever worked together behind the scenes to enable Ethereum and Binance Smart Chain (BSC) liquidity bridges to Reef Chain. These liquidity bridges became live in Klever’s Android and iOS non-custodial, multi-blockchain wallet apps! This made it possible to bridge REEF to and from Ethereum and BSC to Reef Chain immediately, and begin nominating Validtors on Reef’s mainnet.

Read more about the strategic partnership and mainnet launch here.

Samecoin is a decentralized stablecoin protocol that allows the average person or business owner to perform seamless, digital payments. The protocol runs on its own utility token, SAME, and has a family of stablecoins including SameUSD (SUSD) and SameEuro.

Learn more about Samecoin here.

The idea of a truly decentralized virtual world and economy, based on a copy of the real world, has never been attempted before. Next Earth’s goal is to create a transparent, virtual land platform governed by a decentralized autonomous organization (DAO). This platform will allow for purchasing and trading of virtual land non-fungible tokens (NFTs) without an intermediary, where one NFT represents 100m2 of Earth’s surface.

Read the announcement to learn more about Next Earth.

CurioInvest drives you into the digital asset world, building and using unique cross-chain solutions. Whether you invest into a tokenized car such as a Ferrari F12tdf asset token or earn on CurioDAO DeFi CGT, CurioInvest believes in tokenization of real world assets.

Learn more about this amazing collaboration here.

Jax.Network is a merge-mining operation on Bitcoin’s blockchain that aligns with Satoshi’s vision for electronic cash — to provide a reliable blockchain currency for day-to-day payments — achievable through the JaxNet protocol’s native currency and stablecoin JAX. Its economic model leverages a sharded PoW mechanism that allows miners to mine Bitcoin and JAX coins simultaneously and reward their computing power proportionally.

Read more about Jax.Network leveraging Reef Chain here.

Kanaloa Network aims to improve accessibility and security across the DeFi industry worldwide. Participating in the network will enable a trustless, commitment-based entry point to decentralized finance (DeFi) and tokenization of assets for all parties involved.

Learn more about Kanaloa and what they’re bringing to Reef here.

DotMarketCap, a website focused on projects surrounding the Polkadot ecosystem, recently launched, giving Polkadot users information on their favorite Polkadot and Substrate-based projects, including Reef Finance’s Reef Chain.

Read more about DotMarketCap here.

The Credefi platform gives CREDI token holders total control over their portfolio, allowing them to choose which risk profile of credit portfolios to lend stable coins to, ranging from low risk to high risk. With risk assessment and credit score data in hand, lenders will be able to make an informed decision about which portfolios to allocate their funds to. With the ability to earn an APY over 10% depending on the risk appetite of the lender, Credefi meets the needs of both borrowers and lenders, creating a win-win situation!

Learn more about how CreDeFi works here, and check out their video AMA with Reef!

Halborn, an award-winning blockchain security auditor, completed the audit of Reef Finance’s Reef Chain, the first Substrate-based chain to launch its full, public mainnet. The results of the audit were published, and we were happy to say Halborn found no major issues.

Read more about the audit and access the full results here.

Horizon Protocol allows for the creation and liquidity provision of synthetic assets that are tied to crypto and real-world assets and instruments. Reef Chain users holding HZN, Horizon Protocol’s native token, can earn rewards/fees in HZN by staking HZN as collateral to back synthetic assets in addition to providing liquidity. Since a synthetic asset aims to replicate the price, volatility, and the corresponding risk, return, and valuation profiles of the underlying assets, this is a part of the platform where HZN stakers play a crucial role in allowing Horizon Protocol to operate.

Get more information about how Horizon and Reef are working together here.

ethbox is an on-chain escrow platform that prevents lost funds due to setting an incorrect recipient address! Instead, ethbox users set up a transaction, insert the recipient’s address, set an optional passphrase, set the transaction value, and send. This integration will bring an amazing escrow service onto Reef Chain, granting a greater number of users the ability to utilize ethbox’s escrow services and benefit from its signature transaction protection with reversible transactions, trustless OTC trading, and privacy-enhancing features. Transactions can be cancelled at any time, as long as the recipient has not yet claimed the funds.

Learn more about ethbox’s upcoming Reef integration here.

At YieldParrot, BSC users can find the best opportunities within the DeFi ecosystem with a world-class vault offering, and optimized smart contracts. Тhis collaboration will bring asset yield farming and co-marketing for both the Reef and YieldParrot communities, making a REEF-BNB liquidity pool available for all REEF BEP-20 holders.

Read more about YieldParrot here.

The Reef community team put together a comprehensive guide on how to bond and nominate a validator using Klever Wallet. The guide includes step by step instructions with screenshots, a glossary of terms, and thinks to consider when choosing a Validator.

Access it here, and bookmark it for later!

On 23 September 2021, Reef Finance CEO Denko Mancheski joined Reef Turkey, an unofficial local Telegram group, for an Ask Me Anything (AMA) session with Lodos, the group administrator! There were some amazing questions asked, and Denko gave us a deep dive on where Reef is now, and what’s coming next.

Read the AMA recap and transcript here.

Exchange Listings

Bitfinex is one of the most popular exchanges, processing hundreds of millions of dollars of trading volume per day, providing the tools that the most sophisticated and demanding traders need. Bitfinex also makes onboarding to crypto easy, allowing users to buy cryptocurrencies with credit cards, and offering many fiat-pegged trading pairs.

Read more about this exchange listing here.

Launched in 2018, BitMart managed to attract over 2.2 million users in the last three years alone, with an impressive liquidity and an average 24-hour trading volume of over USD 1.2 billion. With BitMart’s FIAT partners, you can use your credit card, Apple Pay, PayPal account, etc., to directly purchase tokens using US Dollars, Euro and many other FIAT currencies, making access to crypto easier for everyone.

Learn more about this exchange listing here.

About Reef Finance

Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.

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