Gas fees have been a prevalent issue for cryptocurrency users for a long time now. Ethereum’s gas fees have spiked recently, even going as high as $30. Moreover, the Binance Smart Chain (BSC) has been experiencing some performance and functionality issues lately as well.
This has resulted in Reef Finance deciding to enter its own name into the digital hat with the announcement of the new ‘Reef Chain.’ Reef Chain is a Substrate-based blockchain that shall be launched at the beginning of May next month, although the exact launch date is largely dependent on mainnet testing’s outcome (the testing is still taking place as of the time of this writing).
Reef Finance wants to make DeFi easier to use and more accessible
There is undoubtedly a need and desire for a reduction in gas and transaction fees across the entire crypto industry. Reef Finance is only too happy to capitalize on this need, too, as it already provides every one of its customers across all decentralized applications (dApps) with a standard protocol. Additionally, it also has an algorithm that actively takes into consideration both the various transactions and activities of any given user and then uses that information to provide a more optimized experience and increased accessibility when it comes to investments as well as holdings.
Also read:Simply put, Reef Finance aims to make the world of DeFi (decentralized finance) much more accessible so that nearly anyone can join it with relative ease. To this end, the Reef Chain will allow developers to be able to make their respective projects scalable and completely compatible with that of the Ethereum Virtual Machine (EVM). Reef projects, on the other hand, shall be merged with the Polkadot (DOT) ecosystem. This integration also means that the projects will now be able to work on Vyper or Solidity and can be easily shifted to the chain.
Ultimate environment for DeFi
As the EVM is home to seemingly thousands of various individual computers (nodes) which come together to form a singular entity and keep all of the Ethereum smart contracts, it would make sense that Reef Chain would be beneficial to users due to the interoperability with the Ethereum Virtual Machine.
Furthermore, as the Reef Chain shall be plugging into Polkadot’s parachain (and hence be linked to Ethereum as well), numerous DeFi related obstacles will no longer be an issue for developers.
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