Reef

Reef is an innovative Layer-1 Blockchain built for DeFi, NFTs, and Gaming, known for its reliability, extensibility, efficiency, and speed. Constructed with the Substrate Framework, it offers impressive scalability, allowing for nearly immediate transactions at minimal cost. It also supports Solidity and EVM, enabling developers to transfer their DApps from Ethereum effortlessly without altering the codebase.

Reef Chain stands out as the most sophisticated blockchain that is compatible with EVM. It features self-upgradable capabilities and incorporates on-chain governance. Its architecture accommodates EVM extensions, facilitating native token bridges, scheduled operations like recurring payments, and updates to smart contracts in place. Soon, it will also support additional virtual machines, broadening the range of programming languages developers can utilize. The network operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism that ensures scalability and minimizes fees.

REEF serves as the native token used for:

* Paying transaction and data storage fees.
* Staking to operate validator nodes.
* Nominating validator nodes to join the network.

Reef is supported by several influential funds and venture capital firms, such as NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, and Woodstock Fund, among others.

The development tools for Reef Chain include:

* Integrated development environments like Remix and EVM for deploying smart contracts.
* Reefscan blockchain explorer for deploying validators, bonding and nominating validators, debugging smart contracts, and analyzing network performance.
* Reef command line tools for deploying applications from local setups.
* Reef wallet for blockchain interaction.

Reef Chain is a blockchain for smart contracts, compatible with EVM and Solidity, designed to simplify DeFi, NFTs, and Gaming for everyone. Currently, there are 14,807,552,172 REEF tokens in circulation, with 38.2% of the total supply staked. As of today, Reef Chain has over 23 active validators, and the supply's inflation rate stands at 8.3%.

Denko Mancheski is the founder of Reef, driven by his ambition to create the most sophisticated blockchain tailored for retail investors eager to dive into DeFi, NFTs, and Gaming.

Mancheski aimed to make the blockchain world more accessible for new users by simplifying the complexities of engaging with blockchain technology and understanding novel concepts like DeFi and NFTs. He also wanted to provide multiple bridges to other blockchains, enabling easy transfer of funds and liquidity to Reef Chain, thereby offering retail investors the benefits of high scalability and low fees.

Originally from Macedonia, Mancheski credits his interest in FinTech as his gateway to blockchain technology. He noted that assembling a skilled team was the most daunting hurdle in bringing Reef to fruition.

When asked about the traits that contribute to his potential success as an entrepreneur, he remarked: "I have a very addictive personality—I can't stop working on something until I achieve the goal I've set for myself."

As of November 2024, Gate.io offers the widest range of trading pairs for REEF, including options against USDT, ETH, and TRY, while Bitget provides trading against Tether (USDT). Both platforms support REEF on Reef Chain.

REEF is also available on decentralized exchanges like 1inch and Uniswap, although these DEXs and REEF tokens are not on Reef Chain.

Are you new to cryptocurrency? Check out our [guide](https://www.coinmarketcap.com/how-to-buy-bitcoin/) for buying Bitcoin or any other token.

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Reef is specifically designed for those new to cryptocurrency, as well as existing DeFi users who struggle with managing funds and wallets across multiple blockchains. By utilizing Substrate, the team has addressed the high gas fees prevalent on the Ethereum blockchain, enabling transactions that are fast and inexpensive, whereas Ethereum's fees have been criticized for making DeFi protocols seem "unusable."

Reef Chain's uniqueness lies in its ability to run any DeFi protocol previously deployed on Ethereum or any EVM-compatible network with minimal code alterations. Bridging Ethereum and Polkadot, along with connections to other blockchains, the Reef ecosystem is accessible to anyone with a Web3 wallet interested in exploring dApps on Reef.

Thanks to its Substrate foundation, Reef is highly adaptable, supporting multiple virtual machines (VMs) and extensions for popular VMs like EVM (Ethereum Virtual Machine). It features on-chain upgrades, making it simple to implement new features, and boasts on-chain governance.

Reef employs a Nominated Proof of Stake system to secure its network by allowing users to bond with potential validators, nominate them, and ensure network safety. This method facilitates low-cost, nearly instantaneous transactions with finality reached, on average, in just 10 seconds.

Individuals lacking the technical know-how to operate a Validator node can participate as Nominators. Nominators help secure the Reef Relay Chain by choosing reliable validators and staking REEF tokens.

To be a Validator, one needs technical expertise, must stake REEF, and maintain a node with high availability around the clock. Validators and their Nominators risk having their stakes slashed if they fail to uphold performance or uptime.

When REEF tokens are staked through validator nominations, they become 'locked' or bonded. Nominators can receive additional REEF in their wallet but cannot stake as Validators or transfer the tokens elsewhere. They can end their nomination at any time, stopping the staking of their funds, which takes effect in the next era. However, releasing these funds isn't immediate, as there's a 28-day unbonding period on Reef before bonded funds can be transferred after an unbond transaction is initiated.