Reef Finance (REEF) Launches $20 Million Grant to Bring DeFis, NFTs to Reef Chain

The Reef Finance team is tasked with building the DeFi-oriented blockchain Reef Chain on the Substrate framework. Recently, its Canary mainnet began operations and now Reef Finance introduces a large-scale grant program for developers.

$20 million to power Reef Chain ecosystem

According to an exclusive press release shared with U.Today by Reef Finance, applications for its $20 million grant program are open.

1/ We are thrilled to announce the launch of the Reef Chain Mainnet Canary version ?

We've been working hard on this. The team is delighted to share the release of Reef Chain Mainnet Canary and continue towards our goal of making DeFi easy.

Read more: https://t.co/FhtitX2iUU pic.twitter.com/AjJc4ughz9

— Reef Finance - The Gateway to DeFi (@ReefDeFi) May 28, 2021

Reef Finance is going to fuel the development process with impressive funding and equip the most promising blockchain projects with top-notch infrastructure.

The team stresses that any project addressing important use cases for the blockchain industry can apply for funding. Meanwhile, the top focus is on decentralized financial applications (DeFis). For instance, the list of the most preferred use cases starts with lending/borrowing protocols.

Runtime module developers are also welcome as they advance the development experience for blockchain developers, dApps and DeFi builders.

Ethereum dApps can migrate to Reef Chain

Besides that, Reef Finance is interested in NFT-oriented products, wallets and interfaces, as well as in instruments for blockchain development.

Reef Finance harnesses the technical capabilities of Substrate, allowing its users to enjoy low-to-no transactional costs, high speeds and scalability.

As it supports both Solidity and EVM, every Ethereum-based decentralized application that becomes unusable due to the perennial congestion of the network can be seamlessly moved to Reef Chain.