Reef Finance, a cross-chain liquidity aggregator, has set May 28 as the launch date for the “Canary” version of the mainnet of its proprietary blockchain network, Reef Chain.
Reef Finance is the first cross-chain DeFi operating system that aggregates liquidity from centralized and decentralized sources onto a single platform. By offering a host of DeFi investment opportunities in a single place, Reef saves investors the hassle of interacting with multiple trustless protocols and interfaces, significantly reducing the barrier of entry into decentralized finance, especially for first-time investors.
Reef Finance has previously introduced a range of DeFi yield products, including Reef Bonds and Reef Baskets, to simplify the effort required for investment and portfolio management. Reef’s focus has been on distinguishing the solution through the products and services Reef offers investors.
With the launch of Reef Chain, Reef Finance will provide developers with a state-of-the-art blockchain network customized for DeFi applications to empower builders to realize the full potential of their decentralized applications on Substrate, the framework of Polkadot Network.
Reef Chain is built with Substrate Framework making it natively compatible with Polkadot Network, the most robust platform for security, scalability and innovation. By building with Substrate, Reef Chain inherits many of its attributes, including a high resilience to attacks, seamless interoperability with other Substrate projects, and the ability to support protocol upgrades without any blockchain forks.
The team at Reef Finance created Reef Chain with a vision to power the next generation of DeFi DApps ready to give their users access to the ability to start building now — the most critical time for EVM-powered technologies — on a more robust transactional scalability solution. Reef Chain is completely Ethereum Virtual Machine-compatible, which will allow developers to port their existing applications from legacy Ethereum without any change in the underlying code.
The “Canary” version of the Reef Chain mainnet will be in operation for 30 days. Reef Finance will be able to reset it to a previous blockchain state if the need arises due to any unforeseen technical issues. The Reef Finance team will slowly move in liquidity into the mainnet over two weeks after the launch. By the time this evaluation phase is complete, the Canary version will have transitioned into a non-resettable blockchain network, the Reef Chain.
The deployment of the mainnet comes on the back of a successful evaluation phase of the Maldives Testnet, where the developer teams evaluated the environment and reported potential bugs.
About Reef Finance
Reef Finance is the first cross-chain DeFi operating system that offers users the ability to trade with access to liquidity from CEXs and DEXs. It also offers DeFi services, such as smart lending, borrowing, staking and mining through its AI-driven personalized Reef Yield Engine. Reef Finance is now developing Reef Chain, an EVM-compatible DeFi-focused blockchain built using Substrate framework to power the DeFi DApps of tomorrow. Reef Chain promises massive scalability, superior security, fast finality and extremely low-cost transactions.