We are pleased to announce the launch of a $20M Grant to further enhance the development of the Reef Chain. Following the successful launch of the long-anticipated Reef Chain, we have decided to set up a grant to encourage Developers who intend to build within the Reef ecosystem, as we believe that creating a grant of this magnitude will help in onboarding top-notch developers and equipping them with the necessary infrastructures to build DeFi Applications of the future.
In line with our aim to develop one of the fastest-growing ecosystems in the DeFi arena, we have created this to provide support to developers through their development cycle as well as equip them with the necessary infrastructure to build successful DeFi solutions on our recently launched chain.
We at Reef believe that good developers are the frontiers in the adoption of solutions within any blockchain, and as we work towards making DeFi easy for everyone, we also believe that encouraging the development of solutions for our developer community is the fastest way to achieve this. With the launch of our grants program, we also intend to enhance the development of our recently launched Reef Chain.
This grant would be looking to target projects intending to build and deploy applications satisfying a variety of real-world use-cases with high potentials for driving mainstream adoption within the Reef ecosystem.
Reef Grant Categories
We aim to provide funding to various layers of technology stack that are but not limited to:
- DeFi Lending protocols and Bridges: DeFi loans are one of the fastest-growing facets of blockchain and Decentralized Finance. We intend to leverage on the development of this service to further provide working financial solutions on the Reef Chain through this grant. Lendefi, which is the first lending protocol on the Reef chain is an example of this. The team at Lendefi are building a revolutionary lending protocol which would help facilitate leveraged trading and secure lending within a trustless environment. The integration of the Lendefi protocol on the Reef Chain has enabled the easy introduction of a credit pool linked to the Reef Chain. We intend to welcome a host of other Lending protocols into the Reef Chain through the provision of this grant, which we believe would bring us a step closer towards providing smart financial services to our users.
- Runtime Modules/Chains: We are also looking to channel some percentage of this fund into the development of Runtime Modules and Chain within the Reef ecosystem, as this would aid in infrastructural development and enable developers to create frameworks for making custom blockchains. We believe that this is a pertinent point to give blockchain developers experience and ease their onboarding. A good example of this is the Substrate framework that aids budding blockchains.
- NFT Development: With the global NFT market growing at an unprecedented rate in recent years, we intend to further drive this growth through our grant. We would be looking to fund projects who intend to bring this thriving market into the Reef ecosystem and empower NFT developers on the Reef Chain. DEIP Network and Realm are good examples of projects currently exploring this market on the Reef Chain. DEIP works to enable the discovery, evaluation, licensing, and exchange of intangible assets in a decentralized manner across ERC-20 and BEP-20 chains. Realm allows creators to combine music, art, and games to create the perfect realm and mint it as an ERC-1155. Discover art galleries in space to underwater auctions through augmented reality portals and collect pets with cross-chain genetics.
- DEXs: Kwikswap, a revolutionary cross-chain swap protocol with Layer 2 scaling is the first DEX to onboard on the Reef Chain. This unique DEX allows users to utilize their platform for swapping, market creation, providing liquidity, and staking. Reef Finance aims to provide funding for the development of other DEXs on Reef Chain for users to enjoy access to a larger liquidity basket across DEXs through Reef’s cutting-edge Liquidity Bridge.
- Wallets/Interfaces: This is one of the important technological layers that Reef aims to finance with its $20M funding. With the influx of projects currently onboarding the Reef Chain, the need for the development of wallets that would provide user-friendly interfaces for users to interact with DApps to conveniently explore a wide range of financial services within the Reef ecosystem, cannot be overemphasized.
- Development and Deployment Tools: Reef Finance is also looking to fund deployment and development companies that can provide reliable, secure, and scalable blockchain infrastructures for projects who intend to deploy on the Reef Chain. These projects would be responsible for taking care of hosting, syncing, and maintaining nodes, as well as providing a non-custodial validator solution and creating private chains for protocol or smart contract developments within the Reef ecosystem.
