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.

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