SAN FRANCISCO, CA / ACCESSWIRE / May 4, 2021 / Reef Finance, the cross-chain operating system for DeFi, is releasing ReefStarter to launch an Initial DEX Offerings (IDO) on Reef Chain, a Substrate-based blockchain that will launch in Mid June.
ReefStarter is an IDO platform focused on DeFi, allowing developers to seamlessly raise capital in a fully decentralized and transparent manner. By deploying on the EVM-compatible Reef Chain, founders can make use of Reef Chain's high scalability and compatibility with Ethereum, including support for Ethereum-based assets and smart contract code written in Solidity or Vyper.
ReefStarter creates a better environment for launching new projects and raising funds on the blockchain. ReefStarter will provide users with rapid and cheap token swaps, while letting liquidity providers farm tokens and compound them at regular intervals without spending a small fortune on gas fees and giving back all their returns to the miners.
Thanks to the integration with the Reef ecosystem, ReefStarter projects will have access to plentiful liquidity from other major blockchains, including Ethereum. Projects that already released an ERC-20 version of their token will be able to migrate them to Reef Chain allowing them to enjoy the perks of ReefStarter without having to make changes to their roadmap. Additionally, projects that want to launch their IDO on ReefStarter can express their interest directly to Reef.
"The IDO has quickly become the most effective and decentralized way to raise funds for new projects," said Denko Mancheski, CEO at Reef Finance. "But high gas fees tend to ruin the IDO experience for both founders and buyers, which is why we launched ReefStarter. By using the scalable and interoperable Reef Chain as a base, we can offer the most seamless and cost-effective IDO platform."
Reef Finance exists to simplify the average user's experience when using DeFi. With a huge number of protocols, blockchains and tokens, investors are faced with the Paradox of Choice, leaving them unable to make the best of the new DeFi ecosystem. By aggregating DeFi opportunities on a single platform and presenting them in a simple and intuitive manner, newcomers can immediately benefit from the yields offered in DeFi. Reef Chain continues the same vision, offering a familiar and seamless blockchain for hosting new and exciting DeFi projects.