Reef Chain (REEF)
EVM-First Layer 1 Blockchain designed to make Web3 more accessible.- Reef offers scalability and affordable transactions to the NFT, Metaverse, GameFi, and DeFi community.
- Reef’s vision is to scale Web3, making blockchain accessible to millions of developers.
- Reef Chain uses NPoS consensus, an variant of the proof of stake (PoS) consensus, which is a system whereby validators are chosen based on the size of their stake.
- Reef Chain is EVM compatible and supports Solidity.
- REEF is the native token of Reef Blockchain that is used for the following functions:
- Governance: REEF Token can be used to Vote on different proposals.
- Staking: Nominators can nominate their REEF to Validators and earn Staking Rewards.
- Transaction Fees: REEF is used to pay for transactions on the blockchain.
Key metrics (as at September 29th 2022)
| Ticker | REEF |
|---|---|
| Token Type | REEF-20 |
| Binance Launchpool Start Date | December 23rd 2020 |
| Binance Launchpool Allocation | 600,000,000 REEF (~3.00%) |
| Initial Circ. Supply | 3,965,900,953 REEF (~19.83%) |
| Total Token Supply | 20,154,677,031 REEF |
1. What is Reef Chain (REEF)?
Reef Chain is an EVM-first Layer 1 blockchain that aims to make web 3.0 accessible to the next billion users. Reef Chain is the homeground for NFTs, Gaming & Metaverse dApps.
Reef Chain has been developed using Substrate Framework. Reef Chain has combined features from the most commonly used blockchains along with the latest advances in cryptography to offer better user experience.
Using NPoS consensus, Reef Chain provides high scalability, enabling fast transactions at low transaction costs, regardless of the amount of traffic.
Reef Chain is EVM-compatible and supports Solidity. DApp developers can seamlessly migrate their existing dApps from Ethereum to Reef Chain without any change in the base code, allowing them to enjoy the higher transaction throughput and storage efficiency that Reef Chain provides.
REEF is the native token of the Reef Blockchain that is used for Governance, paying transaction fees on the network, and staking.
Reef Chain development tools include:
- Remix and EVM integrated development environments for uploading and deploying smart contracts.
- Reefscan blockchain explorer to assist with deploying validators, bonding and nominating validators, debugging contracts, and understanding network performance.
- Reef command line tools that allow developers deploy applications from local environments.
- Reef wallet for accessing and interacting with the blockchain.
2. Token sales and economics
2.1 Token Distribution
| Token Name | REEF |
|---|---|
| Seed Sale Allocation | 1,428,571,429 REEF |
| Seed Sale Token Price | 0.00070 USD / REEF |
| Seed Sale Amount Raised | 1,000,000 USD |
| Strategic Sale Allocation | 1,666,666,667 REEF |
| Strategic Sale Token Price | 0.00090 USD / REEF |
| Strategic Sale Amount Raised | 1,500,000 USD |
| Private Sale Allocation | 1,120,000,000 REEF |
| Private Sale Token Price | 0.00125 USD / REEF |
| Private Sale Amount Raised | 1,400,000 USD |
2.2 Token allocation
| Token Name | REEF |
|---|---|
| Binance Launchpool | 3.00% of the total token supply |
| Seed Sale | 7.14% of the total token supply |
| Strategic Sale | 8.33% of the total token supply |
| Private Sale | 5.60% of the total token supply |
| Team | 16.00% of the total token supply |
| Ecosystem Development | 12.40% of the total token supply |
| Protocol Emissions & Liquidity Rewards | 29.96% of the total token supply |
| Foundation | 17.57% of the total token supply |
2.3 Token allocation
3. Community Overview
Reef Chain has a global community with over 300K combined followers on Twitter, Telegram, Discord & Reddit. Reef Chain has vibrant communities in Turkish as well as in India Region.
3.1 Current community growth strategies of Reef Chain
Communities are a critical part of Reef, and Reef team aims to bring together a passionate community of users, developers, builders and organizations from different walks of life and grow the Web3 pie together.
The community is empowered by value accrual to the REEF via a vibrant ecosystem of Dapps, Users, Large Organizations and Innovators.
The primary community will be divided into three categories:
Users
Reef will enable the power of Web3 and Blockchain to reach a larger number of users to join the NFT, Metaverse, Play-To-Earn and Decentralized Finance revolution.
Reef will promote this accessibility through a range of efforts including:
- Low-Cost On-Chain Transactions
- Seamless Fiat On-Ramps and Off-Ramps
- Focus on User Education
- Wider Access on Top Exchanges and Platforms around the world
- New and Innovative ways to take part and share ownership in NFTs, DeFi and Metaverses through the REEF token.
Builders and Developers
These include Founders, Developers, Artists, Creators, Organizations and anyone who is using the power of Web3 to build innovative solutions to problems in the world.
Reef will support the Developer and Builder community in multiple ways: through funding, community building and growth, marketing and cutting-edge technology.
Some of the ways in which Reef will help Developers and Builders include:
- Developer Grants to launch their new Web3 Product
- New technology to Build and Launch a User-Friendly Dapp
- Funding and Investor Connections
- Marketing and Growth Support
- NFT Marketplace and Buyer Support
- Gamer Communities and larger Gaming Partnerships
- Web3 Consulting for traditional Web2 Companies
Investors
These include large venture capital funds, angel investors and individuals who want to invest in the future of web3 and crypto.
Reef will support the Investor community in multiple ways: by allowing and creating access for investors to invest in NFT, Metaverse, GameFi and DeFi protocols, building on a leading EVM-First chains in the world.
3.2 Community and social channels
- Telegram (English) | 28k Members
- Telegram (Vietnamese) | 1K Members
- Telegram (Announcement) | 12K Members
- Twitter (English) | 231k Followers
- Medium (English) | 6k Followers
- Instagram | 10.8k Followers
- Reddit | 14.7k Members
4. Recent News
- Binance Completes Reef Chain Mainnet Integration for Deposits & withdrawals
- REEF gets listed on Binance US
- Reef Debit Card is now available in UK and EEA