Hey crypto enthusiasts, have you heard of Reef?
It's a decentralized platform that was initially launched in 2019 to streamline access to liquidity in the crypto market.
But the team at Reef realized that scalability was a major issue in the world of DeFi, so they decided to pivot to a substrate-based smart contract platform.
Their goal? To make it super easy for developers to port their dApps from Ethereum to the Reef chain without having to modify any code.
Basically, they're trying to make it as easy as possible for developers to access all that sweet, sweet Ethereum liquidity.
In Q3 of 2021, they released a bunch of developer tools like the Python and JavaScript SDK, Hardhat, and Remix. With these tools, developers can easily deploy their dApps on the Reef chain and get automatic smart contract verification.
The project also partnered with Mastercard to launch the ReefCard, which allows token holders to convert their crypto to fiat and go shopping.
Not bad, no?
So far, the project has raised a whopping $23.9M in funding from 4 rounds, with backers like Au21 Capital and NGC ventures
[according to Messari]
At one point, Alameda was a long-term strategic partner and invested $20M into the project.
But then something went awry and the partnership was severed, leaving Reef to rely on its community support for future developments.
Don't worry though, they're still going strong!
REEF is the native token of the Reef ecosystem and it's used for all sorts of things like paying transaction fees, minting NFTs, staking to run validator nodes, and nominating validator nodes.
The Reef chain uses a nominated proof of stake (NPoS) consensus mechanism to reach agreement on block production and validation.
Nominators stake their REEF tokens to elect Validators, who maintain the infrastructure for producing new blocks.
If Validators misbehave, both they and the Nominators are penalized by having their staked tokens slashed.
Staked tokens also give their holders voting rights to contribute and make decisions for developments within the ecosystem.
Leveraging Substrate’s interoperability, Reef is built to be efficient and compatible with other EVM chains without sacrificing its security.
By adopting Substrate, Reef inherits most of its security from other Substrate-based relay chains like Polkadot, which have billions of dollars staked to maintain the security of their networks.
And if you have some doubts about legitimacy of this project. Read the next few tweets.
In 2022, Reef had a successful year with numerous partnerships, media features, and event sponsorships.
Several well-known smart solution providers joined the Reef ecosystem, showing the project's credibility and potential.
Openfabric, OnFinality, DystoWorld, StackOS, Uquid, Spheron Protocol, and Ethereum Push Notification Service have joined the Reef ecosystem.
The CEO of Reef, @denkomancheski, received recognition from Forbes as one of the top inspiring businesspeople in the Middle East in 2022.
Reef also sponsored the 2022 Abu Dhabi Grand Prix Race Weekend.
Why I am mentioning it? Well - most of are from the US/EU and we don't see further than that.
Reef clearly has some good connections in the Middle East.
And lastly, one more information about the legitimacy of the project.
In 2022, Binance joined the Reef Chain validators family and Coinbase Custody supported $REEF deposits and withdrawals.
Not every project can say the same.
And if we look quickly at some numbers, Reef proves its potential.
Market cap is only at $47M. If you are looking for a low market cap chain, REEF might be the solution.
And I was surprised that the $REEF community totally dominated my thread voting a few days ago.
As it turns out, their Twitter presence is not bad at all, but is clearly few levels behind the top chains out there. Logically.
Average for 2022 is ≈470 TW mentions per day.
Tagging you REEF guys & hope you liked the thread:
@accumul888
@tlvsteph
@pap_cui
@Pierre4Reef
@Muulambo1
@AbdelAngus
@Reefaqio
@Cripto0149
@YSkoreiko
And other relevant tags:
@denkomancheski
@Reef_Chain
@preshicezy
@official_darick
@BandzG4