Decentralized finance protocol Reef has announced it will be launching to mainnet as a prelude to introducing a new blockchain for the next generation of DeFi applications.
The announcement was made in a blog post on April 22, in which it outlined plans launch the industry’s first blockchain exclusively built to support the ever-growing DeFi sector.
Based on the Polkadot Substrate framework, Reef Chain will launch in May offering enhanced scalability and Ethereum Virtual Machine (EVM) compatibility. The creators explain:
“Built with cutting-edge technology and state-of-the-art features, our Reef Chain Mainnet will host and empower DeFi DApps of tomorrow and offer seamless migration for DApps of today.”
Exporting from Ethereum
The Reef Chain system will permit developers to port their existing applications from Ethereum. They will be able to do this without base code alteration. The first testnet, called Maldives, is currently being trialed and the team is confident for a full mainnet launch in May.
The Polkadot-based protocol will enable dApps to aggregate liquidity from multiple sources into the Reef Operating System. It supports Solidity and EVM and will encourage migration from Ethereum to the Substrate-based system.
The “all-in-one” DeFi suite aims to aggregate yields and liquidity from multiple decentralized exchanges and automated market makers. Thereby simplifying the process for its users.
It is also touting an AI-driven smart yield engine. This will work across various networks including Ethereum, Binance Smart Chain, and Polygon (formerly known as Matic).
Reef Finance launched in 2019. It then went live on Polkadot in September 2020. In addition, Binance Launchpool promoted it in December of the same year.
In mid-March 2021, there was a huge imbroglio with Reef involving Alameda Research. As a result of a token sale deal that went sour.
Reef token price outlook
At the time of writing, REEF tokens were following the rest of the crypto market into the red. According to CoinGecko, the asset was trading down 2.4% at $0.031.
The token hit an all-time high of $0.057 on March 15. It has retreated 45% from those levels since. It has been largely range-bound since the middle of February but has gained 140% so far this year.
There are 12.6 billion tokens in circulation out of a maximum supply of nearly 16 billion giving REEF a market capitalization of $400 million.