In 2018, Dr. Gavin Wood, who co-created Ethereum, Polkadot, and Kusama, demonstrated that when using Parity Technologies a developer could code and deploy a brand new blockchain within an hour using Substrate. Substrate is becoming increasingly popular as a modular framework for creating new blockchains, due to its simplicity and the fact that its technology is based upon tried and tested leading blockchain technology. As a result, the industry expects to see a major influx of Substrate based tokens over the coming months.
Gate.io, a leading exchange in terms of trading volume and reliability, has positioned itself for this move, by integrating Reef Chain for its users to make quick and easy deposits and withdrawals. Reef Chain is a well-established blockchain based upon Substrate that has recently undergone a complete revamp in terms of its underlying technology as well as its website. The integration means users can make near-instant transactions at a very low fee. Its technology supports both Solidity and the Ethereum Virtual Machine, meaning that teams can transfer their decentralized apps directly across from Ethereum or other compatible chains, without needing to change any of their code. For this reason, Reef Chain will be the perfect home for DeFi, NFT, and gaming apps where developers can build new apps or migrate existing apps across from Ethereum.
Deposits on Gate.io made using Reef are near instantaneous and the entry barrier is extremely low with users able to deposit upwards of 0.00001 REEF tokens, or other compatible tokens. Gate.io lists REEF/USDT and REEF/ETH pairs and accepts deposits for both Ethereum and Reef Chain transactions.
For Reef Chain, this integration comes as a welcome step in their goal to further onboard developers to Reef Chain, together with their dApps, tokens, and primitives. According to the CEO of Reef Chain, Denko Mancheski,
“Any time a team is willing to come along with us on this journey, bringing the more affordable and fast transactions to hundreds of thousands of people, we have to congratulate for sharing our vision of ensuring blockchains are usable by all, not just those who can afford hundreds of dollars for a single transaction. Gate.io continues to push the boundaries, and we thank them for supporting the Reef community by integrating Reef Chain.”
Gate.io may prove to be a successful integration for Reef due to the fact that Gate.io currently has 700,000 registered users across 210 countries worldwide.