Reef Finance is the first Polkadot-based cross-chain DeFi operating system designed to help investors enter into the DeFi industry with ease. This platform allows its users to enjoy a smart liquidity aggregator and yield engine that enables them to trade with access to liquidity from Decentralized and Centralized exchanges.
In summary, we can say that Reef is an ecosystem for decentralized finance.
Today’s DeFi ecosystem has put so much pressure on the existing smart contracts supporting blockchain infrastructures and this causes transaction or gas fees to rise. First, it was the Ethereum blockchain with its high gas fees, followed by BSC with its performance issues. It is because of all these issues that the Reef Finance team considered creating the Reef chain mainnet.
In April 2021, Reef Finance announced that Reef Chain Mainnet will be launched this May. This launch will help users to access DeFi liquidity across multiple blockchains including Ethereum, Binance Smart Chain (BSC), Avalanche, Cosmos, and Polkadot.
Reef Chain Mainnet Launch
The Reef chain mainnet will be launched this May but the date is not certain yet. The launching date is dependent on the outcome of the reef chain testnets. The reef chain mainnet will offer smooth migration for DApps and it will host and empower DeFi DApps. Furthermore, Reef Chain supports EVM and Solidarity, enabling developers to migrate their existing DApps from Ethereum without altering the base code.
While awaiting the launch of Reef Chain Mainnet, Reef Finance has created a reef chain testnet, the first iteration being the Maldives. The Maldives is designed to help developers to start running migration scripts. With the testnets, developers can start building applications and testing them in preparation for the launch.
Final words
Reef Chain will be governed by REEF tokens, the native utility token of Reef Finance. The tokens can be used for community governance and staking. Finally, Reef Chain will be beneficial to all DeFi stakeholders, from developers to users.