What is Reef Finance (REEF)?
Reef Finance is a project operating in decentralized finance that helps aggregate liquidity from DEX + CEX exchanges. Furthermore, Reef Finance will optimize the benefits for users by providing liquidity or mining liquidity. Reef Finance is powered by Polkadot, allowing cross-chain integration across various Defi protocols.
What is Reef Chain?
In recent times, we have witnessed the rise of decentralized finance (Defi) projects. However, the Defi door is still not accessible to everyone because most dApps are deployed on the Ethereum network, but the fees for performing tasks on the Ethereum network are very high, up to $20-$30/task.
That’s why Reef Finance launched Reef Chain. Reef Chain will be an EVM compatible chain, operating on the Proof of Commitment mechanism. This will allow developers to migrate their existing DeFi applications from Ethereum without any code changes.
In addition, Reef Chain is also the first Defi Blockchain on Polkadot‘s Substrate. With Substrate, developers can customize pre-built code components.
The potential of Reef Chain
Parachain projects from the very beginning will have their blockchain plans on the Polkadot Substrate. With Substrate, developers like Reef will have the framework available, they just need to customize it according to the purpose of the project but still can be compatible with the Polkadot network.
Reef Finance caught the trend and solved the problem of the market when launching Reef Chain at a time when the Ethereum network congestion problem has not been completely solved, there are many networks like Binance Smart Chain or Polkadot has great potential, but the implementation capacity of other projects is still limited.
What if dApp projects join hands with Reef Chain to build a cross-chain tool for many different partners. Currently, Reef Chain has been building a Testnet that allows major Defi industry partners to run tests such as DAI, Compound, and AAVE on the Reef Chain Testnet network. Who will be the next name?
Token Reef Finance Information (Updated)
When Reef Chain officially launches Mainnet, the total supply of REEF tokens will not change at all. Users can convert 1:1 on all three Ethereum networks, Binance Smart Chain and Reef Chain. However, there will be small changes.
REEF token has been deployed on the Ethereum network, Binance Smart Chain, and soon Reef Chain (under Testnet). With a total supply of 20,000,000,000 REEF from the start, the allocation will be as per the above figure. However, the Reef team will have a slight change to the remaining tokens, namely 2,968,180,237 REEFs will be distributed on Reef Chain and based on the allocation ratio below.
Summary
What if Ethereum’s problems were solved by Reef Chain while keeping the potential of Ethereum. What if Reef Chain could be an All-in-one Solution Station for partner projects.
