Reef Finance welcomes Jax.Network to its Ecosystem
Reef Finance is happy to welcome Jax.Network, a secure, scalable, decentralized blockchain protocol, to build on the ever-expanding Reef Chain Ecosystem.
Jax.Network is a merge-mining operation on Bitcoin’s blockchain that aligns with Satoshi’s vision for electronic cash — to provide a reliable blockchain currency for day-to-day payments — achievable through the JaxNet protocol’s native currency and stablecoin JAX. Its economic model leverages a sharded PoW mechanism that allows miners to mine Bitcoin and JAX coins simultaneously and reward their computing power proportionally.
As with other merge-mining operations in general, the primary purpose is to earn multiple currencies through a single mining operation — a system akin to yield farming in DeFi. When miners mine on the Jax.Network, they earn JAX coin transaction fees, JaxNet coin transaction fees, Bitcoin transaction fees, and one of either BTC+JaxNet block creation rewards or JAX coins block creation reward.
The collaboration between Reef Finance and Jax.Network aims to strengthen JAX coin’s goal of bringing DeFi to Bitcoin. Jax.Network users will access DeFi liquidity through Reef’s liquidity bridge across many blockchains on Reef’s Ecosystem. Another benefit would include an increase in transaction speed while lowering costs.
On the other hand, the Reef Ecosystem leverages innovative opportunities in merge-mining and an additional stablecoin utility provided by Jax.Network.
Reef Finance and Jax.Network look forward to prospects in the Bitcoin mining ecosystem using the Reef network and to work collaboratively with the Reef community in order to continue enhance the protocol based on their feedback!
Jax.Network is anchored to the Bitcoin blockchain that follows the JaxNet protocol and issues scalable, stable, and decentralized JAX coins. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value. Established in 2018, the company united professionals worldwide to build a blockchain network based on the Proof-of-Work consensus mechanism and pure state sharding as a scaling solution. Jax.Network uses a specific merge-mining technique; it allows miners to mine multiple shards simultaneously without splitting their hash rate and get rewards proportional to their effort. JaxNet protocol is open source and enables anyone to build new projects on it and contribute to the development of the ecosystem.
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to migrate their dApps from Ethereum without changing the codebase seamlessly. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
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