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.