Reef is a layer blockchain built using Parity’s Substrate technology. In this article, as Kriptokoin.com, “What is a Reef?” We will answer the question. In addition, we will touch on other questions about the project.
What is a reef? What does it do?
Reef is Substrate-based, layer blockchain founded by Denko Mancheski in 2019. In November 2021, the project was named Reef, from Reef Finance, to reflect its evolution from a Decentralized Finance (DeFi) platform to a fully functioning blockchain. Like other networks, Reef offers use cases for NFTs, DeFi, smart contract development, and GameFi. Reef also provides liquidity bridges to move ERC-20 tokens between Reef and Ethereum and BEP-20 tokens between Reef and the BNB Chain.
Reef was developed using Parity’s Substrate software development kit. This feature makes it interoperable with Polkadot parachains and part of a larger Web3 chain network. Reef is EVM compatible. It makes it easy to migrate and develop EVM Decentralized Applications (DApps), especially for users who are experienced with Solidity. In addition, the blockchain uses an NPoS consensus mechanism for block generation and a PoC to elect members to a Technical Council. Reef burns all fees (including smart contracts) on the network. Verifiers are paid from a fixed prize pool. This removes any economic incentive to create inefficient contracts with high fees that can bottleneck a network.
What is REEF coin?
REEF coin is Reef’s native token. It uses the gas system to pay transaction fees and on-chain governance on the network. This includes both NPoS and PoC consensus mechanisms. Also, REEF initially minted an ERC-20 token on Ethereum and BEP-20 on BNB Smart Chain. However, you can now convert it to 1:1 on the Reef.
How does Reef work?
Reef draws liquidity from multiple sources. It makes them work across multiple DeFi protocols such as Aave, Compound, Synthetix and Uniswap. This not only helps by stabilizing liquidity. It also helps users easily find the best interest rates. Reef Finance achieves this using the ‘Basket Engine’. Reef Basket Engine consists of ‘Reef Intelligence Engine’ and ‘Reef Smart Yield Engine’. This allows everyone to earn returns from their staked tokens. Moreover, Basket Engine combines complex protocols to provide easy mining, borrowing and lending services for Reef users.
How to get REEF coin?
Reef is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Reef is traded are listed as follows: Binance, FTX, CoinTiger, BingX. Users who want to invest in the project should open an account on one of these exchanges.
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