ReefPrice

(REEF)

Reef is a Layer 1 blockchain built on Substrate technology, designed to be reliable, extensible, efficient, and fast. Originally a DeFi aggregator, it has evolved into a standalone blockchain known as Reef Chain. It uses a Nominated Proof of Stake (NPoS) consensus mechanism and is fully compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to easily port their existing Solidity dApps to Reef, supporting a growing ecosystem of DeFi, NFTs, and gaming applications.

The REEF token is the native utility asset of the Reef Chain with four primary functions. It is used to pay for transaction fees and smart contract execution gas. It facilitates network security through staking, where users nominate validators. Additionally, it serves as a governance token, enabling holders to vote on protocol upgrades and technical council members. Lastly, it acts as the primary medium of exchange and base asset for DeFi protocols and NFT marketplaces within the Reef ecosystem.

Staking on Reef involves nominating validators to help secure the network. This can be done through the Reef Console or compatible self-custodial wallets. In exchange for securing the blockchain, nominators receive staking rewards. However, if a user decides to stop staking, their tokens are subject to a 28-day unbonding period. During this time, the tokens are locked and cannot be moved until the period concludes. The project also employs a fee-burning mechanism, though it currently remains inflationary due to staking reward emissions.

Reef has faced transitions in its exchange availability following periodic reviews by various trading platforms. While some platforms have adjusted their listings, LBank remains a key venue for the token. The project has experienced periods of volatility, which the team attributes to market dynamics and the migration of liquidity across different global exchanges. The project continues to focus on its technical development and expansion into new markets to ensure long-term ecosystem growth.

Project Deep Current is a significant technical overhaul scheduled for 2025. It aims to modernize the Reef Chain foundation using the latest SDKs, improving compatibility with popular wallets like MetaMask and removing the need for manual EVM address binding. The 2025 roadmap also includes the integration of native USDC, the launch of a native bridge through VIA Labs, and the development of a native stablecoin platform. Additionally, the team plans to launch Hydrastarter, a dedicated launchpad for new projects.

Users often hold REEF as legacy ERC-20 or BEP-20 tokens. To convert these to the native Reef Chain, the most efficient method is to deposit the legacy tokens into a supporting exchange like LBank and withdraw them as native tokens. For long-term storage, the team recommends using the official Reef Chain Wallet on iOS or Android. For transparent information regarding circulating supply and on-chain activity, users should refer to ReefScan, the official network explorer, rather than third-party aggregators that may have outdated data.