Reef Chain is the most advanced EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support an additional VM which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.
REEF is the native token that is used for:
Reef Chain development tools include:
Reef is geared towards cryptocurrency newcomers, alongside existing DeFi users who find it difficult to keep up with maintaining funds and wallets across multiple blockchains. The team has tackled the high gas fees seen on the Ethereum blockchain by building on Substrate, which enable almost instant transactions and low costs, where some claim Ethereum’s fees renders DeFi protocols “unusable.”
What makes Reef unique is that it can be linked to any DeFi protocol that has already deployed on Ethereum or an EVM-compatible network with just a few changes to the code. Since Reef Chain straddles this intersection between Ethereum and Polkadot, along with bridges to other blockchains, the Reef ecosystem can be accessed by anyone with a Web3 wallet that is interested in accessing dApps on Reef.
Because of how it has been built on Substrate, Reef is able to support DeFi protocols on Avalanche, Moonbeam and Plasma, as well as on Ethereum and the Binance Smart Chain. As a result, Reef users have access to a broader number of platforms without requiring multiple accounts and a myriad of usernames and passwords that can be difficult to keep track of.
Reef was founded by Denko Mancheski. His motivation was to remove technical barriers to entry for retail investors who want to get involved with DeFi, and offer a straightforward decision-making process that takes a user’s appetite for risk into account.
Mancheski wanted to help cryptocurrency newcomers overcome the complexities associated with using order books, and enable them to learn how different protocols work with ease. This includes the ability to access many bridges to other blockchains so that funds and liquidity can easily be ported to Reef Chain, allowing retail investors to take advantage of high scalability and low fees.
Born in Macedonia, Mancheski said that his passion for FinTech led to him being introduced to blockchain technology. He has described forming a competent team as the biggest challenge associated with bringing Reef to life.
When asked about the personal attributes that will help him become a successful entrepreneur, he added: “I have an addictive personality — I just can’t stop doing something until I get to the goal that I set for myself.”
Denko Manceski, CEO and Founder, Valeria Kholostenko, CMO
Reef Finance is backed by multiple leading funds and venture capitalists including NGC, Bitcoin.com, Kenetic Capital, Master Ventures, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.