Reef Finance (REEF): project and cryptocurrency overview

Low fees, compatibility with all DeFi protocols, smart farming.
How good is Reef and are these features enough for a newcomer to get investors’ attention?

  • Name: Reef Finance (REEF)
  • Launch: 2020
  • Protocol: Nominated Proof-of-Stake (NPoS)
  • Mining method: AI-assisted stacking
  • Limit: 20,000,000,000 coins
  • Current stage: Project in operation, several options under development

General Information about Reef Finance (REEF)

Reef Finance (REEF) is a new DeFi project, work on which started in 2019. It will be introduced to the market in 2020. By using Polkadot as the backbone, Reef features a high level of reliability and the ability to integrate with other decentralised platforms.

In the same year, it became the first solution using Polkadot, which was introduced on Binance Launchpad. Binance Launchpad is a Binance platform that provides startups with the ability to raise funding and then place tokens on the exchange. Another distinguishing feature is the use of AI, which makes it easier for investors to manage their portfolios.

The Reef team continues to actively develop the service in 2021. In Q1 the Reef Chain testbed began testing, Block Explorer was launched, Polkadot.js wallet support was implemented and much more was done.

The founder is young Macedonian developer Denko Mancheski. Known from Adel, Viewly, Marand, Vertex projects. Full-stack developer, proficient in JavaScript and related tools. No data on the rest of the team.

What Reef Finance (REEF) is about

The developers compare their product to Robinhood in the trading world or TransferWise in the banking world.

They explain it this way: trying to run bank accounts in different countries and currencies and then move funds between them has, until recently, been virtually inaccessible to the average person. The reason was the patchy infrastructure. The task became even more difficult when the user intended to purchase securities from the accounts.

Until recently, the only solution for those who ventured into the global stock market was to go to a broker who charged high commissions. This has changed with the arrival of Robinhood and similar services offering simple solutions and low fees. A similar situation can be observed in the DeFi sector, filled with various projects, disparate ecosystems, wallets, and tools. Working with many of the decentralised sites requires training, which makes the situation worse.

Reef intends to make it easy for aspiring crypto investors to become “Robinhood on Blockchain”. It operates on the NPoS protocol: the community governance system is built so that validators – participants who confirm the legitimacy of transactions – are nominated.

How and where Reef Finance (REEF) can be used

Reef Finance’s service token, REEF, is used to pay fees, is involved in the platform’s management mechanisms, and pays rewards. Income can be earned through stacking as well as through an investment basket. An alternative way to earn coins is to become part of the Network Collators group, which keeps a complete copy of the chain and generates new blocks. It is represented on several exchanges that allow them to be exchanged.

Reef Finance Technology (REEF)

Is divided into three components: global liquidity aggregator; smart farming aggregator; smart asset management.

Global Liquidity Aggregator. Connects Reef to CEX and DEX – centralised and decentralised exchanges. Access to liquidity of centralised Binance, Coinbase, Kraken is achieved through the use of brokerage services.

Smart Yield Farming Aggregator. Makes it easier for Reef users to manage assets in ‘farms’ – asset baskets – and earn rewards. Also facilitates lending, borrowing and mining.

Smart Asset Management. Reef Intelligence Engine analyzes the investor’s basket, makes recommendations and helps to rebalance.

Key features of Reef Finance (REEF)

  1. Token volume: 20,000,000,000 REEF
  2. Market capitalization: $ 227,000,000
  3. Trading: $ 40,000,000 / day
  4. Capitalization Rank: #187 according to Coinmarketcap
  5. Community: The largest community has been formed on Twitter – 184,000 followers. About 30,000 follow
  6. Reef on Reddit.

How to mine Reef Finance (REEF)

The main method of mining is stacking. Stack payments are secured from three sources: a smart asset basket; a share of commissions paid by users; and a percentage of token rent from large participants who want to make their vote more weighty on votes – Reef Finance operates on the principle of “Whoever has more tokens is right”. The second, less common way, has already been mentioned – the user can join a group of Network Collators who ensure chain conservation and blockchain generation.

Where to buy Reef Finance (REEF)

Reef exchange is supported by some major exchanges and market makers: Coinbase; Binance; Gate.io; Uniswap; others.

Where to store Reef Finance (REEF)

  • hardware wallets produced by Ledger, Trezor;
  • exchange wallets;
  • polkadot.js software environment;
  • MetaMask – the token supports ETH addresses.

Reef Finance Perspectives (REEF)

Reef Finance is bringing interesting ideas to the decentralised finance segment, and the team is gradually realising what it has in mind. Attractive plans for the remainder of 2021 include launching its own debit card, supporting NFT in the basket, collaborating with Moonbeam and other ecosystems, and implementing a DAO structure.

A DAO, or decentralised autonomous organisation, is a smart escrow agent that operates in a decentralised cloud environment, inaccessible to censors. It is used when distributing payments – for example, to employees of a public organisation. The payment in such a case is made as soon as the right number of digital signatures – votes – are received from the community in which the organisation operates, by which the residents confirm that the professionals hired have fulfilled the tasks assigned to them.

Why be cautious? The team has minted an extra $500,000,000 REEF without giving a clear explanation of how it came about or what tasks it will be used for. An $80,000,000,000 deal between Manschi’s team and its main investor, Alameda Research, which also finances the more promising Solana and owns the FTX exchange, has fallen through. Alameda’s legal department is threatening Denko with legal action, but no one is assessing the chances of success – instead of signing certified documents, the parties simply exchanged messages on Telegram.

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