The Purpose Of Developing The Reef Finance Protocol
Decentralized finance projects (#DeFi) have recently become very popular, but many of them suffer from the problem of lack of interaction. This frustrates users; to enjoy all the capabilities of the #DeFi, they must use different programs. The Reef Finance protocol has been developed to solve this problem. Reef Finance is an excellent user interface that lets you interact with all of your favorite defaults in one place.
The core infrastructure of the @Reef Protocol is a chain of smart contracts that integrates this ecosystem. These smart contracts are the system’s core component and enable the link between the analytics engine and the liquidity aggregator.
Reef Finance Partnership With Binance Exchange
The REEF token has several uses in the Reef platform, including community management participation and user rewards. Of course, this token can also be used as an exchange tool and is available for trading on many exchanges. Reef Finance also has valuable partnerships with various platforms; one of the newest and most controversial is integration with the Binance Access platform.
This allows #REEF users to purchase digital currencies using Fiat currencies and trade them in a non-custodial manner. The REEF team has also announced that the platform will soon be able to support Binance Smart Chain.
As one of the largest cryptocurrency exchanges in the world, Binance is an essential partner for Reef Finance. The REEF team has chosen to partner with the exchange to take advantage of many benefits, such as ease of use of Fiat currencies, an integrated user experience, low fees, and access to liquidity provided by Binance.
Reef v8 Activated On Mainnet
The Reef Finance project seeks to integrate different DeFi programs by creating a single platform, making it easier to access the DeFi ecosystem. Reef Finance is a liquidity aggregator and multi-chain return engine that enables the integration of DeFi protocols. This protocol is based on the Polkadot network.
Reef v8 is the most critical blockchain upgrade, dating back to the Reef Mainnet’s first launch on May 28, 2021. Reef v8 has the following enhancements:
- Upgraded to Polkadot Substrate 4 from Substrate 3
- Upgraded Ethereum virtual machine (EVM) to post-London fork
- Added support for live chain forking in development mode
- Added support for blockchain database snapshots /w Postgres mirroring
This way, users can manage their trading positions on multiple DeFi platforms through a single user interface. Also, there is no need to manually address the outputs of different platforms (for example, tokens of liquidity suppliers) in this platform.
Finally, the Reef Finance protocol supports Atrium and several other blockchain networks, thus increasing users’ access to the DeFi domain.