Built on top of the Polkadot Substrate protocol, Reef provides decentralized finance (DeFi) exposure with interoperability across multiple blockchain ecosystems.
Reef integrates with DeFi from Ethereum, Polkadot, Avalanche, Cosmos, and Binance Smart Chain. It is also Ethereum Virtual Machine (EVM) compatible, which makes it easy to port EVM Decentralized Applications (DApps) and build on.
As it is developed by using Parity’s Substrate software development kit, it can be interoperable with Polkadot parachains and part of a larger Web3 network of chains. It is fast, scalable, has low transaction costs, has no wasteful mining, and comes with on-chain governance.
Since the launch of Reef’s mainnet, it has been focused on building its own ecosystem, comprising its own wallet DApp, decentralized exchange (DeX), block explorer, extensions, NFT marketplace, and development tools. It is also onboarding many teams that are in the process of building their dApps.
Partnership with Klever
The partnership with Klever in July 2021 ensures that Reef Chain (ETH) and Reef Chain (BSC) holders can trade their Reef tokens on mainnet seamlessly, thanks to the Klever Swap.
Furthermore, once Reef holders have converted their Reef Mainnet tokens through Klever Swap, Klever will allow them to stake (bond) Reef tokens through their wallet.
As Denko Mancheski, Founder of Reef stated while commenting on its tie-up, “the partnership with Klever has opened up the floodgates for DeFi and marked a massive step forward in terms of decentralization.”. Further, he mentioned that users from other blockchains can use Reef Chain for all their DeFi needs with no issues. Klever’s new liquidity bridge and staking capabilities will benefit many users.
How to use Reef bridge in Klever Wallet
To use Reef Bridge inside Klever Swap, the user needs to log into his Klever Wallet. If you don’t have one, get it for free from Google Play Store and Apple iStore.
Install, Run, and open. Store your 12 SEED words, and set up your six-digit security pin.
Once you are on the portfolio page, scroll down and click on the fourth logo at the bottom of the screen (like a dollar sign). Users can now swap their Reef with Reef (ETH) or Reef (BSC) and native Reef.
- Reef from Ethereum (ETH) – ERC20
- Reef from Binance Smart Chain (BSC) – BEP20
- Reef from Reef Chain native (REEF) – REEF
Users can send and receive Reef in Klever Wallet. Not only that, users holding Reef can nominate and earn commission along with rewards on Klever Swap.
Apart from this, users can also pay by scanning the QR code with Reef to anyone who is accepting Reef.
Reef also brings an AI-driven personalized Reef yield engine that facilitates the DApps to offer smart lending, borrowing, staking, and mining. It also shares the mission of enabling low-cost opportunities to earn interest, provide liquidity, play games, and much more.
Built with Substrate Framework, Reef chain features next-gen blockchain technology, utilizing Nominated Proof of Stake consensus, EVM extensions, on-chain upgradability, libp2p networking, and state of the art cryptography, according to Reef.io.
Power of DeFi
As the adoption of Defi is gaining momentum, cryptocurrency working in this space is also spreading its reach. Today, as the world is understanding the power of decentralization, more and more unbanked people will gain financial independence and will set a new world order for the future financial system globally. It is also going to replace the traditional financial systems by cutting out the middlemen.
With a market capitalization of over $76 million, Reef tokens were trading at $0.0040 per Reef, down by 6.55%, even during the market crash to over 20% on 12 May 2022, its 24 hours trading volume was up by 20.69% to $62.73 million.