Reef Finance launches $20M Grant to enhance Reef Chain Development

We are pleased to announce the launch of a $20M Grant to further enhance the development of the Reef Chain. Following the successful launch of the long-anticipated Reef Chain, we have decided to set up a grant to encourage Developers who intend to build within the Reef ecosystem, as we believe that creating a grant of this magnitude will help in onboarding top-notch developers and equipping them with the necessary infrastructures to build DeFi Applications of the future.

In line with our aim to develop one of the fastest-growing ecosystems in the DeFi arena, we have created this to provide support to developers through their development cycle as well as equip them with the necessary infrastructure to build successful DeFi solutions on our recently launched chain. 

We at Reef believe that good developers are the frontiers in the adoption of solutions within any blockchain, and as we work towards making DeFi easy for everyone, we also believe that encouraging the development of solutions for our developer community is the fastest way to achieve this. With the launch of our grants program, we also intend to enhance the development of our recently launched Reef Chain.

This grant would be looking to target projects intending to build and deploy applications satisfying a variety of real-world use-cases with high potentials for driving mainstream adoption within the Reef ecosystem.

Reef Grant Categories

We aim to provide funding to various layers of technology stack that are but not limited to:

  • DeFi Lending protocols and Bridges: DeFi loans are one of the fastest-growing facets of blockchain and Decentralized Finance. We intend to leverage on the development of this service to further provide working financial solutions on the Reef Chain through this grant. Lendefi, which is the first lending protocol on the Reef chain is an example of this. The team at Lendefi are building a revolutionary lending protocol which would help facilitate leveraged trading and secure lending within a trustless environment. The integration of the Lendefi protocol on the Reef Chain has enabled the easy introduction of a credit pool linked to the Reef Chain. We intend to welcome a host of other Lending protocols into the Reef Chain through the provision of this grant, which we believe would bring us a step closer towards providing smart financial services to our users.
  • Runtime Modules/Chains: We are also looking to channel some percentage of this fund into the development of Runtime Modules and Chain within the Reef ecosystem, as this would aid in infrastructural development and enable developers to create frameworks for making custom blockchains. We believe that this is a pertinent point to give blockchain developers experience and ease their onboarding. A good example of this is the Substrate framework that aids budding blockchains.
  • NFT Development: With the global NFT market growing at an unprecedented rate in recent years, we intend to further drive this growth through our grant. We would be looking to fund projects who intend to bring this thriving market into the Reef ecosystem and empower NFT developers on the Reef Chain. DEIP Network and Realm are good examples of projects currently exploring this market on the Reef Chain. DEIP works to enable the discovery, evaluation, licensing, and exchange of intangible assets in a decentralized manner across ERC-20 and BEP-20 chains. Realm allows creators to combine music, art, and games to create the perfect realm and mint it as an ERC-1155. Discover art galleries in space to underwater auctions through augmented reality portals and collect pets with cross-chain genetics.
  • DEXs: Kwikswap, a revolutionary cross-chain swap protocol with Layer 2 scaling is the first DEX to onboard on the Reef Chain. This unique DEX allows users to utilize their platform for swapping, market creation, providing liquidity, and staking. Reef Finance aims to provide funding for the development of other DEXs on Reef Chain for users to enjoy access to a larger liquidity basket across DEXs through Reef’s cutting-edge Liquidity Bridge.
  • Wallets/Interfaces: This is one of the important technological layers that Reef aims to finance with its $20M funding. With the influx of projects currently onboarding the Reef Chain, the need for the development of wallets that would provide user-friendly interfaces for users to interact with DApps to conveniently explore a wide range of financial services within the Reef ecosystem, cannot be overemphasized.
  • Development and Deployment Tools: Reef Finance is also looking to fund deployment and development companies that can provide reliable, secure, and scalable blockchain infrastructures for projects who intend to deploy on the Reef Chain. These projects would be responsible for taking care of hosting, syncing, and maintaining nodes, as well as providing a non-custodial validator solution and creating private chains for protocol or smart contract developments within the Reef ecosystem. 

Our Long-term Goal

In summary, Reef Finance is creating an ecosystem of funding that will see projects built on its chain scale exponentially. It is not just about Reef, but about the blockchain, DeFi, and decentralization in general. The goal of this funding program is to provide support to companies and developers through their development cycle as well as what it takes to build a successful project. This will expose these budding projects not only to funds but partnerships through Reef finance that will guide them to greater heights. 

About Reef Finance

Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain 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. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.  

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Reef Finance Sets Date to Launch its Reef Chain Mainnet

In May, Reef Finance is planning to launch Reef Chain Mainnet. DeFi users will achieve smart decentralized financing visibility, like Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain, fulfilling what the company is all about: a gateway to DeFi.

