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REEF Finance

  • 13-02-2021 9:03am
    #1
    Registered Users Posts: 637 ✭✭✭ jonny_b
    Registered User


    Hi Guys, do any of you know anything about REEF? I've been looking at it the past few days, it's all a bit double Dutch to me regarding what it actually does. It's powered by polkadot and there's a fair few lads on Reddit that seem promised by its use and gains.
    It's around 4c on binance at the moment. Was thinking of throwing €100 on it for the long term.
    https://reef.finance/


Comments

  • Registered Users Posts: 157 ✭✭ bingobars
    Registered User


    All the Ethereum DeFi stuff is just driving up the gas fees so maybe DeFi on the Polkadot network is why people are excited about this. I keep hearing about it tho. I don’t know much else


  • Registered Users Posts: 637 ✭✭✭ jonny_b
    Registered User


    bingobars wrote: »
    All the Ethereum DeFi stuff is just driving up the gas fees so maybe DeFi on the Polkadot network is why people are excited about this. I keep hearing about it tho. I don’t know much else

    I'll take a stab at it. Not going to break the bank cheers


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat
    Registered User


    If you go onto the reef website you can only swap from etheruem to reef.

    What's the point of this as gas fees are still present. I'm interested but can you buy reef on binance, send to metamask and then stake?

    What is the token standard? Not erc20 or bep20

    I think dot and ada are about 2-3 months behind bsc. But at least they're decentralised


  • Registered Users Posts: 1,282 Kent Brockman
    Registered User


    Had a good Google. Seems to be lots of work going on in the background in development & partnerships etc. It's getting a bit of attention now in the Crypto world. There's some announcement due later today as far as I can tell. Looks a decent bet at that price


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    Had a good Google. Seems to be lots of work going on in the background in development & partnerships etc. It's getting a bit of attention now in the Crypto world. There's some announcement due later today as far as I can tell. Looks a decent bet at that price
    Bought some yesterday. Sure lets see how it goes. Something nice about owning thousands of a particular coin. Just in case.


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  • Registered Users Posts: 169 ✭✭ Daithi40
    Registered User


    Irish_rat wrote: »
    If you go onto the reef website you can only swap from etheruem to reef.

    What's the point of this as gas fees are still present. I'm interested but can you buy reef on binance, send to metamask and then stake?

    What is the token standard? Not erc20 or bep20

    I think dot and ada are about 2-3 months behind bsc. But at least they're decentralised

    Just threw €100 at it... can buy on Binance using btc or Tether


  • Registered Users Posts: 637 ✭✭✭ jonny_b
    Registered User


    Okay so I bought a few thousand reef and was looking to send it to a wallet but what I do receive it as? There are 2 options,
    Reef bep20
    Reef erc20


  • Registered Users Posts: 5,667 ✭✭✭ el diablo
    Registered User


    jonny_b wrote: »
    Okay so I bought a few thousand reef and was looking to send it to a wallet but what I do receive it as? There are 2 options,
    Reef bep20
    Reef erc20

    Avoid the ERC-20 address if you don't want to pay outrageous gas fees.

    We're all in this psy-op together.🤨



  • Registered Users Posts: 282 ✭✭ timeToLive
    Registered User




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  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    timeToLive wrote: »
    denko (the main guy behind it) has since done interviews and clubhouse calls that address a lot of the recent FUD

    From what i could see he didnt address it directly. But either way i got out. Too many good projects out there to bother with one that has these sorts of issues.


  • Registered Users Posts: 282 ✭✭ timeToLive
    Registered User


    Fair enough. Their product so far looks very basic:

    https://stake.reef.finance/dashboard

    But I guess it's early days. My plan is to hold a few right now and continue to support the project if it looks like they're putting the work in.


  • Registered Users Posts: 406 ✭✭ dirk_dangler
    Registered User


    Read somewhere they are not a currently on the polkadot network , just a prospect that may or may not end up on it. I have no skin in the game so DYOR to be certain if true or not


  • Registered Users Posts: 282 ✭✭ timeToLive
    Registered User


    Read somewhere they are not a currently on the polkadot network , just a prospect that may or may not end up on it. I have no skin in the game so DYOR to be certain if true or not


    You may have read it in the 'lite' paper: https://reef.finance/resources/ReefLitePaper_v100c.pdf


    "Our product will also have a demo and initial implementation on ETH1.0 as that is currently the smart contract platform with the widest adoption, but our primary implementation platform for the Reef Protocol will be the Polkadot network.



    At present, being on ETH1.0 is the only viable option, but since the DeFi ecosystem is maturing, more and more projects will decide to build on different platforms since ETH1.0 cannot fulfill their needs. Reef strives to be chain-agnostic and will have its own application-specific logic, which won’t be con-strained by the current limitations that the ETH1.0 network has, such as high gas fees, long confirmation times and other bottlenecks."

    It then goes on to explain why the polkadot network is the best suited


  • Registered Users Posts: 6,051 ✭✭✭ Truckermal
    Registered User


    Bought some last week hoping it goes up!


  • Registered Users Posts: 6,051 ✭✭✭ Truckermal
    Registered User


    Nice gains today but I'm holding this one.


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