Binance Enables Reef Chain Support

Published on: 29.04.2022

Binance enables Reef Chain Support. Reef was a title sponsor at the Binance Blockchain Week 2022in Dubai from March 28–30. During this event, the team formed many new relationships with hundreds of marketers, developers, and founders, while strengthening the existing relationships they already had.

Binance enables reef chain support which users can now move their REEF tokens, via Reef Chain, in and out of Binance. That is right! Binance has successfully integrated and supporting the Reef network, which now allows their users to deposit or withdraw REEF tokens only at the network cost of 10 REEF per transaction.

REEF’s token contract address on Reef chain is:
0x0000000000000000000000000000000001000000

The withdrawal fee on Reef is only 10 REEF, making it less than half the cost to withdraw REEF to BNB Smart Chain, and 300x less expensive than withdrawing to Ethereum

Binance is the number one centralized cryptocurrency exchange platform facilitating over $16 billion in daily trade volume as of today, and a capacity to fill more than 1.4 million orders per second.

Reef

Reef Chain is a layer 1, Substrate based blockchain that is the most advanced Ethereum VM-compatible blockchain available. 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 an additional VM 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.

Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.