Reef Finance releases Reef Chain Testnet a blockchain for DeFi
The Reef Finance project has experienced incredible growth since its inception late last year along with the expansion of the DeFi industry. Today we are proud to announce the launch of Reef Chain, a state-of-the-art DeFi blockchain built with Polkadot’s Substrate Framework. Maldives, the official Reef Chain Testnet.
Making DeFi Easy
Reef Finance had carved out a niche in a sea of complex financial solutions by serving new entrants into DeFi with a single point of entry to explore and invest in DeFi. Through a multi-pronged approach of Cross-Chain Liquidity and Protocol Aggregation, Proprietary Analytics, and Multi-Chain Accessibility we aim to redefine how an average investor enters and partakes in the DeFi movement. Reef Chain is secured under the Polkadot shared security model, with high resilience and forkless upgradability, making it the best ecosystem for DeFi to enable its further growth.
Reef Chain is 100% EVM compatible, which means that developers can seamlessly port their existing DeFi Dapps from Ethereum to Reef. Reef Chain also offers 100 times higher throughput and scalability compared to Ethereum, with one-hundredth of the transaction costs. The Reef Chain is designed to be self-upgradable, which means that DeFi protocols can schedule critical security updates and performance optimizations with forkless scheduled updates.
Reef Chain will also launch a first-of-its-kind Cross-Chain Liquidity Bridge that will revolutionize traditional approaches to liquidity aggregation. Slated for Q2 of 2021.
These developments would not have been possible without our community who continue to be at the heart of the project. By participating in Reef Chain validation, governance, and a host of other utilities for your Reef Tokens we are grateful for your support.
We went with the name Maldives as it represents the ease with which we want our development community to onboard the Reef Chain. Its archipelago is known all around the world and with the wind at our backs, we also aim to support the growth of DeFI all abound.
Maldives testnet will allow projects to test their migration scripts and start building on Reef Chain which will allow our dev team to test the latest updates with our early testers. Developers building on Reef Chain will also get a suite of support ranging from grants, marketing, technical implementation, and visibility in the broader ecosystem of projects and investors.
Reef Chain testnet Maldives will offer a low-level developer tool kit to make the building experience a breeze for both beginners and seasoned developers alike. This testnet launch is a major milestone for the Reef Team and community as we take a massive stride towards our goal of making DeFi easy.
We invite developers, builders, and the DeFi community at large, to join us in shaping the future of the first chain built exclusively for the burgeoning DeFi ecosystem.
Get started building on Reef Chain today: https://docs.reef.finance/docs/developers/quick-start/
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built on Substrate and customized for the needs of the DeFi DApps of tomorrow. Reef Chain provides high scalability, enabling almost instant and low-cost transactions. Reef Chain supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. The main goal of Reef Finance is to make DeFi easy for everyone to invest and now to build a DeFi application.