Reef is a robust, extensible, efficient, and fast Layer-1 blockchain platform designed for decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming. Constructed with the Substrate Framework, Reef ensures high scalability, facilitating nearly instant and cost-effective transactions. It is compatible with Solidity and the Ethereum Virtual Machine (EVM), enabling developers to transition their decentralized applications (DApps) from Ethereum without altering the codebase. Reef Chain stands out as the most advanced EVM-compatible blockchain. It features self-upgradable capabilities and incorporates on-chain governance. Its infrastructure supports EVM extensions, which enable functionalities such as a native token bridge, scheduled calls (e.g., recurring payments), and smart contract code upgrades in situ. In the forthcoming developments, Reef Chain will accommodate additional virtual machines, allowing developers to code in various programming languages. The network operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which promotes scalability and reduced fees. REEF serves as the native token with the following utilities: * Payment of fees for transaction processing and data storage. * Enabling the operation of validator nodes through token staking. * Selection of validator nodes for network participation. Reef receives backing from numerous leading funds and venture capital firms, including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund, among others. Reef Chain development tools encompass: * Integrated development environments such as Remix and EVM for smart contract deployment and management. * The Reefscan blockchain explorer, which aids in deploying validators, bonding and nominating validators, debugging contracts, and analyzing network performance. * Reef command-line tools that facilitate application deployment from local environments. * The Reef wallet for blockchain access and interaction.

Reef was established by Denko Mancheski with the aim of creating the most advanced blockchain tailored for retail investors interested in DeFi, NFTs, and gaming. Mancheski's goal was to assist cryptocurrency newcomers in overcoming the complexities involved in interacting with a blockchain and understanding emerging concepts such as DeFi and NFTs. Moreover, he aimed to provide access to numerous bridges to other blockchains, allowing funds and liquidity to be easily transferred to Reef Chain. This would enable retail investors to benefit from high scalability and low transaction fees. Mancheski, originally from Macedonia, expressed that his interest in FinTech sparked his introduction to blockchain technology. He identified assembling a skilled team as the most significant challenge in bringing Reef to fruition. When discussing personal traits that might contribute to his success as an entrepreneur, he stated: "I have a very addictive personality—I just can't stop doing something until I achieve the goal that I set for myself."

Gate.io offers the largest number of pairs as of November 2024, providing trading against USDT, ETH, and TRY, while Bitget offers a Tether (USDT) option. Both Gate.io and Bitget support REEF on Reef Chain. REEF can also be acquired through decentralized exchanges such as 1inch and Uniswap; however, these DEXs and REEF tokens are not on Reef Chain. New to cryptocurrency? Read Eulerpool’s [easy guide] (https://eulerpool.com/how-to-buy-bitcoin/) to buying Bitcoin or any other token. Here are some other articles that you may be interested in: * What Are Crypto Debit Cards? * What Is Web 3.0? * What Is Yield Farming? * What Is Crypto Lending?

Reef is designed for both newcomers to cryptocurrency and existing DeFi users who struggle with maintaining funds and wallets across multiple blockchains. The team addresses the high gas fees prevalent on the Ethereum blockchain by building on Substrate, enabling nearly instant transactions and low costs, countering some claims that Ethereum’s fees make DeFi protocols “unusable.” Reef chain's uniqueness lies in its ability to run any DeFi protocol already deployed on Ethereum or an EVM-compatible network with minimal code adjustments. Positioned at the convergence of Ethereum and Polkadot, and featuring bridges to other blockchains, the Reef ecosystem is accessible to anyone with a Web3 wallet interested in accessing dApps on Reef. Built on Substrate, Reef’s infrastructure is extensible and supports multiple virtual machines (VMs), providing compatibility with popular VMs such as the Ethereum Virtual Machine (EVM). It offers on-chain upgrade functionality, allowing new features to be seamlessly integrated through the networking layer, as well as on-chain governance.

Reef implements a Nominated Proof of Stake system to facilitate the selection and bonding of potential validators, ensure secure network operations, and support the stability of the Reef network. This system enables low-cost, near-instantaneous transactions, achieving finality in approximately 10 seconds on average. Individuals lacking the technical proficiency to operate a Validator node have the option to participate as Nominators. Nominators enhance the security of the Reef Relay Chain by selecting competent validators and staking REEF tokens. To function as a Validator, one must possess technical know-how, stake REEF tokens, and maintain continuous node operation 24/7 throughout the year, ensuring high availability. Validators who fail to meet performance or uptime standards are subject to stake slashing, a risk shared with their Nominators. When REEF tokens are staked by nominating a Validator, they become 'locked' or bonded. Nominators are eligible to receive additional REEF in their wallets but cannot stake as a Validator or move REEF out of their wallets. Nominators have the flexibility to stop staking their funds by un-nominating at any time, effective in the subsequent era. However, un-nominating does not automatically unbond funds. There is a 28-day unbonding period on Reef, after which bonded funds can be transferred following an unbond transaction. For more detailed data, please visit Eulerpool.