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Shaping the DeFi Landscape with Reef Chain

This was originally posted in July 2021 and contains information that is out-of-date.

We introduced Reef Chain, the newest venture of Reef Finance, to shape the future of DeFi and provide an ecosystem for the ever-growing Reef community. Reef Chain is a customized blockchain network where developers can build the next state-of-the-art DeFi DApps. Together with developers and the crypto community, we aim to expand the Reef ecosystem by inviting high-quality DeFi applications to build on Reef Chain.

At Reef, we promote flourishing community exchange, which cultivates knowledge about our technology. We believe this builds trust and transforms the DeFi space along with the Reef community and Reef ecosystem. The Canary version of the Reef Chain Mainnet is now live in operation and developers are building the next DeFi ecosystem together with us right at this moment.

Be part of transforming DeFi by building on the first custom DeFi blockchain

Our vision of making DeFi easy comes with support and extensive usage of Reef Chain. We’re making this possible through our Developer Support Program, the $20M Grant Fund, the Reef Starter IDO Platform, and developer communities such as Reef Github Community, Discord Channel for Builders, and Reef Community Governance. We at Reef value the power of community and transparency, and have additionally introduced AMAs with our CEO Denko Mancheski to keep you updated about important new developments.

“We’ve been working hard on this. The team is delighted to share the release of Reef Chain Mainnet Canary and continue towards our goal of making DeFi easy.“ -Denko Mancheski, CEO, Reef Finance

Why do developers choose Reef for the development of DApps? We stand out because of our large community and their trust, alongside extensive developer support, open communication, and passionate marketing. We also build on Polkadot Substrate, as many other projects, a modular framework that enables you to create purpose-built blockchains.

With us, you are building on the project with the brightest future and best growth potential. The community on Twitter grew to 184.6K followers and the overwhelming support with the $20M Grant Fund to expand Reef Chain development encourages and supports the projects in the Reef ecosystem by large.

In addition, Reef Chain offers enormous advantages as it is an EVM-compatible chain in the DeFi realm. EVM compatibility enables you as a developer to build in the same way as on Ethereum, providing the same tools and applications. Reef Chain is fast, promises massive scalability, has extremely low transaction costs, provides superior security, and comes with on-chain-governance.

Empowering developers to realize the full potential of DApps

Reef Chain fully supports Solidity. This enables developers and companies to port your existing DeFi applications from Ethereum to Reef Chain without modifying Solidity code. For example, any DeFi application or DApps can be transferred to Reef with surprising ease.

Kwikswap DEX has just announced its launch on Reef Chain. They reported that Reef Chain is easy to use as it supports Solidity and EVM. It also features a much higher transaction throughput than legacy Ethereum and is substantially more efficient in blockchain storage as it can process more transactions due to the better blockchain architecture.

Kwikswap’s founder James Lee and CTO Mirza Usman are extremely excited to be working closely with Reef’s core team and developers. They are highly anticipating deploying Kwikswap DEX on the Reef Chain Mainnet as soon as it’s rolled out.

As Kwikswap mentioned, the transaction throughput leads to speed, which is one of the most important factors in today’s web 3.0. Alongside adaptability and efficiency, we at Reef are aware of continual maintenance challenges. Reef Chain solves this hustle as it is self-upgradable by default. New features, security updates, and performance optimizations can be installed with fork-less scheduled updates.

Besides the technical performance, Reef Chain extends EVM with native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. Soon, we’ll announce Liquidity Bridge to further enhance technical performance. Liquidity Bridge enables wrapping existing DeFi assets and transferring liquidity from legacy Ethereum to Reef Chain.

The Value of Community Governance

Reef Chain is built with long-term sustainable on-chain community governance in mind and supports seamless upgradability. You can participate in Reef Chain validation, upgrades, governance, and earn rewards on your staked Reef tokens [Reef Staking]. We at Reef empower developers to take in the full potential of DApps with extensive community support. We value freedom in transforming DeFi and follow our vision of making DeFi easy.

We invite and encourage all developers to join us in the Reef matrix chat to ask us questions and interact with the automated Reef Chain testnet faucet. Let's work together to shape the future of DeFi and lead the movement of building the next state-of-the-art DeFi ecosystem.

About Reef Finance & Reef

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.

Reef Finance has developed a fast, scalable, and EVM-compatible chain for DeFi applications, Reef Chain. Reef Chain is currently in the canary version of the mainnet and the official mainnet is due to launch in the next couple of weeks. Reef Chain is a customized blockchain that allows developers to build DApps or deploy existing projects from Ethereum.

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