This is probably news from REEF.
Place: https://t.me/BCCore
It's the largest block chain community in Vietnam. Look and check the information of the reef.
Q1: Can you briefly introduce yourself as well as the REEF project?
A1 : Sure. My name is Denko, I am the CEO of Reef. I have a tech background myself. Started development in early high school with C++ (did algorithmic competitions for few years), then moved into the enterprise world where I worked for 2 ERP providers (built some modules and some mobile apps which are still used to this day). Few years later I moved to one of the biggest healthcare platform providers in Europe. Worked there for over 2.5 years and the last 6 months I was leading a team (we were building a complex app for healthcare data modelling around the OpenEHR standard). 5.5 years ago I got into crypto and started blockchain development myself. My first experience was with NXT (then turned into Ardor), and I have also been doing a lot of Solidity (Ethereum), Steem and some EOS. Since I am based on Slovenia, the development community is not so big, so I’ve been working with familiar people. 2 years ago we teamed up and worked on multiple blockchain as well analytics projects together. In January this year we decided to focus on DeFi and started building Reef.
Reef is a DeFi operating system — a permission-less smart liquidity aggregator and yield engine where any financial hub can integrate into. Powered by Polkadot, it shares its security model with the ecosystem, and enables cross-chain integrations across top DeFi protocols. Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision making process based on user’s risk levels.
Q2: Reef is a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, mining through AI driven personalized Reef Yield Engine.I guess Reef is a rather complex concept for For those who are not tech-savvy in the community so can you please explain in detail let us know in detail if a project uses Reef as a tool, what can it provide?
A2 : Yeah. So few years ago crypto was simple and you could pick for a list of few tokens and invest. Now there are multiple activities which have different mechanics. Reef is integrating all of these into a simple solution fit for the non-tech savvy user and additionally augments it by the analytics engine in order to help the user make better decision based on their risk adversity.
Basically, we provide a way for the average retail user to access to the whole landscape with very low technical barrier of entry
Q3: In recent big news: Reef and Darwinia partnered to continue implementing DeFi Mainstrem, could you please tell us how it is going and what major milestones will be achieved :)
A3: Reef is all about composability and integrating on top of the ecosystem, so the way we are positioned we will be partnering with many projects. Regarding Darwinia, they are building a very reliable bridge parachain on polkadot which will allow us to communicate with multiple ecosystems.
Q4: REEF is being supported by Polkadot technology, would it be great if you could explain what role is Polkadot in the ecosystem and what it is bringing to REEF?
A4 : Great question. Polkadot’s parachain communication (XCMP) and bridging mechanism, combined with the possibility to run solidity code on parachains such as Plasm, use native Ethereum addresses and huge ecosystem support (Web3, Parity) were the reasons why we chose to build on Polkadot. Reef being cross-chain gives us flexibility, which means we are able to shift our product and features based on where the users are (currently on Ethereum) and what the users want/need in the future.
Q5: As for the use case of REEF token will play what role on the ecosystem? I mean by its utility, as an investor why do we think it will be strong during a bear market?
A5 ; Here is a bit about the token: The reef token is a governance token, so the users will be able to vote on different proposals (releasing new features, readjusting certain parameters in the system, etc.). Besides governance, the token is powering our infrastructure, so you can pay the protocols fees with it. It can also be used to stake into the Reef pool and get RPTs (Reef Pool Tokens), but it's also going to be used in the yield distribution mechanism (customizable payout ratio for the yield that the basket generated), which will allow the user to farm the Reef token and directly stake it into the pool.
Here is about the sustainability of the Reef ecosystem: Reef currently has 3 income streams: Basket engine, protocol fees and interest paid by power users who borrow tokens from the Reef pool in order to increase their voting power. All the 3 income streams are currently flowing in the Reef pool. In the future, through voting, we plan to introduce Reef Treasury which will be the recipient of the income streams, and the DAO can further decide how to allocate the funds (eg: grants, buybacks, etc.)
The fact that our project has sustainable income streams, it means we will be strong during bear market since we can expand the ecosystem through grants and buybacks
Q6 : Tell us more about your partnership Chainlink, why are you excited to work with them and what are you both going to be working on?
A6 : Reef’s on-chain infrastructure require certain data from the outside world (eg: pricing). Chainlink is one of the most reliable oracles in the landscape and additiaonally they are adding support for polkadot. Partnering with all of this important tier 1 projects is the only way to build something as big as Reef.
