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Reef Finance to Launch Its Reef Chain Mainnet by May 2021

| Updated
by Benjamin Godfrey · 3 min read
Reef Finance to Launch Its Reef Chain Mainnet by May 2021
Photo: Unsplash

Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Finance team is set to launch its Reef Chain Mainnet by May following the completion of the final checks on the current Maldives testnet. As contained in a press release shared with Coinspeaker, the exact date of the mainnet launch is dependent on the outcome of the ongoing tests being conducted at this time. Despite the intense checks, the Reef Finance team is optimistic they will be completed before the launch.

The Decentralized Finance (DeFi) ecosystem of today has been gaining massive traction which puts a strain on existing blockchain infrastructures supporting smart contracts. The Ethereum blockchain now has so much congestion that leads to an increase in transaction or gas fees. A relatively newer blockchain network, the Binance Smart Chain which entered the space with a promising solution is now crumbling due to its inability to scale properly.

Reef Finance is a Substrate-based blockchain network that makes DeFi easy. It was designed to address the woes of the existing chains supporting decentralized finance infrastructures. As contained in the press release, the launch of Reef Chain is aimed at enabling DeFi developers to make use of a highly scalable and fully EVM-compatible blockchain that is integrated into the Polkadot ecosystem. Reef Chain is set to be initially floated as a standalone blockchain based on the Substrate framework, a feature that will make it easy to plug into the Polkadot parachain ecosystem.

“Demand for DeFi is insatiable,” said Denko Mancheski, CEO at Reef Finance. “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.”

As a way to see to a successful network ecosystem, Reef Finance says it has the right model to support developers who wish to build on the Reef Chain. Through the robust community of users, investors, and media partners amongst others, DeFi product creators can find true success with Reef Finance.

“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.”

Reef Chain Mainnet Launch and the Interoperability Advantage

Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Chain will be governed using the REEF tokens which can be used for staking and community governance. Through the advanced interoperability features of the chain, a liquidity bridge will be launched to wrap existing DeFi assets and transfer liquidity from Ethereum to the Reef chain.

The advantage the Reef Chain aims to introduce will cut across all DeFi stakeholders ranging from users to developers as a whole.

Altcoin News, Blockchain News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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