Reef Finance announces new Substrate blockchain to launch in early May

By News Desk

As Ethereum’s gas fees skyrocket and the Binance Smart Chain sees performance issues, Reef Finance is stepping into the fray with its new ‘Reef Chain.’

This new Substrate-based blockchain will be launching in early May, but the exact date depends on the outcome of mainnet testing which is currently taking place.

This move comes as a natural progression for Reef Finance, which offers a standard protocol for all users across all dApps. It also features an algorithm that can learn from a user’s activities and transactions and grow its knowledge, thus helping the user to optimize their holdings and investments.

Interoperability As Standard

Reef Finance’s objective is to open up the world of decentralized finance so that it is easier for everyone to come to the table. The Reef Chain will enable developers to scale up their projects and make them fully compatible with the Ethereum Virtual Machine, while Reef projects will be integrated into the Polkadot ecosystem.

This integration with EVM means that projects can be written in Solidity or Vyper and simply moved across to the chain.

The EVM is the network of thousands of nodes (individual computers) that make one single entity, in order to keep the smooth and seamless operation of the EVM. This is where all Ethereum smart contacts reside.

Reef Chain will effectively plug into the Polkadot parachain and be interoperable with Ethereum and other blockchains, to overcome many obstacles for DeFi developers.

The Reef Chain claims to be the ultimate environment for DeFi protocols, due to its scalability and deep liquidity integrations, and the opportunity for developers to pick the brains of the extended Reef community, which is composed of users, investors and exchanges, in order to help them breathe life into their projects.

Those who want to start testing their scripts and tools on the Maldives testnet can find information on how to do so here.

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