Reef Finance Launched the ReefChain Testnet
The Reef Finance ecosystem has been agog with happiness when the Reef Finance through its Twitter page stated that it will be launching its ReefChain testnet on 31st March. The ReefChain on the Testnet will have incredible features, which will be discussed below. Reef Finance has always been involved in offering new functionalities to the ecosystem to drive the massive adoption of the REEF token, and cryptocurrency, in general. If Reef Finance is not partnering with other leaders in the industry, it is creating new functionalities to make the lives of the community users better.
- Developers will easily move their DeFi apps to ReefChain from Ethereum, without the need to alter their base code. This is good news, as developers do not have to face issues when trying to migrate their dApps. The Solidity support on ReefChain on the Testnet will solve this issue. Being able to move one's dApp effortlessly without changing the source code is something developers crave.
- The ReefChain promises to be highly scalable, as it will churn out higher transaction throughput, which is not common in the Ethereum chain. Scalability is the watchword. One issue that developers face regularly when creating dApps is scalability issue because if the problem exists, few users will be interested in utilizing the dApp. Everyone craves faster transaction time, and the ReefChain promises to offer that.
- The ReefChain is designed to be self-upgradable by default. This infrastructure is designed to allow the easy upgrading and incorporating of brand new features, performance optimizations and so on easily, without worrying about forking the blockchain. This is possible with the Substrate Framework. Adding new versions of features should not be a problem to developers.
- ReefChain is improving the functionalities of the Ethereum Virtual Machine- EVM. It will do so by incorporating a number of features like:
- Native token bridge
- Scheduled calls (i.e. recurring payments)
- Smart contract in-place code updates.
- The ReefChain on Testnet gets better, as it offers the staking of the REEF token. We all know that the REEF token is the native token of Reef Finance ecosystem. Staking becomes better, and it attracts irresistible benefits. Not only do holders of the REEF tokens get benefits, they are also improving the security of the ecosystem by staking.
- The ReefChain on the Testnet takes it up a notch by adding a token swap bridge to Ethereum. This will allow users to easily wrap their existing ERC-20 tokens and transfer the liquidity from Ethereum to ReefChain. Is that not awesome?
Conclusion
The ReefChain on Testnet will alter the way things are done, and will benefit everyone in the Reef Community. It will affect developers, holders, investors, traders, and others that use Reef Network in one way or another. What do you fancy about this ReefChain, and what do you intend to do with the functionalities?