Q7 : Reef Protocol is a DeFi operating system Powered by Polka-dot to enable cross-chain integrations across top DeFi protocols allowing any financial hub to integrate into..at the moment what financial Hubs and defi protocols do you have integrated to Reef Protocol
A7 : We want to support all the protocols which the users want to be exposed to. From go-to-market strategy point of view, we decided to support most of the Ethereum DeFi protocols such as Uniswap, Mooniswap, Balancer, Aave, Compound, but right after the initiail version is out, we are fully focusing on the Polkadot ecosystem to support the new DeFi activities that projects like Acala are currently developing
Reef being cross-chain gives us flexibility, which means we are able to shift our product and features based on where the users and what the users want/need in the future. This is one of the things that Polakdot allows us to do
Q8 : What will Reef Finance do to build a thriving community that truly cares and supports the project for the long term, not just for a temporary profit?
A8 : As you can see, we are very focused on building communities and have been doing over 20 AMAs. Besides this we are running different activities to engage with the community such as quizes, contests and giveaways (actually there is a giveaway of 5000$ happening as we speak). Additionally, we are preparing liqudity incentive programs as well as other activities. We also plan to add different social features in our product which will increase the engagement even further. Additionally, the DAO is coming soon so users will be able to vote and shape the product based on what they need. Those are all very important things for us and a priority
To celebrate our successful Fundraise, we are giving away $5000 worth of $USDT to 100 Winners!
🚨To participate in the giveaway, follow these simple steps:
✅1. Join Reef Telegram Group: https://t.me/reefdefi
✅2. Follow Reef Twitter: https://twitter.com/ReefDeFi
✅3. Retweet the tweet: https://twitter.com/intent/retweet?tweet_id=1318915725361229826
✅4. Follow our announcement channel https://t.me/reefannouncements/8
✅5. Participate in Gleam 👉 https://gleam.io/JWfq5/reef-fundraising-contest
🌈This Campaign will run for a total of 4 weeks, and each week we will give out prizes worth $1250 $USDT!
Q9 : The "Reef Yield Engine" which is mentioned on your website is claimed to be cross-chain over blockchains. What kind of features does it include to maximize the expected yield?
A9 : Reef yield engine allows you access to all the currently available yield farming protocols. Since it's powered by an analytics engine, it can maximize your yield by routing your funds to the highest yielding pools. The problem is that farming protocols and instances have different risk levels. We derive risk levels based on multiple metrics, from social media traction, to on-chain traffic. This way, the users have a better understanding of how they allocate their funds, and can adjust based on their risk tolerance. We will publish our methodology on how the model is grading different DeFi activities on our blog
Q10 : Why call this project "REEF"? What does the meaning of this word have to do with the project? Can you tell me more about it?
A10 : Everything in the ocean is happening around the Reef. A lot of different sea animals are meeting there. The fact that we are defragmenting this landscape and creating a mechanism to participate to all of the latest and greatest DeFi activities with few simple clicks makes the project a Reef where DeFi activities meet together. This is the analogy
Q11 : You mentioned before that staking Reef tokens will allow you to get Reef Pool Tokens (RPT). What are those tokens exactly? What will be their mission within the Reef ecosystem?
A11 : By holding the RPT, you will be able to get exposed to the Reef’s ecosystem income streams. Reef currently has 3 income streams: Basket engine, protocol fees and interest paid by power users who borrow tokens from the Reef pool in order to increase their voting power. All the 3 income streams are currently flowing in the Reef pool
Q12 : Many projects defi list for now, is Reef interested in defi ecosystem? and how does defi compete with other projects?
A12 : Most of the protocols are financial primitives. They are very important and they serve a certain role in the whole ecosystem. Reef’s infrastructure is composing and integrating on top of the ecosystem. Being non-custodial and cross-chain as well as powered by AI analytics engine makes Reef unique.
Q13 : Tell us a little bit about Reef finance's security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
A13 ; Reef is completely non-custodial, so everything can be tracked and seen on the blockchain (we will provide tools which will allow easy monitoring). We are currently in the process of being audited by multiple companies.
Q14 : can I use Reef just with just a metamask wallet?
A14 : You will always be able to use Reef just with just a metamask wallet. The moment we integrate CEX liquidity, if the user wants to have access to it, certain KYC procedures will have to happen. We will not be storing user’s data at any point in time. The KYC procedure regarding CEX liquidity will flow from the user's machine directly to the prime broker.
Q15 : How is #REEF development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
A15 :
Great question. You can check out roadmap here: https://reef.finance/roadmap. Our plan is to release the initial version of the product in Q4