Developers on the Reef Chain are about to have a great time as the team behind the blockchain recently announced a $20 million grant to improve the network. For those unfamiliar with Reef Chain, it is a DeFi blockchain developed with the Substrate framework. It offers high scalability and supports EVM and Solidity, which means developers can port their dApps from Ethereum without modifying the codebase.
By setting up this grant, Reef Finance aims to incentivize developers to build on Reef Chain and further develop the network. According to a statement from the organization, it aims to create a fast-growing DeFi ecosystem. By creating this grant, Reef hopes to provide developers with all the tools they need to build cutting-edge DeFi applications.
Developers occupy a prominent role in providing solutions within the blockchain ecosystem. This grant will encourage them to develop more solutions that will benefit the developers' community and aid the development of the Reef Chain.
The grant is tailored towards projects that are building and deploying applications that will solve real-world problems, i.e., applications that have clear use-cases and have significant potential to drive mainstream adoption within the Reef Chain ecosystem. The grant is available for projects in the following categories:
DeFi Lending protocols and Bridges: This niche is one of the fastest-growing in Decentralized Finance. By supporting Applications in this area, Reef Finance seeks to aid the development of financial solutions on the network. Although there's already a lending protocol, Lendefi on Reef Chain, more lending protocols can take advantage of this grant to build on the network, thereby improving and increasing the availability of smart financial services and solutions on the network.
NFT Development: Anyone familiar with developments in the blockchain space knows that Non-fungible tokens are some of the hottest digital assets at the moment. Reef Finance seeks to drive NFT growth on the platform with the grant by encouraging NFT projects to build on Reef Chain and encouraging NFT developers on the platform. At the moment, Realm and DEIP Network are the NFT projects on the Reef Chain.
Realm allows creators to use a combination of music, game, and art to develop the ideal realm which they can mint as ERC-1555. DEIP Network, on the other hand, enables users to discover, evaluate, license, and exchange intangible assets. With this grant, we can expect to see more NFT projects on the Reef Chain soon.
Runtime Modules/Chains: A percentage of the grant will be spent on projects developing Runtime Modules and Chains within the ecosystem. This will improve infrastructure on the platform, thereby enabling developers to create frameworks for custom blockchains.
Wallets/Interfaces: No DeFi ecosystem will be complete without wallets, and as more projects continue to onboard on the platform, wallets are more important than ever. That is why a part of the fund is going into supporting the development of wallets with the ideal interfaces for users to interact with the dApps on the platform.
DEXs: Decentralized exchanges are a fundamental part of any DeFi blockchain, and Reef Chain already has one in Kwikswap. Kwikswap is a cross-chain swap protocol platform for market creation, staking, swapping, and providing liquidity. With this funding, more DEXs can be developed on the platform, which will give users access to more liquidity across all DEXs with Reef's liquidity bridge.
Development and Deployment Tools: Companies that deal in development and deployment tools can also benefit from the grant. This will include all varieties of blockchain companies offering secure, reliable, and scalable infrastructures for projects seeking to deploy on Reef Chain. In addition, these projects will play a fundamental role in maintaining the platform as they will be responsible for nodes and provide other services within the ecosystem.
The grant will enable Reef Finance to create its desired ecosystem while also empowering developers with viable solutions by providing them with funds and partnerships to scale up their projects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.