Many crypto users worldwide would be pleasantly surprised if you invited them to bond on the Reef platform and explained the advantages of doing so. It is because the Reef system is not well understood by many people.
Having sampled opinions from crypto enthusiasts and research teams on what they know about Reef, I am now in a position to explain how valuable it is to be involved in the Reef network.
What is Reef Finance?
Reef is a Decentralized Finance(DeFi) operating system. Invariably, it can be said it is a permissionless smart liquidity aggregator comprising a yield engine, such that any financial hub can be integrated into it seamlessly.
Alternatively, Reef is indeed a smart contract blockchain built using the Substrate framework.
Reef Chain simply boasts of the following qualities, which included but are not limited to high scalability, enabling low-cost transactions, and supports the main development language “Solidity” in Ethereum Virtual Machine (EVM), allowing developers to seamlessly migrate their dApps from Ethereum without code change.
Reef is powered by the Polkadot blockchain and operates a smart cross-chain integration by sharing its security model with the ecosystem. This makes it possible for other blockchains to be compatible with the DeFi model.
Reef enables trading with access to liquidity from both centralized exchanges (CEXs) and decentralized exchanges (DEXs) while providing services such as smart lending, borrowing, staking, and mining through an AI-driven personalized Reef Yield Engine.
The Reef developers were keen to provide the most accessible and most user-friendly way to enter DeFi for investors no matter where they are located on the surface of the earth or their ethnicity, age, or religion.
It is entirely an open opportunity for everyone to experience the true nature of decentralized finance (DeFi) from the comfort of their mobile devices.
What is Bonding?
Most people would rather use common terminology to describe a particular attribute or action within a project.
However, developers are keen to transform and recreate wonderful products and would also want to think along the lines of their predecessors by creating new terminologies, and attributes hence the word bonding in Reef.
What is Reef Bonding?
Reef Bonds is a DeFi initiative or creation by developers through which users can stake their assets for a certain lock-up period and earn lucrative returns in other tokens as the case may be.
So in other words, Bonding simply means staking on the Reef platform, where each user’s registered deposit address will have a maximum deposit limit configured through smart contracts, and every Reef Bond will also have a certain maximum deposit amount.
This opportunity has proven to be very lucrative and rewarding. The first such bond ever made available to users was the Reef-Litentry Bond back in 2021.
People were totally blown away by the response and consequent interest in this DeFi initiative. It was observed that within a few hours, over $4Million worth of assets were locked by users, validating user demand.
This has also encouraged other developers to think in the same direction to produce DeFi projects of similar capabilities that open the opportunity for a global interest in decentralized financing.
Improvements made to Reef Finance
The Reef finance community was initially plagued with a high cost of transaction fees attributed to the execution of the smart contract.
However, a subsequent bridging of the smart contract, which was on the Ethereum blockchain to the Binance Smart Chain, saw a drastic reduction in transaction costs as the smart contract was now executed faster and at a lower cost due to the scalability and interoperability functions within the BSC network.
This has made it possible for more investors to be involved in the DeFi initiative by Reef Finance being run on the BSC network.
Is Reef available in Klever Wallet?
Klever was able to launch liquidity bridges for Ethereum, Binance Smart Chain, and Reef Chain, and eventually became the first external Reef Chain validator.
There is always a possibility when it comes to breaking barriers with the Klever team of developers.
This has made it possible for potential investors looking for opportunities to bond on the Reef platform to do so effectively on the Klever Wallet and get rewarded seamlessly.
A key passion that drives the Klever team still remains to create opportunities for everyone to become financially free and ensure this is done in a simple and secure way.
It is indeed a Klever thing to do.
