Sirwin
Sirwin

Reef chain - a look on new DeFi Block chain

By kat-cryt | katcryt | 25 May 2021


Reef Finance:

Reef Finance is an Ethereum based DeFi platform. Now they’re building a Reef chain, a DeFi blockchain. Building such a blockchain would be a hard task and as we have seen a lot of traffic congestion which makes the transfer fee for DeFi apps. However, Reef Finance is already known for its operating system and search engine in the DeFi platform. 

Reef Chain:

Reef chain built in a way such that it can interact with another blockchain easily. The press release even says that it supports polkadot network natively and also compatible with Ethereum virtual machine. Also, other DApps can be easily migrated to the Reef chain, which attracts the developers to migrate their apps. The tokens in the reef chain will be as REEF-20 tokens, so they facilitate a way to migrate ERC tokens to the reef chain.

And the launch of the Canary version of Reefchain on May 28th brings exciting news for DeFi lovers. There were cases where the upgraded launch of a network or any new smart contract launch might have problems initially and the network goes down creating panic. In order to avoid those scenarios, where the team made the main net launch with a rest option in the network so if things go wrong they set it back to the previous version to avoid loss and panic.

Reef finance is known for its unique way of approach in DeFi platform, and its projects also have been good. This new venture by reef finance might have a good impact and more usage on the DeFi platform. We are seeing a lot of upgrading discussions in the Crypto market which provides comfort in their usage. 

The better the experiences we get the more it could spread. It's not just in the hands of the developers alone, it's also in the hands of people to appreciate good projects by participating in them.

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kat-cryt
kat-cryt

Sharing my crypto experiences and thoughts


katcryt
katcryt

Tech enthusiast who loves to read and write about Cryptocurrency and well being of Cyptocurrency users

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