Dear Reef Community,

On 12 August 2024, Binance made the decision that REEF would be delisted from spot trading, margin, and other Binance products. Specifically, the REEF/TRY and REEF/USDT pairs will be delisted. If you would like a full list of Binance products affected by this decision, please click here. 

Interestingly, REEFUSDT Perpetual Contracts are not affected by this decision and remain active.

When Binance initially placed REEF on the monitoring list, they provided vague information on why this was the case. We shared that information with the community at the time, and it seemed that Binance’s point of view was that they wanted to see Reef start launching more products from its roadmap.

Reef has always tried to build a unique ecosystem of products and services that are easy to use. When we launched ReefSwap and Reef Chain Wallet on Android recently, we felt we were headed in the right direction! ReefSwap has received several updates since then, and a new release of Reef Chain Wallet is in internal testing as of this writing. 

We also launched some marketing campaigns around ReefSwap and Reef Chain Wallet, which has led to tens of thousands of dollars in total value locked (TVL) on ReefSwap, along with hundreds of transactions per day! Reef Chain’s ecosystem has never been healthier or more active. We intend to do more marketing for both products as they continue to mature thanks to our community’s feedback and perspective.

While Reef’s non-standard Ethereum RPC has pushed some developers away, websites like Squidscan make it clear that talented developers can build on Reef with little-to-no guidance! It’s easily done with some time spent learning the small idiosyncrasies the chain has and thanks to tools like BitStack, Subsquid, SubQuery, and others. Though Binance’s decision to remove REEF from most of its products is disappointing, we will press on and continue to build out this ecosystem!

Other centralized exchanges like Bitget, Crypto.com, Gate.io and WhiteBIT all support REEF on Reef Chain. Bitget, Gate.io, MEXC and many others support REEF on other blockchains like Ethereum and BNB Chain. You have other options if you are in search of custodial exchanges whether your REEF is on Reef Chain, Ethereum, or BNB Chain.

If you want to take custody of your own tokens, we can recommend you use Reef’s browser extension for Chrome and Chromium-based browsers, Reef Chain Wallet on Android, Fearless Wallet (ideal for staking/nominating validators), or Shield Protocol (Android) for REEF on Reef Chain. For REEF on Ethereum or BNB Chain, almost any wallet that supports those chains will do (e.g. Rainbow, Trust Wallet, MetaMask, Coinbase Wallet, Uniswap Wallet, 1inch Wallet, etc).

You can get links to products that support Reef Chain at Awesome Reef.

For more centralized exchanges that accept REEF in some form, visit CoinGecko.

Moving Forward

We recently launched our Reef 1000 Nominator Challenge with Fearless Wallet, supported by StealthEX. We aim to increase the number of unique nominators to 1000! This milestone will help reduce token inflation, increase security, and removes tokens from exchanges. This all benefits Reef Chain and the community. 

If you need guidance on swapping for REEF on Reef Chain, check out this new tutorial.

Once we reach 1000 unique nominators, we will launch another campaign to continue increasing the number of nominators. As the number of nominators increases, so do the chances that we open additional validator slots.

dApps and DeFi

There are teams that are building DAO infrastructure, DeFi products, and more on Reef Chain. We hope these pioneers will inspire talented builders and founders to look at Reef Chain’s massive community and want to tap into it! Reef can offer innovative marketing campaigns, and a community that numbers in the hundreds of thousands! Get in touch with us today via our Discord or Telegram communities, or by direct message on X (formerly Twitter) or to the mods on Reddit. 

While we can’t discount that a portion of our community is disappointed in Binance’s decision, Reef will not be deterred. We have highly skilled people working behind the scenes to deliver great products for our community, and will be thrilled to share those developments with you over the coming months!

As always, we are committed to providing a secure, decentralized, and rewarding experience for all our users. Thank you for your continued support and engagement.

Derek E. Silva
Operations Lead
Reef Chain