What Is Reef (REEF)?
Reef stands for reliable, extensible, efficient, and fast. Reef Chain is an EVM-compatible blockchain for DeFi, NFTs, and gaming. The Ethereum Virtual Machine is a software framework that allows developers to create Ethereum-based decentralized applications (DApps). Reef is scalable and fast, has low transaction costs, and does no wasteful mining.
The platform is built with the Substrate framework and on-chain governance. The Substrate framework enables developers to easily and quickly build future-proof blockchain optimized for any use case. Reef chain integrates the optimum aspects from most commonly used blockchains and maintains full smart contract compatibility. According to the whitepaper, Reef aims to make DeFi easy and accessible to more people.
The ecosystem of Reef consists of:
Reef App: Reef App is Reef's wallet, DEX, and token creator.
Reef Extension: Reef Extension is a browser extension that permits users to safely interact with the Reef chain ecosystem without exposing private keys. Reef Extension can create Reef chain accounts and safely sign transactions in Reef and community apps. Also, it serves as a bridge between ledger hardware wallets and the Reef ecosystem. A ledger device is a hardware wallet that is a secure way for users to store digital assets.
Reefscan: Reefscan is the primary block explorer for Reef, allowing one to interact with smart contracts deployed on the Reef chain. Reefscan contains valuable resources that developers use for leveraging their DApps.
DeFi: Reefswap is the Uniswap version 2 based DEX for Reef chain tokens.
NFTs: The first Reef chain native NFT marketplace is known as Sqwid.
Nominators and validators are an essential part of the Reef ecosystem. Users who have an interest in Reef chain governance can become nominators. The primary responsibility of nominators is to vote and elect competent validators. The core responsibility of the validator is to produce a block. However, becoming a validator is a highly competitive game. Validators also seek to provide additional services to the community. There are various features attached to the Reef chain, including Solidity support, scalability, upgradability, and fee burn. The feature of Solidity support helps users to port their existing DeFi applications from Ethereum to Reef without changing the Solidity code. Next, Reef has high transaction throughput and is more efficient with blockchain storage, making Reef scalable. New features, security updates, and performance optimizations are applied without hindrance to the Reef ecosystem.
All activities on the Reef chain, such as trading NFTs, trading tokens, and transacting on-chain, have associated fees. REEF, the native token of the Reef chain, undergoes a burning mechanism. Coin burning is a process of removing tokens from circulation, reducing the number of coins in use.
REEF token is utilized as transaction fees and for on-chain governance. REEF is a utility token of the Reef network and offers inflationary and deflationary mechanisms with a flexible REEF supply. The REEF tokens have been initially deployed on Binance Smart Chain and Ethereum. The total supply of REEF tokens is 18,454,547,076 REEF.
How Are New Reef (REEF) Created & Staked?
Reef chain offers unique features like Reef Nominated Proof of Stake (NPoS), through which validators and nominators of the Reef ecosystem are rewarded. Nominators elect validators via NPoS. Users can stake REEF tokens and earn rewards for participating in Reef governance. The REEF tokens used for fees are continuously burned to offset validator rewards. Users may have an account with REEF and wish to earn a new REEF, and they can do so as a validator that requires a node running 24/7. If users do not have such a node, they can still earn REEF by nominating one or more validators. While users’ REEF tokens are staked by nominating a validator, they are bounded. Users can receive new REEF in their account but cannot stake it as a validator or transfer REEF away from their account.