Before the launch, however, there will be final checks on the current Maldives testnet. The exact date of the mainnet launch is based on the results of the ongoing tests, as stated in a press release with the coinspeaker. Despite the intense checks, the Reef Finance team remains optimistic that it will be finalized before its launch.

The Gateway to DeFi

 Today’s decentralized finance ecosystem has gained massive force, putting pressure on the existing smart contracts supporting blockchain infrastructures. The Ethereum blockchain has since become congested so highly that transaction or gas fees are always on the rise. 

As outlined in the press release, the launch of Reef Chain is aimed at allowing DeFi developers to make use of a highly scalable and utterly EVM-compatible blockchain incorporated into the Polkadot ecosystem. Reef Chain is set to be initially floated as a standalone blockchain built on the Substrate framework. This feature will make it simple to tap into the Polkadot parachain ecosystem.

Reef Finance CEO Denko Mancheski said that DeFi demand is insatiable. From the beginning, it was Ethereum and rising gas fees, now we see that even others like BSC start to have performance problems. The launch of Reef Chain couldn’t have been better.

The Binance Smart Chain, which entered DeFi with a promising solution, is a relatively newer blockchain network, which is now collapsing because it cannot scale correctly. In comparison, Reef Finance says it has a suitable model to help developers create on the Reef Chain to see a prosperous network ecosystem. Through the strong group of customers, investors, and media partners, DeFi product developers will find true success with Reef Finance.

Mancheski stated that they know all too well the challenges of up and coming developers and techniques are just a component of the equation at times. DeFi builders will increase their chances of success by tapping into the business network of Reef.

Interoperability Advantage

The Reef Chain will be controlled using the REEF tokens, which can be used for staking and group governance. Through the developed interoperability features of the chain, the company will launch a liquidity bridge to wrap current DeFi assets and disburse liquidity from Ethereum to the Reef chain.

The benefit the Reef Chain aims to bring would cut through all DeFi stakeholders ranging from consumers to developers as a whole.

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Reef Finance Launches Baskets to Make DeFi Index Investing Simple

Reef Finance Launches Baskets to Make DeFi Index Investing Simple

Reef Finance Launches Baskets to Make DeFi Index Investing SimpleApril 8, 2021 — Reef Finance, the cross-chain DeFi operating system, has released its anticipated Reef Baskets product, allowing anyone to easily access diversified investment opportunities with crypto assets. Reef Baskets V1 is an Ethereum-based framework for deploying collections of DeFi tokens and assets, functioning in a similar manner to the popular Exchange-Traded Funds (ETF)

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Alameda Research, Reef Finance Clash Offers Stark Crypto Warning

Key Takeaways

  • Alameda has cut ties with Reef Finance while sister company FTX accused Reef of being a scam, tanking REEF token by 26%.
  • Reef Finance leaked documents revealing that Alameda had threatened to ruin the project by dumping tokens, delisting it, and discrediting it.
  • It appears that an $80 million business deal fell through due to a miscommunication handled entirely through Telegram with no formal legal contract.

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Days after “investing” $20 million in Reef Finance, Alameda Research refuted all ties with the DeFi project, leveling numerous accusations against it.

Reef Finance, however, reveals a wholly different take. So, what happened?

With screenshots and transcripts now available, the debacle ultimately reveals that $80 million deals are best brokered with legal contracts, not messaging apps.

FTX Denounces Reef as Rug Pull, Alameda Cuts Ties

On Mar. 15, the official Twitter account for FTX accused Reef Finance of being a scam, telling Reef Finance investors that their money was being stolen.

FTX did not respond to Crypto Briefing comment requests and has since deleted the tweet in question.

At around the same time, Alameda trader Sam Trabucco stated that Alameda had no connection to Reef Finance. He characterized the $20 million transaction as an OTC trade rather than a business investment, adding that Reef reneged on their deal and prematurely went to the media about it.

Brian Lee of Alameda’s Venture Capital department retweeted Trabucco’s post.

The claims from Alameda and FTX directly preceded a 26% drop in the price of REEF. Social media erupted with the news that Reef may be a scam and may have invented the story of an Alameda investment to pump its prices.

However, none of these claims offered the full story.

Crypto Briefing has obtained evidence that an investment announcement was carefully co-ordinated between both projects and released at the agreed time. Brian Lee himself greenlit the announcement, including the disclosure of a $20 million investment, on Mar. 10.

On Mar. 12, the announcement was made.

It appears that Alameda then sold some of their REEF, using the Binance exchange rather than their sister company, the FTX exchange.