Our Long-term Goal
In summary, Reef Finance is creating an ecosystem of funding that will see projects built on its chain scale exponentially. It is not just about Reef, but about the blockchain, DeFi, and decentralization in general. The goal of this funding program is to provide support to companies and developers through their development cycle as well as what it takes to build a successful project. This will expose these budding projects not only to funds but partnerships through Reef finance that will guide them to greater heights.
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain 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. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out
After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.
Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.
On paper, this made Williamson the richest man in the world.
‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.
I look at it again and I’m like… at that point I fall out of my bed, literally.”
Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.
Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected.
This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents.
Williamson is keeping a positive attitude on the situation.
“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.
‘So, you know, let me know.’”
BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
PayPal and Visa Lead $300M Funding for Blockchain Capital
Blockchain Capital remains a major tech backer in the DLT space with investments in numerous crypto and DLT projects.
Fund V with $300M Funding
According to a press release published on Monday (June 22, 2021), Blockchain Capital has closed funding for its Fund V LP. The capital raise reportedly drew participation from several high-profile backers including global payment giants Visa and PayPal.
Capped at $300 million, Blockchain Capital’s latest fund was oversubscribed likely pointing to the continued appetite for DLT-related funding despite the current crypto market downturn. Apart from Visa and PayPal, university endowments, hedge funds, family offices, and pension funds also participated in the capital raise.
Bart Stephens, co-founder and managing partner at Blockchain Capital commented on the closure of the fifth VC fund, stating:
“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”
Spokespersons for both Visa and PayPal stated that their support for Blockchain Capital was part of efforts to boost innovation in digital finance. According to Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal:
“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”
Serial Blockchain Backer
Blockchain Capital is a serial investor in the crypto and DLT space. The company’s portfolio of projects cuts across several facets of the emerging industry including United States-based exchange giants like Coinbase and Kraken.
Blockchain Capital’s investment portfolio also extends to the decentralized finance market arena, backing projects like Aave, UMA, and Nexus Mutual.
Since securing about $2 million in funding from Blockchain Capital and other investors back in May 2018, OpenSea has been able to attract additional investments, including a $23 million injection as reported by CryptoPotato back in March.
Binance Coin’s recovery hinged on this
Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.
Binance Coin 4-hour chart
Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.
Visible Range’s point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.
However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236
Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.
Subscribe to our Newsletter
Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools
Coin Cloud Set to Operate 2000 Crypto Kiosks This Year
Paraguayan Official Confirms: In July We Legislate Bitcoin
Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes
This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means
Ethereum On-Chain-Analyse: Interesse trotz Drop groß
U.K’s crypto-users are growing in number, but do they even understand the asset class?
The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May
WAVES Technical Analysis: Price Can Move Either Ways
Tezos, Algorand, Zcash Price Analysis: 19 June
What governments don’t realize is going to happen with Bitcoin
When does Naraka: Bladepoint release?
Top DeepMind AI Products Revolutionizing The World
Sichuan province in China asks crypto miners to shut down operations
Alstef Group launches new software suite
Alinity talks ASMR meta, Amouranth and indiefoxx Twitch bans
Banks Afraid Of the Risks Associated With Crypto Assets Call for Regulation
Legends: The premium NFT minting platform
Call of Duty League Stage 4 Major Standings
Crypto Analyst Predicts Bitcoin Price Will Reach ‘$150,000 by December 15th, 2021’
Blockchain5 days ago
GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction
1 week ago
Valorant Ep. 2 FORMATION Player Card: How to Claim
News1 week ago
The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects
Uncategorized6 days ago
The World Bank wants no part in El Salvador’s Bitcoin revolution
Uncategorized1 week ago
Mark Cuban: DeFi could be the ‘next great growth engine’ for the US
Blockchain6 days ago
Survey: Hedge Funds Intend To Hold $300 Billion In Crypto Within 5 Years
Uncategorized6 days ago
Healthcare: A trillion dollar opportunity for blockchain?
Uncategorized1 week ago
Banks Should be Scared of DeFi Warns Mark Cuban