By
Bhushan Akolkar
July 14th, 2021
As the Reef Finance ecosystem grows exponentially, REEF price has been rising exponentially.
Reef Finance, a decentralized financial ecosystem built on the Polkadot protocol to deliver cross-chain trading, has unveiled an initial DEX offering dubbed ReefStarter. According to the company, ReefStarter is aimed at helping decentralized finance (DeFi) platforms raise funds in a secure and decentralized manner.
“The IDO has quickly become the most effective and decentralized way to raise funds for new projects,” said Denko Mancheski, CEO at Reef Finance. “But high gas fees tend to ruin the IDO experience for both founders and buyers, which is why we launched ReefStarter. By using the scalable and interoperable Reef Chain as a base, we can offer the most seamless and cost-effective IDO platform.”
The Defi ecosystem has significantly contributed to the ongoing cryptocurrency bull market. Whereby, according to DeFi aggregator firm DefiPulse, the total value locked has surpassed over $72 billion. Notably, the figure stood at slightly above half a billion dollars similar time last year, indicating a sharp rise.
Bigger Picture on ReefStarter and Reef Finance in DeFi Ecosystem
Raising funds from the public has dramatically morphed since the 2017/2018 bull market. All the way from initial coin offering to initial exchange offering and now initial DEX offering, new decentralized financial platforms have a better way of accessing the global market.
Furthermore, the Reef Finance aims to eliminate the existing high gas fees associated with the Ethereum ecosystem, the largest Defi ecosystem. By integrating its users with various blockchains, Reef Finance is set to revolutionize the crowdfunding industry through the ReefStarter IDO.
“ReefStarter creates a better environment for launching new projects and raising funds on the blockchain. ReefStarter will provide users with rapid and cheap token swaps while letting liquidity providers farm tokens and compound them at regular intervals without spending a small fortune on gas fees and giving back all their returns to the miners,” the company noted in a press release.
By accessing liquidity from various exchanges, Reef Finance provides projects with a wide array of avenues to raise funds. Reef Finance uses its native token REEF for governance issues and also helps with securing the ecosystem.
As the Reef Finance ecosystem grows exponentially, REEF price has been rising exponentially. According to metrics provided by coinmarketcap, the REEF coin was trading around $0.04233, having jumped approximately 6.28% in the past 24-hours. Ranked position 148 by market aggregator CoinGecko, REEF had a market capitalization of approximately $513 million with its daily traded volume at an average of $117 million. Notably, there are 12,666,667,338 REEF in circulating supply, with a maximum supply of 20 billion REEF coins.
