As has been seen several times this year, Reef takes a hammering when BTC's price goes attention seeking. Nearly all of Reef's big pull backs can be attributed to BTC, rather than anything to do with the project itself. Recovery, albeit slow, has always come though. Reef has shown that it can seriously pump too.
Happily, buying volume today points in the direction of reassurance about how Reef is viewed following yesterday's BTC tantrum, perhaps because Reef's fundamentals are going from strength to strength.
In particular, the launch of the canary network version of the Reef mainnet has just been announced for the end of this month. The transition from canary network to full operation is expected to be swift. As well as this Reef will likely be a prominent part of the Polkadot cryptospace when it launches. Gavin Wood has indicated this launch too is now not far away - it will quickly follow the stable launch of parachains on Kusama. Reef will also have EVM compatibility, enabling it to work with both Ethereum and Polkadot. If that isn't enough, Reef will form it's own ecosystem, with other projects looking to build on the Reef chain - driving token demand.
I think Reef is an increasingly strong project: a purpose built defi ecosystem that also that acts as a link between Ethereum and Polkadot.
Regardless of the direction taken by BTC and the cryptomarket over the coming weeks and months, anything connected to the launch of Polkadot has the potential to do better than average in the short to medium term. Reef's roadmap has some incredible potential in it for later this year too - Reef baskets for the Steam gaming network are one very intriguing example - the potential for NFTs in the traditional computer game space is lucrative to say the least.
With a current marketcap of $330M, a doubling in value would take the marketcap to just over Reef's ATH, however as both Reef and Polkadot's projects actually start trading properly, there must be potential to do comfortably more than that.
Happily, buying volume today points in the direction of reassurance about how Reef is viewed following yesterday's BTC tantrum, perhaps because Reef's fundamentals are going from strength to strength.
In particular, the launch of the canary network version of the Reef mainnet has just been announced for the end of this month. The transition from canary network to full operation is expected to be swift. As well as this Reef will likely be a prominent part of the Polkadot cryptospace when it launches. Gavin Wood has indicated this launch too is now not far away - it will quickly follow the stable launch of parachains on Kusama. Reef will also have EVM compatibility, enabling it to work with both Ethereum and Polkadot. If that isn't enough, Reef will form it's own ecosystem, with other projects looking to build on the Reef chain - driving token demand.
I think Reef is an increasingly strong project: a purpose built defi ecosystem that also that acts as a link between Ethereum and Polkadot.
Regardless of the direction taken by BTC and the cryptomarket over the coming weeks and months, anything connected to the launch of Polkadot has the potential to do better than average in the short to medium term. Reef's roadmap has some incredible potential in it for later this year too - Reef baskets for the Steam gaming network are one very intriguing example - the potential for NFTs in the traditional computer game space is lucrative to say the least.
With a current marketcap of $330M, a doubling in value would take the marketcap to just over Reef's ATH, however as both Reef and Polkadot's projects actually start trading properly, there must be potential to do comfortably more than that.