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In late 2019 the idea for Reef was born, as Denko Mancheski, CEO and co-founder of Reef Finance envisioned a "simpler" De-Fi. The goal was to make De-Fi a lot easier for the masses, the current ways are complicated, and he wanted to bring a product that anyone can use. They finally launched on Polkadot in September of 2020.
A lot of development has been done since, setting up the protocol on Polkadot, integrating it into Ethereum De-Fi, and partnering with several projects. One of the most recent developments was REEFs launch on the Binance Launchpool last December, making their token also available on the Binance Smart Chain (BSC)
Polkadot is a blockchain protocol that allows arbitrary data and tokens to be transferred across different blockchains.
Reef Finance has built on this network, which works as a connector between different blockchains. The network utilizes a heterogeneous multi-chain interchange and translation architecture enabling customized side-chains to connect with public blockchains. Polkadot's interoperability layer allows communication between different blockchains, and the Polkadot security model gives De-Fi more resilience. Polkadot is currently fully compatible with certain De-Fi ecosystems, specifically the Ethereum Network.
Multi-chain capabilities are essential for the future of De-Fi; through Polkadot's ecosystem, this can all be achieved. Another reason why Reef chose Polkadot is that they can use native Ethereum addresses, the support for Web-3, parity, and the ability to run solidity code on para-chains XCMP (plasma and moonbeam). These features allow for seamless integration into De-Fi apps using the Polkdaot chain.
Reef Finance takes its liquidity from everywhere, from both Centralized Exchanges and Decentralized Exchanges. Thanks to the Polkadot "atomic bridge," this is made easy, allowing users to experience low slippage and gas fees. This system also helps protect users against "front running" and other market manipulations.
In the Reef Trading Terminal, users will easily trade assets. Simultaneously, the protocol makes the best possible trade for you, utilizing Polkadot's Atomic Swap functionalities to access any exchange on any network.
Artificial Intelligence (AI) is the magic behind the protocols yield optimization strategies maximizing profits. The AI is called the "Reef Intelligence Engine," an off-chain oracle that is sourcing intelligence on-chain De-Fi through proxy smart contracts.
As a user, you simply put your tokens into so-called "baskets" (pools), and the Reef Yield Engine goes to work for you; yes, the AI can be set to individual user needs, making it easier to achieve your goals.
So when you have set up your goals for the AI (risk/reward tolerance) and dropped your tokens in the various baskets, the AI will dynamically adjust and move assets into more productive baskets when needed, all to bring you closer to your goals.
Life should become more comfortable with the AI taking care of business for you.
The $REEF token exists on both the Ethereum and the BSC networks as ERC-20 and BEP-20 tokens. The current circulating supply is 4.243.258.566 tokens for both chains, 1,824,532,486 on the BSC and 2,418726,080 on the Ethereum Network. The maximum supply will be 20 Billion tokens, all to be released evenly and distributed quarterly over one year. Currently, the circulating supply is only 15% (3,026,721,973) of the total supply, which leaves a lot of room for inflation to occur.
After a private sale held back in September 2020, the project raised 3.9 Million USD, which is impressive. Many big investment agencies have invested already. Although the product is not finished yet, they seem to have immense faith in the Reef Finance project. On top of this, the team has already promised on a plethora of its devolpments, inching forward to its completed product.
Vote on proposals, vote on releasing new features and re-adjustments to the system parameters
Pay fees for operations such as entering/exiting a basket, reallocation, re-balancing and other activities
Stake into various pools to earn interests
Payout ratio of the profit generated by your basket
Reef has partnered with many projects and firms, strengthening its position and get exposure and more potential users. A selection of partnerships so far:
The native network to Reef, able to interact with any other chain, where there is no congestion and has plenty of room to scale
One of the top oracles of this time, Chainlink provides high-quality price feeds that the Reef protocol will use
The world's biggest exchange provides a fiat on ramp inside Reef through the Binance brokerage integration. It also featured the initial Launchpool staking for $REEF
The layer two solution helps negate the Ethereum Network and its massive gas prices, Matic's layer two can also be bridged to Polkadot, making a highly scalable inter-operable bridge.
