Reef Finance, a pioneering cross-chain "operating system for DeFi" releases its own blockchain platform. According to a press release shared with U.Today, Reef Chain will go live in mainnet as soon as in early May.
Reef Chain launches in May on Polkadot's Substrate
Reef Chain, a native blockchain by Reef Finance, will be released as a "standalone" platform on Substrate, an interoperability framework by Polkadot.
Thus, Reef Chain will act as a scalable and high-performance platform for decentralized financial protocols. The design of Polkadot's parachains will ease the migration of protocols to it.
The new platform will be fully compatible with Ethereum Virtual Machine (EVM). That said, both Solidity or Vyper smart contracts would be easily deployed to its mechanisms.
Seamless integration with Ethereum (ETH), Polkadot (DOT) and Binance Smart Chain (BSC) will provide a technical framework for massive liquidity injections.
New platform will advance DeFi experience: here's why
Denko Mancheski, CEO at Reef Finance, stresses that Reef Chain addresses the most irritating "pains" of the modern DeFi scene:
Demand for DeFi is insatiable. 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.
Also, the Reef Finance team highlights the role of the community in Reef Chain's success. DeFi engineers will be welcomed by Reef's audience of users, as well as its network of partners, VC supporters, exchanges and so on.
At press time, Reef Chain is up and running in Maldives testnet. DeFi enthusiasts can experiment with migration scripts and tools in a sandbox environment.