We are pleased to announce that Reef Finance will be launching the Canary version of the Mainnet of their proprietary blockchain network Reef Chain on May 28th.
The first cross-chain DeFi operating system, Reef, aggregates liquidity from centralized and decentralized sources onto a single platform. By offering a host of DeFi investment opportunities in a single place, Reef saves investors the hassle of interacting with multiple trustless protocols. Thus, Reef significantly reduces entry barriers into DeFi, especially for first-time investors.
Reef Finance has also introduced a wide range of DeFi yield products in a short period, including Reef Bonds and Reef Baskets, aiming to further simplify the effort required for investment and portfolio management. Most of Reef’s efforts have been concentrated on distinguishing themselves through the products and services they offer to investors.
Understanding the Reef Chain
Reef Chain, the newest venture of Reef Finance, provide a state-of-the-art blockchain network customized for DeFi applications to empower developers to realize the full potential of DApps.
Reef Chain is built with Substrate Framework making it natively compatible with Polkadot Network, the most robust platform for security, scalability, and innovation. By building with Substrate, Reef Chain inherits many of its attributes, including high resilience to attacks, seamless interoperability with other Substrate and Polkadot Network projects, and the ability to support protocol upgrades without any blockchain forks.
What’s more? Reef Chain is completely EVM (Ethereum Virtual Machine) compatible, allowing developers to port their existing applications from Ethereum without any change in the underlying base code for developers who wish to do so for optimal performance for their users.
The Canary version of the Reef Chain Mainnet will be in operation for 30 days from launch. The developers at Reef Finance will have the power to reset it to a previous blockchain state if the need arises due to any unforeseen technical issues. The Reef team will then slowly move in liquidity into the Mainnet over two (2) weeks after the launch. By the time this evaluation phase is complete, the Canary version will transition into a non-resettable network.
The deployment of the Mainnet has been preceded by an evaluation phase of the Maldives Testnet, where the team invited developers to check out the environment and report potential bugs. The overwhelming response to the Testnet has enabled the team to hasten the deployment of the Reef Chain Mainnet.
About Reef Finance
Reef Finance is launching Reef Chain, an EVM compatible DeFi blockchain built using Substrate Framework, which will power the DeFi DApps of today. Reef Chain promises massive scalability, superior security, fast finality, and extremely low-cost transaction costs.
Previously, Reef Finance built the first cross-chain DeFi operating system to allow users to trade with access to liquidity from both CEXs and DEXs in one place. The DApp offers smart lending, borrowing, staking, and mining through an AI-driven personalized Reef Yield Engine.
Learn about Reef’s recent official news: Website | Twitter | Telegram
