Reef Price

Reef Finance (REEF) is an EVM-compatible blockchain built for DeFi, NFTs, and gaming. The project was created in 2019 with the goal of simplifying trading and increasing the accessibility of DeFi products and services. Its main advantage is that it facilitates transactions between different blockchains. 

It was built on Polkadot with Substrate Framework, which provides a scalable blockchain environment as well as Web 3.0 interoperability. The Reef Finance platform deploys a Nominated Proof of Stake consensus mechanism and its native currency is the Reef token.

Reef has a maximum supply of 20,000,000,000 tokens.

What are Reef Finance’s key features and how does it work? 

The platform functions as an aggregator that connects decentralized exchanges and centralized exchanges for improved efficiency when transferring liquidity. It is compatible with multiple blockchain systems, including Ethereum, Polkadot, BSC, Avalanche, and Cosmos. 

In order to use Reef Finance, a user must connect a wallet to the platform. A user's assets can then be seen, including the valuation, on the platform. Assets can also be converted into Reef’s own token, REEF, or to a different blockchain. There are minimal fees on the platform which makes it an attractive choice for those looking for easier ways to become involved in DeFi. Reef is compatible with some major DeFi wallets including MetaMask, Torus, WalletConnect, and WalletLink.

As mentioned, the Reef Ecosystem is built on Polkadot and has its own parachain on the network. As such, the platform benefits from Polkadot’s Proof-of-Stake consensus mechanism, scalability, and security, amongst other things. The platform also offers incredibly fast transaction speeds since parachains on Polkadot run independently from the ecosystem.

Reef is EVM compatible, this means that developers can easily port their applications and projects built on Ethereum, without modifying any of the Solidity code. Furthermore, liquidity bridges on the platform allow for easy transferring of liquidity between Ethereum and Reef chain.

The Reef token is used for governance on the platform. Holders can take part in the governance structure as well as vote on matters such as partnerships and feature upgrades. Holders of large amounts can also help to maintain the network, these are called “Network Collaborators”. The token is also used to pay transaction fees. However, the main function of the token is to provide liquidity transfers from one blockchain to another.

All fees from any transaction carried out on Reef chain are burned automatically.

There are two vital roles for the smooth running and governance of the platform; Nominators and Validators. Nominators have the task of voting for and electing Validators, who are block producers. Rewards are distributed from part of the revenue share generated by Validators. However, if a Validator performs malicious behaviour, a Nominator could lose its stake.

Validators are responsible for reliable block production, however, they may take on other duties too. These include hosting Reef chain boot nodes, developing and maintaining DevOps and security tooling, amongst other tasks. As such, becoming a Validator on Reef chain requires technical skills and is very competitive.

Where can you buy REEF?

REEF is available to buy from the CEXs and DEXs as listed here. Some of the most popular choices are Binance, Gate.io and Lbank.

REEF price is subject to volatility, and the price of REEF will also vary on the exchange used and market interest. 

For up-to-date as well as historic data for the market price of REEF, please view the charts on this page.