Source : crypto-news-flash.com
Reef is somewhat of an eye-catching protocol, in a sea full of cookie-cutter products and chains. No more so than since Reef’s complete rebranding, pivoting away from Reef Finance, a DeFi parachain based on Polkadot, to Reef, a Substrate-based blockchain. One that is compatible with the Ethereum Virtual Machine, giving this chain the ability to use smart contract functionality across the whole EVM compatible network.
Best of all worlds
For Reef, beauty is more than skin deep, as displayed by Reef’s remarkable new website design, which hints at the new utility of the product beneath. According to Reef, “Reef chain integrates the best aspects from most commonly used blockchains while maintaining full smart contract compatibility. eef chain is an EVM compatible blockchain for DeFi. It is fast, scalable, has low transaction costs and does no wasteful mining. It is built with Substrate Framework and comes with on-chain governance.”
Hosting dApps on Reef
Reef is fast gaining popularity as one of the most efficient, and user-friendly chains to build on, offering developers the ability to transfer existing apps directly from Ethereum to Reef, without changing any of their code. The interoperability with other Ethereum compatible chains, means that ERC-20 tokens can be moved to and from Reef quickly and seamlessly. Holders of the native REEF token can become validators and retain governance rights over the Reef chain by bonding their REEF tokens. Unlike dApps that sit on Ethereum, transactions on REEF are faster, and more energy efficient and protocols are more scalable.
For developers, Reef has proven to be a seamless way to leverage open source Substrate building blocks, in order to build tools and features simply and with no prior experience in coding. Reef’s utility now extends far beyond just DeFi, into the realms of both gaming and NFTs. Reef’s future plans are as wide and deep as their name suggests, with a new Reef Debit card, native browser extension and dApp and new mobile experience for its users.