Recapitulation of Reef Finance AMA event held at AMA LOVERS CLUB
Date: Tuesday, 15th December, 2020
Time: 14:00 UTC
The Reef Finance team was represented by @denkomanceski. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on Reef Finance project
Ans : The best way to learn about me is through an interview we published recently. I think it also contains certain ideas that others might find useful: https://reefdefi.medium.com/denko-mancheski-ceo-of-reef-finance-founder-q-a-dbc3d9f03bf7
I will also post a brief story here:
My name is Denko, I am the CEO of Reef Finance. I have a tech background myself. Started programming in early high school with C++ and did algorithmic competitions for a few years. Then I decided to start building commercial software and I joined an ERP provider where I built modules which are still used to this day (warehousing, accounting, etc.). After that I joined into one of the biggest healthcare platform providers in Europe (200m+ valuation now). Worked there for over 2.5 years and I led a team where we worked on a complex modeling tool for healthcare data.
Around 6 years ago I got into crypto and started blockchain development myself. My first experience was with the NXT blockchain which turned into Ardor. Of course, I did a lot of solidity throughout this time. I also did some Bitshares, Steem as well as EOS.
Since I am based on Slovenia, the development community is not so big, so I’ve been working with familiar people. 2 years ago we teamed up and worked on multiple blockchain as well analytics projects together. In January this year we decided to focus on DeFi and started building Reef.
Here is a bit on the origin story and how Reef’s idea was formed: https://medium.com/reef-finance/reef-origin-story-5a16a4f346a8
Q2 : Can you introduce the Reef Finance project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : In short, Reef is a DeFi operating system — a permission-less smart liquidity aggregator and yield engine where any financial hub can integrate into. Powered by Polkadot, it shares its security model with the ecosystem, and enables cross-chain integrations across top DeFi protocols. Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision making process based on user’s risk levels.
Even a shorter version: A one-stop place where anyone can quickly invest into DeFi taking into account risk tolerance
Regarding what critical problem we are solving - fragmentation, gas fees, liquidity aggregation
As a user, you will come and choose your risk apetite, and based on that we will propose a composition of tokens and defi activities as well as their historic performance. You can choose the amount that you want to allocate and with 1 click we will route your funds to those activities/instruments
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : We have worked hard on many partnerships and integration - we are all about composability and integrating on top of the ecosystem. Here is a small update of some of those
🔸API Integration with Binance
🔸Partnerships to Power DeFi: Matic, Kava, Chainlink
🔸Partnerships to Enhance User Experience: Jarvis, Stafi, finance.vote, Equilibrium
🔸Partnerships to promote mass-adoption of DeFi: Crust Network, Plasm, Centaur, Darwinia, Covalent, Aleph, Bifrost
🔸Partnerships to develop Reef: Paraswap, Phala Network
2nd Segment: LIVE QUESTIONS
Q1 : One of the milestones for Reef Binance is the integration of the Binance Access API. What advantages and benefits do users get from integrating API access to binance?
Ans : Enabling cryptocurrency purchases with FIAT and trading via Reef Finance in a non-custodial manner. The Reef platform will also offer Binance Smart Chain support in the near future.
Q2 : Reef has just integrated an API with Binance to enhance the user experience. So in the future will users be able to use Binance from a dApp that aggregates liquidity and smart profits from transactions on Binance?
Ans : Yeah, they will be able to use Binance through Reef since we are working on multiple integrations. Actually it will be built-in into the basket engine so you will just have to link your account (similar to how you log-in with Facebook)
Q3 : The reef token is a governance token which allow users to vote on different proposals like releasing new features, readjusting certain parameters in the system, etc. Besides governance, what other uses can the token be used for? Please expantiate.
Ans : Its used to pay the protocol fee for the basket engine + its used in the yield distribution mechanism.
Its basically tied to the revenue streams that the ecosystem is generating.
Reef currently has 3 income streams: Basket engine, protocol fees and interest paid by power users who borrow tokens from the Reef pool in order to increase their voting power. All the 3 income streams are currently flowing in the Reef pool. In the future, through voting, we plan to introduce Reef Treasury which will be the recipient of the income streams, and the DAO can further decide how to allocate the funds (eg: grants, buybacks, etc.)
Q4 : Reading through your milestones achieved this month, I could see Rust implementation of basket engine and Reed Ranger Ambassador Program.
What are they about? How would they be beneficial to Reef Finance and the community?
Ans : Ambassador program - https://medium.com/reef-finance/announcing-reef-ranger-ambassador-program-f1f178267a63
Rust implementation of basket engine -> we will be able to deploy it on more parachains which do not have support EVM pallet. This will enable us to expand the number of DeFi activities offered for the users
Q5 : In recent times, what new developments has ReefFinance made and currently are the strategic goals of Q4/2020 such as: Yield Engine (v1), Liquidity Mining Program or Reef Basket Engine (v1) how is it developing?
Ans : The development is on track. We just finalized the first audit and can be found here: https://github.com/HalbornSecurity/PublicReports/blob/master/Solidity%20Smart%20Contract%20Audits/Reef_Finance_SmartContract_Halborn_Report_V1_1.pdf
Q6 : Reef Finance recently joined the Polkadot DeFi Alliance. What will be obtained or what benefits will Reef Finance get joining the Alliance?
Ans : We are one of the founding member and main initiator. There are big plans for the DeFi alliance -> from panel discussions to developer bounties and funding programs. 2021 will be a big year for this initiative
Q7 : You claimed that Reef get liquidity from everywhere– Both CEXES OR DEXES . It seem there are three major exchanges there Binance, Coinbase and Kraken are Reef officially listed on or is it still in process?
Q8 : Talk about the booming Defi ... so does the ReefDeFi have a feature that will be the boom?
Ans : Reef is 1 layer above all the DeFi protocols and users which are already invested in protocols such as YFI and Curve will be able to use Reef. Reef is gateway to the whole DeFi landscape
Q9 : What is the uniqueness of $REEF that cannot be found in other project that’s been released so far? And how the demand of $REEF token will increase in the future? Or what steps would you take to increase the demand?
Ans : Most of the protocols are financial primitives. They are very important and they serve a certain role in the whole ecosystem. Reef’s infrastructure is composing and integrating on top of the ecosystem. Being non-custodial and cross-chain as well as powered by AI analytics engine makes Reef unique.
Q10 : As I know for full service CEX will need to do KYC for their platform, so how about REEF? Do we need to do KYC?
Ans : You will always be able to use Reef just with just a metamask wallet. The moment we integrate CEX liquidity, if the user wants to have access to it, certain KYC procedures will have to happen. We will not be storing user’s data at any point in time. The KYC procedure regarding CEX liquidity will flow from the user’s machine directly to the prime broker.
Q11 : In relation to your token and the various benefits it offers, I am interested to know in terms of governance, what characteristics as a user, I must meet so that my proposals can be taken into account and from what moment I can start voting?
Ans : The deployment of DAO and voting comes in late Q1. We will publish more details on how everything works soon
Can you share the important links for Reef DeFi and how to buy the token?
Ans : Thanks everyone!
Feel free to join our telegram group to not miss on the big announcement that comes with the TGE
Thanks @AllenLu for hosting
The token is still not live. TGE will happen soon.
Besides uniswap we are getting a big tier 1 exchange.
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