Reef Price

What Is Reef (REEF)?

Reef (REEF) is a Layer 1 blockchain network specializing in hosting decentralized finance (DeFi), NFT and gaming apps. Built on the Substrate framework, with the Nominated Proof of Stake (NPoS) consensus mechanism, Reef’s Ethereum virtual machine (EVM) compatibility and Solidity code provide seamless DApp migrations from Ethereum to Reef. 

The Reef blockchain is built for scalability through governance, whereby the chain can be upgraded through the Technical Council, elected via Proof of Commitment. 

The project was originally launched under the name Reef Finance. It existed until late 2021 as a parachain on Polkadot (DOT), where it largely specialized in DeFi apps. In November 2021, Reef Finance rebranded itself Reef, and branched out as a fully-fledged blockchain of its own.

The REEF coin is the blockchain’s native cryptocurrency. It originally existed in the ERC-20 token standard on Ethereum and in the BEP-20 standard on the BNB Chain. When Reef launched its own blockchain, the new REEF coins were minted, based on the chain’s default REEF-20 standard.

REEF Price 

REEF started trading in late December 2020. During its first few weeks on the market, the coin traded around $0.01 to $0.02. In February 2021, the coin experienced a modest rise to about $0.05. In general, the first half of 2021 was REEF’s best period on the market as the coin hit its all-time high of $0.057 in March 2021, and stayed around the 5-cent level until May 2021.

Afterward, the 2021 crypto market turbulence caused the coin to fluctuate. It concluded 2021 at slightly under $0.02. The early months of 2022 saw a period of slow and steady decline for REEF, and by May 2022, it had dropped firmly below 1 cent, staying at tenths-of-a-cent levels ever since.

What Is REEF Used For?

REEF is used for the payment of transaction fees, staking and governance. All transactions carried out on the Reef chain involve a fee paid in REEF. The REEF obtained from charging these transaction fees are then burned.

REEF may also be used for staking to become a candidate validator, or a nominator to elect a validator. The rewards for the validation, paid out in REEF, are then split between the elected validators and nominators.

REEF Tokenomics

REEF doesn’t have a hard limit on its maximum supply, although a target cap of around 20 billion was specified at launch. Since REEF coins obtained from transaction fees are burned, the coin’s supply figures might fluctuate over time, depending on network activity levels.

The coin’s supply distribution shares are as follows:

• 22% — Liquidity and ecosystem development reserves
• 20% — Community reserve fund
• 16% — Team members
• 12.5% — Reef Foundation
• 9% — Strategic sale investors
• 8% — Seed-round investors
• 6% — Private sale investors
• 3.5% — Lockup/Core nominators
• 3% — Binance Launchpool

Who Is the Founder of Reef? 

Reef was founded by software developer Denko Mancheski (CEO). 

How to Store REEF

Some of the wallets compatible with the REEF coin and its REEF-20 token standard include the chain’s own Reef Wallet (Reef app), Klever, Infinity Wallet and Linen Wallet.

Where to Buy REEF

You can buy REEF from any top crypto exchange, including Bybit. On Bybit, you can trade REEF as a USDT perpetual (REEFUSDT) in the derivatives market.