Reef finance is a blockchain-based platform created exclusively for DeFi and NFT. It stands for Reliable, Extensible, Efficient and Fast blockchain (REEF).
It is the name of REEF Finance’s layer-1 blockchain. Using the Ethereum Virtual Machine, REEF coin is able to run smart contracts. Furthermore, the Reef chain does not require any changes to the solidity code of existing Ethereum apps.
It integrates the best features of DeFi. It is characterized by its low transaction fees, scalability, dApps, and none of wasteful mining. DeFi is rapidly growing, and It’s because many investors are entering the market. The Reef coin’s design was with a substrate framework, and it has On-chain governance. In addition to that, it works with Nominated-Proof-Of-Stake consensus and State of the Art cryptography. The chain community is control of the Reef, and it is self-upgradable through community elected technical council.
Deki Mancheski founded the said crypto in 2019, with the goal of simplifying access to DeFi, hence that Reef provides a one-stop platform for access to Binance, Smart-chain, Avalanche, and COSMOS. This is to steer clear of the creation of numerous accounts and passwords. Unlike other blockchain technology, Reef allows the user to contract and operate multiple from one platform.
How Does it Work?
Reef is a very different animal. Multiple smart contracts form a chain. A ‘Reef Basket Engine’ identifies cross-chain links with the DeFi platform. As a result, it serves as the point of entry for new users. The basket engine houses the Reef intelligence and Reef smart yield engines. A smart yield engine generates digital asset portfolios that may be invested in and profited from by users.
It makes use of artificial intelligence. Smart Yield Engine allows for decentralization and community-driven governance. For on-chain proxy, Reef’s intelligence engine is a data oracle compilation from many sources. It is therefore possible to obtain data such as changes in the liquidity pool, as well as asset price fluctuations using Intelligence engine.
Together, the engine and Reef basket engine support the basket engine’s precise operation. The Basket Engine interfaces with the liquidity aggregator and the analytics engine. To put it another way, customers have the option to invest or diversify their DeFi. Managing the outputs of operations manually is unnecessary.
These include Plasm, Moonbeam (Avalanche), Binance Smart Chain (Ethereum), and Moonbeam (Platinum).
The token is the indigenous cryptocurrency of Reef finance which is a utility token for gas fees and on-chain governance. An ERC-20 tradable asset token is available on Ethereum and Binance smart chain, where holders can convert it into a native token with a 1:1 ratio. Venture capital and investors such as NGC, QCP, Bitcoin.com, Genesis block, Kinectic capital, LD CAPITAL, TRG Capital and Krypital group support it. The major uses of the Reef coin specifically consist of:
Voting on-chain governance ideas, new technology releases, system parameter adjustments, etc. also allows the holders to earn rewards by participating in the voting mechanism. Nominators choose the Validators through an NPoS process. Entry and exit fees, reallocation fees, and other such protocol expenses are all paid for utilizing the REEF.
Staking: Coinholders can earn incentives by putting their coins into a staking pool.
Indeed, it is possible for users to customize their allocation basket’s payout percentage based on how much earnings each activity generates.
Finally, the coin was original with Binance in Dec 2020. The total token supply was 20,000,000,000 REEFS. Approximately 600,000,000 REEFS are for Binance Launchpool Allocation, which was 3% of the total supply, 7.14% allocated for seed sales, 8.33% allocated for strategic sale, 5.6% for private sale, 16% allocated for the team, 12% for the ecosystem development, 29.9% for protocol emissions and liquidity rewards, and lastly 17.56% for the foundation.