The decentralized finance (DeFi) space is blowing up and new blockchain technology emerges every day. There are over 350,000 tokens built on ETHereum alone, and one thing all developers agree on is that it should be simplified for greater adoption. DApps are complex interfaces and only technically-savvy users can use them.
Reef Finance (REEF) is a project built on Polkadot that attempts to simplify this. Reef is the first cross-chain crypto operating system in DeFi that facilitates the transfer of liquidity and tokens between different blockchains, including centralized exchanges (CEXs) and decentralized exchanges (DEXs).
The Reef ecosystem uses the Reef token as its native currency and if you’re wondering how to buy REEF crypto, this guide is for you!
What Is Reef Finance (REEF)?
Reef is a “Reliable Extensible Efficient Fast” Layer-1 Blockchain for DeFi, NFT & Gaming. Built using Substrate Framework, it provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from ETHereum without any change in the codebase.
Reef Chain is the most advanced EVM-compatible blockchain. It’s self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.
Reef is an EVM-compatible blockchain for smart contracts with low fees, high scalability, and amazing user experiences. Earlier, Reef Finance offered a DeFi platform that helped users access liquidity from centralized exchanges (CEXs) and decentralized exchanges (DEXs). Now, Reef Finance has become Reef, a Substrate-based layer-1 blockchain with smart contract functionality as part of its rebranding. The new iteration features rapid throughput, low transaction costs, high scalability, and offers on-chain governance without wasteful mining.
What is the REEF Token?
REEF is the native token that is used for:
- Fees for processing transactions and storing data.
- Running validator nodes by staking REEF tokens.
- Nominating which validator nodes should be part of the network.
How to Buy REEF Crypto?
Step 1: Create an account on an exchange that supports Reef Finance (REEF)
First, you will need to open an account on a cryptocurrency exchange that supports Reef Finance (REEF). We recommend the following based on functionality, reputation, security, support and fees: Binance, Gate, Kucoin.
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Reef Finance (REEF) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit mETHods through which you can fund your fiat account, such as credit and debit cards, e-wallets or direct bank transfers.
Note: Some payment mETHods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Reef Finance (REEF)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Reef Finance (REEF) or its associated trading pairs.
Look for the section that will allow you to buy Reef Finance (REEF), and enter the amount of the cryptocurrency that you want to spend for Reef Finance (REEF) or the amount of fiat currency that you want to spend towards buying Reef Finance (REEF). The exchange will then calculate the equivalent amount of Reef Finance (REEF) based on the current market rate.
Make sure to always double-check your transaction details, such as the amount of REEF you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
What Makes REEF Unique?
Reef is geared towards cryptocurrency newcomers, alongside existing DeFi users who find it difficult to keep up with maintaining funds and wallets across multiple blockchains. The team has tackled the high gas fees seen on the ETHereum blockchain by building on Substrate, which enables almost instant transactions and low costs, where some claim Ethereum’s fees render DeFi protocols “unusable.”
What makes the Reef chain unique is that any DeFi protocol that has already deployed on ETHereum or an EVM-compatible network can run on Reef with just a few changes to the code. Since Reef Chain straddles this intersection between Ethereum and Polkadot, along with bridges to other blockchains, the Reef ecosystem can be accessed by anyone with a Web3 wallet that is interested in accessing dApps on Reef.
Because of how it has been built on Substrate, Reef is extensible and can have support for multiple VMs (Virtual Machines) as well as extension for existing popular VMs such as EVM (ETHereum Virtual Machine). It has on-chain upgrades functionality so any new features are easily pushed through the networking layer, but also on-chain governance.
Closing Thoughts
Reef Finance has introduced new features to the DeFi landscape and faces little competition in the cross-chain space. However, its future outlook will depend on how the crypto market responds to the product. If Reef ends up with a large user base, early investors who know how to buy REEF crypto will benefit greatly from holding the coin.
Investors who bet on DeFi becoming big over the next 10 years might find investing in Reef lucrative as it’s positioned to become one of the key intermediary services between different blockchain networks. They can also participate in the governance system of Reef and decide on new features.
