Reef Extends its Net Into the Wider Ecosystem, With its New EVM Compatible Framework

FinanceFeeds Editorial Team

There’s plenty of fish in this sea, thanks to Reef, a multi-chain compatible blockchain that is scalable, fast and energy-efficient, and purpose-built for DeFi, NFT and gaming utilities. Reef has experienced a complete refresh and makeover and as such, has rebranded from Reef Finance to Reef, to position itself as a major contender for an extensive selection of use cases that extend beyond finance.

There’s plenty of fish in this sea, thanks to Reef, a multi-chain compatible blockchain that is scalable, fast and energy-efficient, and purpose-built for DeFi, NFT and gaming utilities. Reef has experienced a complete refresh and makeover and as such, has rebranded from Reef Finance to Reef, to position itself as a major contender for an extensive selection of use cases that extend beyond finance.

Reef’s rebranding has gone far beyond just a website facelift, although its new website is eye-catching and quite beautiful. Indeed, its rebranding process has gone well beneath the hood of the network, moving Reef away from its roots as a DeFi parachain on Polkadot to a blockchain that is entirely compatible with the Layer-1 Ethereum Virtual Machine. Reef’s enhancements have taken this protocol away from being merely a DeFi product, into a Substrate based blockchain, with deployable smart contracts.

Why Substrate?

Many leading protocols have opted to build in Substrate as it makes the process of building a chain simpler, quicker, cheaper and more secure than other frameworks. These benefits extend to the apps that build on blockchains like Reef, allowing developers, both experienced and new to the industry to take advantage of an open-source architecture,and giving them free access to a wide codebase developed and used by industry-leading teams building some of the biggest networks today”, according to Substrate.

As such, literally, anyone can use Reef to build their own DeFi and other products freely and easily, with a first-class user experience, which explains why so many developers have opted to use Reef to build and host their dApps and protocols. In addition to its simplicity and efficiency, the fact that the platform gives users compatibility with all Ethereum based smart contracts means apps can take advantage of heightened liquidity, scalability and for users, it means the ability to transfer value and data across the entire EVM ecosystem using Reef.

According to the team at Reef, this rebranding marks the first in a long and ambitious line of milestones, which includes rolling out support for the Ledger hardware wallet, as well as a Reef Debit card, native browser extension, native dApp and mobile app.

Read this next

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

Industry News

SEC charges $410+ million Ponzi scheme with pre-IPO shares

We allege that the defendants deceived investors about the pre-IPO shares they held, how much they were charging in fees, and who was controlling the business—all while paying themselves more than $75 million.

Industry News

FNZ taps data analytics GIST to address ESG ratings bias

The allocation of capital is critical to driving the change required to transition to net-zero and building a more sustainable economy and society.

<