April 22, 2021 — The Reef Finance team is solidifying its plans for the highly anticipated launch of Reef Chain, the Substrate-based blockchain that makes DeFi easy. After the final checks are completed on the current Maldives testnet, Reef Chain will be launched in May. The precise launch date will depend on the result of the rigorous tests being conducted right now, though the team is confident that they will be completed soon.
The launch of Reef Chain will enable DeFi developers to make use of a highly scalable and fully EVM-compatible blockchain that is integrated in the Polkadot ecosystem. Reef Chain will first be launched as a standalone blockchain based on the Substrate framework, which makes it simple to plug into the Polkadot parachain ecosystem.
Reef Chain is designed with scalability and interoperability in mind, and its integration within the wider Reef Network helps solve the complex issue of incentivizing liquidity to their new DeFi dApp project. Reef Chain’s technical integration of the EVM, allowing contracts written in Solidity or Vyper to be effortlessly deployed to the chain, in addition to its multitude of bridges with other blockchains, including Ethereum, solves the hurdles facing any DeFi developer.
“Demand for DeFi is insatiable,” said Denko Mancheski, CEO at Reef Finance. “First it was Ethereum and skyrocketing gas fees, now we are seeing that even others like BSC are starting to have issues with performance. Reef Chain’s launch couldn’t have come at a better time.”
The Reef Chain ecosystem is poised to become the best platform for new and existing DeFi protocols. In addition to its scalability and deep liquidity integration, the Reef team is committed to helping out developers in their quest to bring their DeFi idea to life. Developers will be able to tap into Reef’s existing community of users, as well as its network of partners, investors, exchanges and media. With support from Reef, DeFi builders will find the crucial assistance in business development and marketing that they need to find true success.
“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation,” added Mancheski. “By tapping into Reef’s business network, DeFi builders will multiply their chances of success.”
Developers can already test their migration scripts and tools on the Maldives testnet. Supporting technical documentation is available on Reef’s website.
About Reef Finance
Reef Finance is the first cross-chain DeFi operating system, enabling trading with access to liquidity from both CEXs and DEXs through its smart liquidity aggregator and yield engine. Reef Finance also offers smart lending, borrowing, staking, mining, and other DeFi products and services through an AI-driven personalized Reef Yield Engine. Recently, Reef Finance has launched the Testnet of its EVM-compatible DeFi blockchain called Reef Chain. Aimed at powering the DeFi dApps of tomorrow, Reef Chain provides high scalability, low fees, and a host of other features. Once the Mainnet is deployed, developers can port over their Ethereum-based DeFi DApps to Reef Chain without any change in the base code.