An OTC Trade, Not an Investment

Alameda and FTX declined to comment, though Trabucco told Crypto Briefing that Alameda’s blog post on the matter constituted his comments.

In the post, Alameda released conversation transcripts of their own. On Mar. 8, it appears that Alameda brokered a deal for $80 million worth of tokens at a fixed price, settling the first tranche of $20 million.

They agreed to market this OTC trade as an investment in Reef Finance.

Source: Alameda Research

Reef wanted to reframe the trade as an investment for the public, saying, I assume it is fine with announcing you guys as a big investor, right?”

20% Token Discount Without Vesting

Speaking to Crypto Briefing, Reef Finance CEO Denko Mancheski stated that the token sell-off was unexpected, believing Alameda would lock up their new holdings until further notice.

Reef Finance sources claim that Alameda bought $20 million worth of tokens at a 20% discount and then tried to squeeze the project for more tokens at discounted prices.

“They said that they are investing long term and wanted to buy $80 million,” said Mancheski. “I sent them offers with vesting schedule but they said they are very reputable and long-term investors and professionals and have bought in even bigger projects even bigger amounts without lockups.”

Crypto Briefing has seen no evidence that Alameda agreed to lock up tokens, and Mancheski claimed to no longer have access to the conversation logs where aspects of the deal were discussed.

SIMETRI 10x potential

Mancheski stated that Alameda started selling their tokens on Binance “the moment we settled the $20 million,” further claiming that “they are lying that they still own the majority of the tokens.” It certainly appears that Alameda did indeed move tokens to Binance, although how many were sold is unclear.

Alameda transferred reef tokens to binance
Source: Etherscan

“The moment we realized we are getting basically scammed (instead of investing they are lying us and selling the tokens), we decided to stop,” said Mancheski.

This contradicts the quotes posted by Alameda, in which Reef agreed to sell $80 million and merely marketed the transaction as an investment for the public, fully aware that the deal was to broker an $80 million trade in multiple tranches.

Reef shared screenshots indicating that Alameda essentially threatened to ruin Reef Finance.

Threats included to publicly cut ties, dump their holdings and likely impact price, delisting REEF token, and even convincing other exchanges, including Binance, to delist REEF.

The legality of this last threat and of FTX accusing Reef Finance of being a “rug pull” stealing all investor holdings is unclear at this time.

alameda threatened reef finance

Alameda also told Reef that they had notified their legal department, threatening legal action “should this not settle.”

However, it’s difficult to say to what extent legal action can apply to a deal carried out in such a casual, ad-hoc way by both parties.

An $80 Million Business Agreement on Telegram

At the end of the day, while one could argue both sides are guilty of misrepresenting the truth and carrying out shady business practices, the deal fell apart due to a misunderstanding on both sides.

Alameda was supposed to buy $80 million worth of tokens at a discount, and Reef pulled out when Alameda started to sell earlier than expected.

The most noteworthy aspect of this story is that no formal legal agreement appears to have been written up for a deal worth $80 million.

According to Reef, the entire deal was brokered in good faith and through Telegram messenger, and Alameda representatives refused to comment on whether a legal document was in place.

Likely, the contract Alameda refers to in the Medium blog post was simply the written agreement in which Alameda asked Reef to “pls confirm” that an $80 million transaction was on the table. Sometimes written agreements hold up in court, and sometimes they don’t.

“There is literally nothing they can do legally since there was no paperwork,” Mancheski bluntly told Crypto Briefing.

In traditional finance, brokering a deal of this size with no formal legal contract would be unheard of.

In crypto, it’s business as usual.

This news was brought to you by ANKR, our preferred DeFi Partner.

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Alameda Research invests $20M in Reef Finance

After investing in travel app and decentralized finance protocol Oxygen, Alameda Research will be putting $20 million into Reef Finance, the Polkadot-based DeFi platform.

According to Reef Finance, Alameda Research will be purchasing $20 million worth of the firm’s native tokens, REEF — roughly 528 million at the current price of $0.03787. The investment will reportedly allow the two companies to collaborate on technology and strategy “in the near future.” Reef CEO Denko Mancheski added the additional funds would help the firm develop DeFi applications for the Reef blockchain.

The $20 million in Reef comes after a $40 million investment in Solana-based lending platform Oxygen and $50 million in, a travel and mapping application with more than 140 million users worldwide. With Reef, Alameda said it was aiming for more cross-chain integrations with Serum and Raydium on Solana.

Reef became the first Polkadot-based project to debut on the Binance Launchpool in December. Since the beginning of the year, the price of REEF has risen more than 150%  from $0.014954 to $0.037808 at the time of publication.