Reef Community AMA Recap - September 2024

On 5 September 2024, Derek Silva, Reef Chain’s Operations Lead, hosted a vibrant and informative community AMA, sharing key updates and upcoming plans with the Reef ecosystem. In case you missed it, here are the most important highlights from the session.

Derek started the session by discussing recent developments in the ecosystem. Despite some challenges, like Binance delisting REEF from spot trading, the growth of self-custodial wallets on Reef Chain saw a 22% increase in August 2024 alone. This surge indicates more people are using Reef Chain, highlighting a resilient and growing user base.

The Reef CDF was launched recently to stimulate innovation and encourage projects to build on Reef Chain. Derek expressed excitement about this initiative, noting that it is already helping to fill critical gaps in the ecosystem. This fund will accelerate the development of decentralized applications (dApps) by providing the resources necessary for new projects, such as DAO protocols and integrating additional services.

Great news for iOS users! After an extended process of navigating Apple’s app review hurdles, Reef Chain Wallet for iOS is finally moving forward. The community has been eagerly awaiting this release, and with final testing underway, the app will soon be available on the App Store. This wallet allows users to securely manage tokens, NFTs, and swap directly on Reef Chain with full support for WalletConnect.

Derek walked the community through the roadmap for Reef Chain’s development. Among the key goals:

• DAO Protocol: Reef is set to integrate a DAO protocol on the chain, allowing users to raise funds, manage governance, and distribute work seamlessly.

• New Bridge Launch: A bridge will be launched soon, enabling stablecoins like USDT and USDC to operate on Reef Chain. This is expected to bolster the DeFi ecosystem.

• Developer Education and Documentation Improvements: More resources will be allocated to improving developer documentation, making it easier to onboard developers and build applications.

Reef is expanding its network by working on exciting new partnerships. Notable projects include:

- StealthEX integration into the Reef mobile app for easy swapping.

- Potential hardware wallet support for greater token security.

- Ongoing discussions with centralized exchanges for further Reef Chain integration.

Additionally, the community was informed of a potential gaming project seeking a grant to bring thousands of users to Reef Chain, which would significantly enhance user engagement.

Derek emphasized the importance of community involvement in growing the Reef ecosystem. Through bonding tokens to the Community Developer Fund validator, the community can directly contribute to the development of critical projects while also benefiting from staking rewards. This initiative will ultimately help grow the number of dApps and use cases on ReefChain, creating a “virtuous cycle” of ecosystem growth.

Several community questions were addressed during the AMA:

• The plan to address ERC20 and BEP20 token representations of REEF is a work in progress, with potential token swap mechanisms being considered.

• Total supply and circulating supply issues will be fixed with new APIs expected to be up and running by early Q4 2024.

• Plans for a new browser extension that supports social logins are in early development but not a priority at this moment.

The AMA session showcased Reef Chain’s and the community's resilience, exciting developments, and the path forward. From new products like the DAO protocol to the progress of the Community Developer Fund, Reef Chain is poised for strong growth and increased ecosystem participation. With so many exciting projects and partnerships on the horizon, Reef Chain’s future looks bright!

Stay tuned for more updates as the ecosystem continues to evolve.

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