Kava will also be inter-operable as it is a project on the Cosmos ecosystem and will grant users of Reef the Yield opportunities present within Kava.
Unifi creates and connects multi-chain DeFi marketplaces by enabling cross-chain trading. Reef users can utilize the yield generating opportunities and earn interest.
A cross-chain money market that combines pooled lending with synthetic asset generation and trading. It will furthermore act as a liquidity provider for Reef Finance.
The Reef team continues to apply pressure with visions of mass devolpment and innovation this year. A few of the things planned for the first half-year of 2021 are as follows:
--A new audit before the official launch is planned to ensure high security.
--Reef LP & Farms are coming Q1 2021
--Yield Engine (v1)
--Started work on the Rust implementation of the basket engine.
--Add support for Value vaults in the stablecoin farming basket.
--Improvement on Indexers, work on real-time basket monitoring.
--Prototyping pooling mechanism (reduce fees for invest/disinvest). Planned to launch in v2
--Make a multi-ecosystem support wallet
--Binance Access Integration for interaction with CEX
--Fiat Gateway integration to purchase tokens within the Reef using Credit Card of Fiat
Although most of the functionalities are not finished, I and many others are wildly enthusiastic about all the things Reef Finance will bring to us. I am specifically looking forward to the promised one-click investing using the AI, which should make heads turn. Reef appeals specifically to those who want to join in the De-Fi game who don't know how or are afraid of making mistakes when using multiple sites and wallets. Reef aim to resolve this with their promised easy to use solutions.
All we can do for now is wait for the staking and farming to be released, which should be soon as the contracts have already been audited once and only minor flaws were found. The team has fixed those and will offer the contracts again for another audit. The audits will be done by Halborn Security an award-winning cybersecurity and smart contracts auditing firm that uses thorough test methods, the initial first audits results can be found HERE.
Overall, Reef has an experienced team from different backgrounds revolving around finance, engineering, and cryptography. Their CEO Denko Mancheski is always happy to inform the public about any new developments concerning his project. The promises of even more products like lending and borrowing will be an excellent addition to the staking and liquidity farming that are being finished and deployed soon.
I hope Reef Finance can live up to expectations and deliver us those excellent products soon, as I can't wait to test their AI. In the meantime, you can use the $REEF tokens for farming on other projects like PancakeSwap.
Want to know more? Check out their website and socials...
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Multi-chain smart mining Decentralized Finance (DeFi) platform, CoinWind, has announced the third security audit of its protocol. The audit will be done by Certik - one of blockchain's leading security auditors.
The platform wants to grow its use cases while keeping security a top priority. CoinWind disclosed the news via a tweet on September 23:
"CoinWind is being auditing [sic] by Certik @certik_io"
From information on the platform's website, CoinWind has earlier been audited by Fairyproof and Beosin. However, a clean audit report by a high-reputation security firm like Certik will boost the credibility of CoinWind.
While we wait for the audit report to be ready, Certik's real-time smart contract analysis engine, Skynet, rates CoinWind well above average across various parameters. Though it does not take the place of a full audit report, a good score from Skynet could indicate a protocol's health.
CoinWind seems to be setting its eyes on more use-cases for its platform. Recently, it announced a partnership with an NFT marketplace, Treasureland:
"New Partner: TreasureLand. Welcome to Join CoinWind Eco-system. CoinWind will have future NFTs sale on Treasureland."
In addition to Treasureland, CoinWind has also partnered with other NFT marketplaces such as iNFT, Twinci, and SCV Finance. The signs are all over the place that we might see CoinWind launching its curated NFT offerings in the near future.
CoinWind is a strong midrange platform in terms of total value locked (TVL). The platform's single token mining pools have an impressive TVL of over $700,000,000 across multiple chains.
CoinWind is also building the social face of its brand. A community vote for the platform's mascot design is ongoing. See the details here.
