Reef announced in a statement on Thursday that it will be launching to the mainnet as a prelude to introducing its blockchain to step up the DeFi market. In a blog post posted on April 22, the decentralized finance protocol revealed its plans to launch its blockchain, exclusively designed to promote the next generation of DeFi applications.
According to the platform’s officials, it is expected to launch Reef Chain in May, offering compatibility with Ethereum Virtual Machines and increased scalability. The creators said,
Built with cutting-edge technology and state-of-the-art features, our Reef Chain Mainnet will host and empower DeFi DApps of tomorrow and offer seamless migration for DApps of today.
While the first test net, Maldives, currently under trial, the creators are confident for a full launch sometime in May this year. The new Reef Chain would enable the developers to port their applications to Ethereum and that too, without any code alteration. Besides that, it will allow the dApps to aggregate liquidity from multiple sources into the operating system of its ecosystem.
Apart from supporting EVM and Solidity, the new blockchain would encourage the users to migrate from Ethereum to the new system. Allowing the user to aggregate liquidity and yields from numerous exchanges, the DeFi suite aims to make the process easy for its users.
Moreover, it plans to include an artificial intelligence-driven yield engine, working across various networks, including Polygon, Binance’s Smart Chain, and Ethereum. After launching in 2019, the protocol went live next year on Polkadot, with Binance’s launch pool backing it in the same year. Currently, the Reef token follows the pattern of all other crypto assets and is trading in red after hitting its highest in March.
So far, the token has gained as much as 140 percent since the beginning of this year. Out of the maximum supply of 16 billion, as many as 12.6 billion tokens are in circulation, with a whopping $400 million market cap.