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Reef Finance to Launch Its Reef Chain Mainnet by May 2021

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Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Finance team is set to launch its Reef Chain Mainnet by May following the completion of the final checks on the current Maldives testnet. As contained in a press release shared with Coinspeaker, the exact date of the mainnet launch is dependent on the outcome of the ongoing tests being conducted at this time. Despite the intense checks, the Reef Finance team is optimistic they will be completed before the launch.

The Decentralized Finance (DeFi) ecosystem of today has been gaining massive traction which puts a strain on existing blockchain infrastructures supporting smart contracts. The Ethereum blockchain now has so much congestion that leads to an increase in transaction or gas fees. A relatively newer blockchain network, the Binance Smart Chain which entered the space with a promising solution is now crumbling due to its inability to scale properly.

Reef Finance is a Substrate-based blockchain network that makes DeFi easy. It was designed to address the woes of the existing chains supporting decentralized finance infrastructures. As contained in the press release, the launch of Reef Chain is aimed at enabling DeFi developers to make use of a highly scalable and fully EVM-compatible blockchain that is integrated into the Polkadot ecosystem. Reef Chain is set to be initially floated as a standalone blockchain based on the Substrate framework, a feature that will make it easy to plug into the Polkadot parachain ecosystem.

“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.”

As a way to see to a successful network ecosystem, Reef Finance says it has the right model to support developers who wish to build on the Reef Chain. Through the robust community of users, investors, and media partners amongst others, DeFi product creators can find true success with Reef Finance.

“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.”

Reef Chain Mainnet Launch and the Interoperability Advantage

Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Chain will be governed using the REEF tokens which can be used for staking and community governance. Through the advanced interoperability features of the chain, a liquidity bridge will be launched to wrap existing DeFi assets and transfer liquidity from Ethereum to the Reef chain.

The advantage the Reef Chain aims to introduce will cut across all DeFi stakeholders ranging from users to developers as a whole.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

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The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

Much of the excitement behind Dogecoin’s rally has been attributed to the upcoming appearance of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the popular Saturday Night Live comedy sketch show. Ether, on the other hand, continues to rally toward $4,000 as institutional interest in the altcoin soars and the approaching London hard fork have investors feeling extra bullish.

Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $3,958. 

ETH/USDT 4-hour chart. Source: TradingView

While some have been surprised by the bullish movement from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who recently detailed how Ether “could easily sustain until $5,000.”

Bitcoin (BTC) has used its time out of the spotlight to quietly climb higher with bulls now attempting to hold the price above $59,000.

Canine-themed ‘meme coins’ lead the pack

Dogecoin has emerged as one of the biggest mainstream attention grabbers in cryptocurrency history as scores of new users got their first taste of crypto trading from the popular meme token.

The week-long build-up in momentum for DOGE led to a 25% surge in the early trading hours on Saturday that lifted its value to a new all-time high at $0.74 before profit-taking dropped the price back below $0.68.

DOGE/USDT 4-hour chart. Source: TradingView

Thanks to the global attention that Dogecoin has attracted, a number of canine-themed projects have arisen, including Shiba In (SHIB), which burst onto the scene following a two-day rally that saw its value launch 1,100% higher to establish a new record high at $0.0000178.

The overall cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.