Make DeFi summer 2021 happen! Reef Chain ($REEF) will revolutionize DeFi

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Description

We bring back Denko Mancheski, CEO and Founder of Reef Finance ($REEF). Since our last interview, Reef Finance has vastly expanded its ecosystem with two brand new components, Reef Chain and ReefStar...

AI Analysis

Reef Finance is evolving beyond just aggregating DeFi protocols; it's building its own blockchain called Reef Chain, an EVM-compatible chain built on Polkadot Substrate, to tackle the scalability and cost issues plaguing current DeFi infrastructure. The goal is to make DeFi more accessible and efficient for everyone, from developers to end-users, by offering a platform where complex applications can thrive with lower fees and seamless cross-chain interaction.

Here's a deeper dive into Reef Chain and Reef Finance's vision:

* DeFi has seen incredible, rapid evolution, moving past early "food coin" experiments to serious financial services, with over $65 billion locked. This growth shows strong product-market fit, but existing infrastructure like Ethereum struggles with high gas fees and complexity, hindering further evolution. Denko believes current layers aren't equipped to handle this rapid growth.
* Reef Finance's original goal was to decrease technical barriers for DeFi newcomers by aggregating protocols and abstracting away complexity, allowing people to invest with just a few clicks. Now, a major evolution is the introduction of Reef Chain, an infrastructural layer designed to power the next generation of DeFi applications.
* Reef Chain is a big project focused on achieving decentralization quickly. Unlike other chains, it's not about directly competing with Ethereum or Binance Smart Chain (BSC), but rather connecting ecosystems. The aim is to incentivize projects to deploy more complex code bases while still leveraging Solidity and Ethereum's existing developer ecosystem.
* The current DeFi landscape has various chains like Ethereum (seen as a slow settlement layer), BSC (insane growth due to smart contract market being underserved by Ethereum's high fees), Solana, and Avalanche. Reef Chain positions itself in between, offering attributes like decentralization and upgradeability that BSC might lack, while providing affordability that Ethereum struggles with.
* Reef Chain supports Ethereum's Solidity smart contracts without requiring developers to learn a new language. This means existing DeFi apps can be ported with just a few clicks and no modifications to their Solidity code, making it easy for projects to expand onto Reef.
* A key feature is "EVM extensions," which allow for native bridges and more complex processing at a lower blockchain level. This enables seamless communication and liquidity bridging with other ecosystems like Polkadot (via XCMP) and Ethereum, abstracting away the multi-chain complexity from the user.
* The end-user experience is a top priority, focusing heavily on UI/UX. While complex processes happen in the background, users will find it very simple, similar to their current DeFi interactions. Reef Chain will support MetaMask and Polkadot JS extensions, and users can expect significantly lower fees and access to more complex, composable DeFi activities (like intertwined loans and borrowings).
* To attract developers and projects, Reef has a strong incentive program. The first projects building on Reef will have the opportunity to become validators. This means that within a year, the Reef team won't be the majority validator, ensuring rapid decentralization and giving projects a chance to "own the network" if they bring their user base and perform well.
* Ease of deployment is another major draw: projects can simply deploy their existing Solidity smart contracts onto Reef Chain without changes, essentially opening another "shop" to test new features and find product-market fit with a large user base that Reef helps onboard.
* Reef is also launching a substantial developer support program, including grants for tooling and projects looking to do Initial DEX Offerings (IDOs) on Reef. This comprehensive non-technical support (marketing, business development, funding) is expected to ignite significant growth.
* The mainnet launch for Reef Chain is planned for May, with all modules expected to be live in production by late May or early June. This "guarded launch" process ensures modules are thoroughly tested before becoming final.
* To learn more, interested individuals can visit the new Reef landing page, join their community channels (Telegram, Twitter) where 24/7 support is available in multiple languages, and check their Medium for detailed resources.

Transcript

Hey guys, and welcome to Box My Name. So if you guys are interested in decentralized finance, I think we have one of the best and most knowledgeable people in this space, and that's Denko Machensky. He's making the chain ReefChain. We've talked to him all the way back in late December, and the whole cryptocurrency landscape has changed. And in fact, not only has decentralized finance grown, but Reef Finance has also grown drastically. So we're not only just talking about Reef Finance, but we're...