Reef stands for reliable, extensible, efficient, and fast. Reef Chain is an EVM-compatible blockchain for DeFi, NFTs, and gaming. The Ethereum Virtual Machine is a software framework that allows developers to create Ethereum-based decentralized applications (DApps). Reef is scalable and fast, has low transaction costs, and does no wasteful mining.

The platform is built with the Substrate framework and on-chain governance. The Substrate framework enables developers to easily and quickly build future-proof blockchain optimized for any use case. Reef chain integrates the optimum aspects from most commonly used blockchains and maintains full smart contract compatibility. According to the whitepaper, Reef aims to make DeFi easy and accessible to more people.

The ecosystem of Reef consists of:

Nominators and validators are an essential part of the Reef ecosystem. Users who have an interest in Reef chain governance can become nominators. The primary responsibility of nominators is to vote and elect competent validators. The core responsibility of the validator is to produce a block. However, becoming a validator is a highly competitive game. Validators also seek to provide additional services to the community. There are various features attached to the Reef chain, including Solidity support, scalability, upgradability, and fee burn. The feature of Solidity support helps users to port their existing DeFi applications from Ethereum to Reef without changing the Solidity code. Next, Reef has high transaction throughput and is more efficient with blockchain storage, making Reef scalable. New features, security updates, and performance optimizations are applied without hindrance to the Reef ecosystem.

All activities on the Reef chain, such as trading NFTs, trading tokens, and transacting on-chain, have associated fees. REEF, the native token of the Reef chain, undergoes a burning mechanism. Coin burning is a process of removing tokens from circulation, reducing the number of coins in use.

REEF token is utilized as transaction fees and for on-chain governance. REEF is a utility token of the Reef network and offers inflationary and deflationary mechanisms with a flexible REEF supply. The REEF tokens have been initially deployed on Binance Smart Chain and Ethereum. The total supply of REEF tokens is 18,454,547,076 REEF.

Reef chain offers unique features like Reef Nominated Proof of Stake (NPoS), through which validators and nominators of the Reef ecosystem are rewarded. Nominators elect validators via NPoS. Users can stake REEF tokens and earn rewards for participating in Reef governance. The REEF tokens used for fees are continuously burned to offset validator rewards. Users may have an account with REEF and wish to earn a new REEF, and they can do so as a validator that requires a node running 24/7. If users do not have such a node, they can still earn REEF by nominating one or more validators. While users’ REEF tokens are staked by nominating a validator, they are bounded. Users can receive new REEF in their account but cannot stake it as a validator or transfer REEF away from their account.

We update our Reef to GBP currency in real-time. Get the live price of Reef on Coinbase.

The current market cap of Reef is £6.73M. A high market cap implies that the asset is highly valued by the market.

The all-time high of Reef is £0.0435. This all-time high is highest price paid for Reef since it was launched.

Over the last 24 hours, the trading volume of Reef is £1.35M.

Assets that have a similar market cap to Reef include Peercoin, SwissCheese, Inspect, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Reef is 21 billion.