What Is Reef (REEF)?

Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings.

Work began on the project in the second half of 2020. Those behind Reef argue that the process of trading, lending and staking crypto is currently fragmented — creating “a painful experience for all of its participants.”

Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.

Who Are the Founders of Reef?

Reef was founded by Denko Mancheski. His motivation was to remove technical barriers to entry for retail investors who want to get involved with DeFi — and offer a straightforward decision-making process that takes a user’s appetite for risk into account.

Mancheski wanted to help crypto newcomers overcome the complexities associated with using order books, and enable them to learn how different protocols work with ease.

Born in Macedonia, Mancheski said that his passion for fintech led to him being introduced to blockchain technology. He has described forming a competent team as the biggest challenge associated with bringing Reef to life.

When asked about the personal attributes that will help him become a successful entrepreneur, he added: “I have a very addictive personality — I just can’t stop doing something until I get to the imaginary goal that I set for myself.”

Mancheski previously worked as a chief technology officer for Adel, a global crypto community that serves as a “technology incubator for blockchain innovation.” He was also appointed as CTO for Viewly, a social video platform without advertisements.

What Makes Reef Unique?

Reef is geared towards newcomers, as well as current DeFi users who find it difficult to keep up with the best investment strategies. The company also wants to tackle the high gas fees that are seen on the Ethereum blockchain, which some claim renders DeFi protocols “unusable.”

When it comes to Reef’s unique attributes, one is linked to how any DeFi protocol can integrate into its operating system. Users can enter and exit into their chosen positions in a single click — and removes some of the hassle associated with managing liquidity pool tokens.

Because of how it has been built on Polkadot, Reef is able to support DeFi protocols on Avalanche, Moonbeam and Plasma, as well as on Ethereum and the Binance Smart Chain. As a result, Reef users have access to a broader number of platforms without requiring multiple accounts and a myriad of usernames and passwords that can be difficult to keep track of.

Related Pages:

Find out more about Polkadot.

Check out our deep dive into decentralized finance.

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How Many Reef (REEF) Coins Are There in Circulation?

At present, REEF has a circulating supply of above three billion tokens. When it comes to the total token supply, approximately 3% has been allocated to Binance Launchpool, while 21% has been distributed to investors through token sales. The Reef team holds 16% of the supply and a specially created foundation has 17.5%, with about 12.5% earmarked for developing the ecosystem. The remaining 30% is devoted to protocol emissions and liquidity rewards, and tokens are going to be gradually released between now and the end of 2025.

How Is the Reef Network Secured?

According to Reef, the network is secured under the shared security model operated by Polkadot. Not only does this make the network resilient, but it also means that upgrades can be performed without forks.

A decentralized autonomous organization has also been established that is governed by those who hold REEF tokens.

Where Can You Buy Reef (REEF)?

REEF is available on Binance in two trading pairs — linking this token with Bitcoin and the USDT stablecoin. It has also been listed on Bilaxy. REEF can also be acquired through the decentralized Uniswap exchange using Wrapped Ether and USDT. Read more about how to convert fiat currencies to crypto here.

Reef REEF

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