Reef Finance is a blockchain project for DeFi, NFT and gaming industry, built using Parity’s Substrate technology.
What is Reef Finance?
Reef Finance is an EVM powered blockchain project. It was created in 2020 by Denko Mancheski. In November 2021, the project was renamed Reef, aka Reef Finance, to reflect its evolution from a DeFi platform to a fully functioning blockchain. Like other networks, Reef offers use cases for NFTs, DeFi, smart contract development, and GameFi. Reef blockchain is fast and scalable, as well as low transaction costs. Reef, a project created to provide liquidity flow to protocols in the decentralized finance world, makes the liquidity flow easier and makes it more useful for developers.
Applications can be easily developed on the Reef blockchain. In addition, being able to process quickly and cheaply brings the project to the forefront. It provides a simple process for ensuring the liquidity flow of commercial existing and new entrants in De-Fi protocols. Crypto trading aims to make staking and lending more available. Also, with Reef, validators are paid from a fixed prize pool. This removes any economic incentive to create inefficient contracts with high fees that can bottleneck a network.
What is REEF Coin?
Reef’s native cryptocurrency is REEF coin. There is a variety of use cases. As an example of these; Using the gas system can be used to pay transaction fees on the network and pay for on-chain governance. As both a governance and service cryptocurrency, REEF coin operates on the Ethereum blockchain and on the Reef blockchain. Reef coin collects liquidity and provides automation. At the same time, it aims to eliminate the disadvantages associated with existing trading platforms. REEF Coin is also available on Ethereum and BSC networks and can be exchanged 1:1 with native Reef blockchain coin.
How Reef Works
Reef is an EVM compatible blockchain. It has on-chain governance that can be updated in a decentralized way. With its EVM compatible infrastructure, the Reef network creates a bridge with other chains. It also supports many features such as smart contract. The Reef blockchain also aims to support additional VMs that will allow developers to write code in multiple programming languages. Reef draws liquidity from multiple sources. It makes them work across multiple DeFi protocols such as Aave, Compound, Synthetix and Uniswap. It helps by stabilizing liquidity. Besides that, it also helps users find the best interest rates easily.
Reef Finance provides this using the ‘Basket Engine’. Reef Basket Engine consists of ‘Reef Intelligence Engine’ and ‘Reef Smart Yield Engine’. This provides a return on staked tokens. Moreover, Basket Engine combines complex protocols to provide easy mining, borrowing and lending services for Reef users. The Reef blockchain works with the Nominated Proof-of-Stake (NPoS) consensus algorithm. With this algorithm, the blockchain can be easily measured and transaction fees can be low.
