- The mission of Decentralized Finance (DeFi) protocol Reef is to make DeFi easy and accessible to a broader audience.
- In pursuit of its ambition, the development team behind Reef has made steady strides in hitting targets in its roadmap.
- The community supporting Reef has been particularly excited about the Reef Chain and the Reef Basket that have been launched to critical acclaim.
- Q2 of 2021 has several innovations lined up including the Reef Chain Browser extension, Reef Liquidity Bridge, and the unveiling of the Reef DAO structure.
Reef describes itself as a cross-chain liquidity aggregator looking to provide users with liquidity from both centralized and decentralized sources on a single platform. This makes it the first protocol in the Cryptoverse with this unique offering. Despite the pathfinder moniker associated with the platform, it still promises scintillating new offerings for the community.
Most notable is the launch of the Reef Chain, an EVM-compatible chain for DeFi that is packed with a number of stellar features. Other noteworthy developments include the offering of the Reef Basket and the introduction of the Reef Bonds.
The community supporting Reef was thrilled upon the launch of the Reef Chain mainnet. Built around the Polkadot Substrate framework, Reef Chain is the first of its kind as it is an EMV-compatible chain for DeFi.
Sharing native compatibility with Polkadot, Reef Chain has the advantageous features that characterize the Polkadot network like its interoperability and the capabilities of supporting upgrades without the use of blockchain forks.
The EVM compatibility will give developers the ability to make the seamless switch from Ethereum, improve scalability and “empower DeFi DApps of tomorrow and offer seamless migration for DApps of today”.
As part of its mission to introduce DeFi to a broader audience, Reef Finance launched Reef Baskets, an Ethereum based framework that gives investors easy access to a wide range of investment options.
Reef bears striking resemblance to ETFs, and users can invest in a collection with the push of a button. By leveraging Reef’s AI Smart Engine, Reef Basket offers users personalized investment options that are tailored to their interests and risk appetites.
Denko Mancheski, the CEO of Reef stated that the offering is the “ideal tool for the passive investor” and Reef Baskets “simplifies the investment process”.
Other recent developments saw the community cross the 172k follower milestone on Twitter following the launch of the Reef Chain Developer Support Program. In early June, the project launched a $20 million grant fund to expand Reef Chain Development.
On the Flipside
- A token deal between Alameda Research and Reef Finance involving the sale of REEF tokens has turned sour.
- Things came to a head after Reef Finance claimed that Alameda Research had sold the tokens on Binance, instigating a sharp fall in prices for the token.
The Future for Reef
A combination of groundbreaking innovations has led to Reef’s impressive performance in the market. Currently trading at $0.02138 with a market capitalization of $270,815,247.09, Reef’s value could skyrocket in the coming months.
Q2 and Q3 of 2021 already have a slew of impressive innovations in the works including the introduction of the Reef Debit Card and the planned liquidity migration incentive program that will encourage migration.
Furthermore, the development of Truffle, Brownie & Hardhat integrations are underway with the Reef DAO structure set to be unveiled, completing the circle of decentralization.
In the third quarter of the year, the community should expect to see the development of the Reef Treasury, NFT baskets and a steam ecosystem basket.
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