Thursday, September 23

Reef Finance (REEF) Launches $20M Grant Project to Bring DeFi and NFTs to Reef Network

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Developers from different parts of the blockchain scene were invited to participate in the Reef Finance (REEF) grant program.

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The Reef Finance team was tasked with building a DeFi-focused blockchain within the Substrate framework. Recently, the Canary mainnet went live and now Reef Finance offers a large-scale grant program for developers. Applications are now open for the $20 million grant program, according to an exclusive press release shared with U.Today by Reef Finance.

Reef Finance will accelerate the development process with impressive funds and equip the most promising blockchain projects with world-class infrastructure. The team emphasizes that any project that addresses key use cases for the blockchain industry can apply for funding. Meanwhile, the focus is on decentralized financial applications (DeFi). For example, the list of top use cases starts with lending/borrowing protocols.

Ethereum dApps Could Migrate to Reef Chain

Besides that, Reef Finance deals with blockchain development tools as well as NFT focused products, wallets and interfaces. Reef Finance leverages Substrate’s technical capabilities, allowing its users to benefit from low or zero transaction costs, high speeds and scalability.

Since it supports both Solidity and EVM, any Ethereum-based decentralized application that becomes unusable due to the constant congestion of the network can be migrated to Reef Chain without any problems.

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