CoinWind is a DeFi platform with a smart mining algorithm that maximizes a user's earnings. The protocol compounds earnings by automatically reinvesting generated income. CoinWind initially launched on Huobi's ECO Chain but has expanded onto Ethereum and Binance Smart Chain. The team also has future expansion to Solana, OKEx chains in its sights.
Here are CoinWind's official links where you can learn more about the platform:
Binance Smart Chain (BSC) has named security as ‘priority ONE.’ The statement from the Binance Smart Chain Twitter account accompanied an in-depth security and risk control whitepaper published earlier this month.
The paper—produced by the BSC Security Alliance of Binance Security, PeckShield, CertiK, and Immunefi—tackles a key issue related to projects being exploited after security audits. As of August 2021, around 90 Ethereum projects have hosted bug bounties via the Immunefi bounty program, compared to just 25 BSC projects.
“Joint bug bounties will introduce effective incentive structures for security talents to protect the BSC community,” the report said. “In addition, they also promote an understanding that proactively protecting BSC contracts through distributed and ongoing code reviews can be a viable career path for security researchers.
The report was at pains to explain that security is a process, not an event, and must continue after audits by using bug bounty programs. This year Certik has provided 300 audits for BSC projects, but this alone is not enough.
Security issues are increasingly being introduced post-audit, and as the popularity of the BSC ecosystem continues to grow, it also becomes a more attractive target for malicious actors.
Don’t forget to download the BSC.News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto!
"The gateway to DeFi through Liquidity and Protocol Aggregation, Proprietary Analytics, and Multi-Chain Accessibility" - Reef Team
In late 2019 the idea for Reef was born, as Denko Mancheski, CEO and co-founder of Reef Finance envisioned a "simpler" De-Fi. The goal was to make De-Fi a lot easier for the masses, the current ways are complicated, and he wanted to bring a product that anyone can use. They finally launched on Polkadot in September of 2020.
A lot of development has been done since, setting up the protocol on Polkadot, integrating it into Ethereum De-Fi, and partnering with several projects. One of the most recent developments was REEFs launch on the Binance Launchpool last December, making their token also available on the Binance Smart Chain (BSC)
Polkadot is a blockchain protocol that allows arbitrary data and tokens to be transferred across different blockchains.
Reef Finance has built on this network, which works as a connector between different blockchains. The network utilizes a heterogeneous multi-chain interchange and translation architecture enabling customized side-chains to connect with public blockchains. Polkadot's interoperability layer allows communication between different blockchains, and the Polkadot security model gives De-Fi more resilience. Polkadot is currently fully compatible with certain De-Fi ecosystems, specifically the Ethereum Network.
Multi-chain capabilities are essential for the future of De-Fi; through Polkadot's ecosystem, this can all be achieved. Another reason why Reef chose Polkadot is that they can use native Ethereum addresses, the support for Web-3, parity, and the ability to run solidity code on para-chains XCMP (plasma and moonbeam). These features allow for seamless integration into De-Fi apps using the Polkdaot chain.
Reef Finance takes its liquidity from everywhere, from both Centralized Exchanges and Decentralized Exchanges. Thanks to the Polkadot "atomic bridge," this is made easy, allowing users to experience low slippage and gas fees. This system also helps protect users against "front running" and other market manipulations.
In the Reef Trading Terminal, users will easily trade assets. Simultaneously, the protocol makes the best possible trade for you, utilizing Polkadot's Atomic Swap functionalities to access any exchange on any network.
Artificial Intelligence (AI) is the magic behind the protocols yield optimization strategies maximizing profits. The AI is called the "Reef Intelligence Engine," an off-chain oracle that is sourcing intelligence on-chain De-Fi through proxy smart contracts.
As a user, you simply put your tokens into so-called "baskets" (pools), and the Reef Yield Engine goes to work for you; yes, the AI can be set to individual user needs, making it easier to achieve your goals.
So when you have set up your goals for the AI (risk/reward tolerance) and dropped your tokens in the various baskets, the AI will dynamically adjust and move assets into more productive baskets when needed, all to bring you closer to your goals.
