Reef is a **R**eliable **E**xtensible **E**fficient **F**ast Layer-1 Blockchain for DeFi, NFT & Gaming. Built using Substrate Framework, it 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.
Reef Chain is the most advanced EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.
REEF is the native token that is used for:
* Fees for processing transactions and storing data.
* Running validator nodes by staking REEF tokens.
* Nominating which validator nodes should be part of the network.
Reef is backed by multiple leading funds and venture capitalists including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.
Reef Chain development tools include:
* Remix and EVM integrated development environments for uploading and deploying smart contracts.
* Reefscan blockchain explorer to assist with deploying validators, bonding and nominating validators, debugging contracts, and understanding network performance.
* Reef command line tools that allow developers deploy applications from local environments.
* Reef wallet for accessing and interacting with the blockchain
## How Many REEF Coins Are There in Circulation?
Reef Chain is a smart contract blockchain, backwards compatible with EVM and Solidity, designed to make DeFi, NFT and Gaming easy for everyone. At present, REEF has a circulating supply of 14,807,552,172
tokens while 38.2% of the Reef Chain supply is staked. Reef Chain today has over 23 validators. The current inflation of the supply is 8.3%