Reef Finance team launches its own blockchain platform “Reef Chain,” which will go live in May.
Reef Chain will be released as a “standalone” platform on Polkadot’s Substrate framework.
Built with cutting-edge technology, Reef Chain aims to enable DeFi developers to use a highly scalable and fully EVM-compatible blockchain.
Reef Finance, a liquidity aggregator and multi-chain smart yield engine, has announced that their Reef Chain mainnet is set for a May 2021 launch. The exact launch date is not clear and apparently depends on the completion of the final checks on the current Maldives testnet. Though their team is pretty confident that it will be launched sooner rather than later.
Reef Chain is Reef Finance’s first blockchain exclusively built to support the booming DeFi sector. The platform will be fully compatible with Ethereum Virtual Machine (EVM), allowing developers to easily deploy both Solidity or Vyper smart contracts to its mechanisms. It also enables developers to port their existing applications from Ethereum without changing base code.
Reef Chain will be released as a standalone blockchain on the Substrate framework, enabling it to easily slot into the Polkadot parachain ecosystem. “Substrate Framework is highly scalable and can support a wide range of DApps simultaneously. It is natively compatible with Polkadot, making it simple to secure your blockchain and communicate with Polkadot’s network,” the Reef Finance team said in a statement.
Denko Mancheski, CEO at Reef Finance, mentioning how Ethereum and Binance Smart Chain failed to satisfy the current DeFi demand, said:
Demand for DeFi is insatiable. First it was Ethereum and skyrocketing gas fees, now we are seeing that even others like BSC are starting to have issues with performance. Reef Chain’s launch couldn’t have come at a better time.
Reef Finance also speaks of its plans to support developers who wish to build on the Reef Chain blockchain. The Reef team will be ready to help out developers in their quest to bring their DeFi idea to life. “We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation,” added Mancheski. “By tapping into Reef’s business network, DeFi builders will multiply their chances of success.”
The Interoperability Advantage
The Reef Chain platform enables DeFi users to gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Binance Smart Chain, Polkadot, Cosmos, Avalanche, and others.
The Reef Chain will utilize REEF tokens which can be used for staking and community governance. As of now, Reef Chain is live and running in Maldives testnet. Developers and Defi enthusiasts can test their migration scripts and tools on the Maldives testnet in a sandbox environment.