Life should become more comfortable with the AI taking care of business for you.
The $REEF token exists on both the Ethereum and the BSC networks as ERC-20 and BEP-20 tokens. The current circulating supply is 4.243.258.566 tokens for both chains, 1,824,532,486 on the BSC and 2,418726,080 on the Ethereum Network. The maximum supply will be 20 Billion tokens, all to be released evenly and distributed quarterly over one year. Currently, the circulating supply is only 15% (3,026,721,973) of the total supply, which leaves a lot of room for inflation to occur.
After a private sale held back in September 2020, the project raised 3.9 Million USD, which is impressive. Many big investment agencies have invested already. Although the product is not finished yet, they seem to have immense faith in the Reef Finance project. On top of this, the team has already promised on a plethora of its devolpments, inching forward to its completed product.
Vote on proposals, vote on releasing new features and re-adjustments to the system parameters
Pay fees for operations such as entering/exiting a basket, reallocation, re-balancing and other activities
Stake into various pools to earn interests
Payout ratio of the profit generated by your basket
Reef has partnered with many projects and firms, strengthening its position and get exposure and more potential users. A selection of partnerships so far:
The native network to Reef, able to interact with any other chain, where there is no congestion and has plenty of room to scale
One of the top oracles of this time, Chainlink provides high-quality price feeds that the Reef protocol will use
The world's biggest exchange provides a fiat on ramp inside Reef through the Binance brokerage integration. It also featured the initial Launchpool staking for $REEF
The layer two solution helps negate the Ethereum Network and its massive gas prices, Matic's layer two can also be bridged to Polkadot, making a highly scalable inter-operable bridge.
Kava will also be inter-operable as it is a project on the Cosmos ecosystem and will grant users of Reef the Yield opportunities present within Kava.
Unifi creates and connects multi-chain DeFi marketplaces by enabling cross-chain trading. Reef users can utilize the yield generating opportunities and earn interest.
A cross-chain money market that combines pooled lending with synthetic asset generation and trading. It will furthermore act as a liquidity provider for Reef Finance.
The Reef team continues to apply pressure with visions of mass devolpment and innovation this year. A few of the things planned for the first half-year of 2021 are as follows:
--A new audit before the official launch is planned to ensure high security.
--Reef LP & Farms are coming Q1 2021
--Yield Engine (v1)
--Started work on the Rust implementation of the basket engine.
--Add support for Value vaults in the stablecoin farming basket.
--Improvement on Indexers, work on real-time basket monitoring.
--Prototyping pooling mechanism (reduce fees for invest/disinvest). Planned to launch in v2
--Make a multi-ecosystem support wallet
--Binance Access Integration for interaction with CEX
--Fiat Gateway integration to purchase tokens within the Reef using Credit Card of Fiat
Although most of the functionalities are not finished, I and many others are wildly enthusiastic about all the things Reef Finance will bring to us. I am specifically looking forward to the promised one-click investing using the AI, which should make heads turn. Reef appeals specifically to those who want to join in the De-Fi game who don't know how or are afraid of making mistakes when using multiple sites and wallets. Reef aim to resolve this with their promised easy to use solutions.
All we can do for now is wait for the staking and farming to be released, which should be soon as the contracts have already been audited once and only minor flaws were found. The team has fixed those and will offer the contracts again for another audit. The audits will be done by Halborn Security an award-winning cybersecurity and smart contracts auditing firm that uses thorough test methods, the initial first audits results can be found HERE.
Overall, Reef has an experienced team from different backgrounds revolving around finance, engineering, and cryptography. Their CEO Denko Mancheski is always happy to inform the public about any new developments concerning his project. The promises of even more products like lending and borrowing will be an excellent addition to the staking and liquidity farming that are being finished and deployed soon.
I hope Reef Finance can live up to expectations and deliver us those excellent products soon, as I can't wait to test their AI. In the meantime, you can use the $REEF tokens for farming on other projects like PancakeSwap.
Want to know more? Check out their website and socials...
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