Reef Finance upgrade v7 goes live, fueling REEF’s 10% rally

Key Takeaways:

  • Reef Finance, the first Polkadot project ever launched on Binance Launchpool, underwent an upgrade.
  • The platform has new products scheduled for Q4 2021.
  • As a result of the upgrade, the native token REEF jumped over 10%.

YEREVAN (CoinChapter.com) – REEF, the governance token of the DeFi platform Reef Finance, rallied over 10% in the past 24 hours, while the platform announced that the Reef v7 upgrade went live on the mainnet on Oct 13. The upgrade has several improvements, including Remix ERC-20 support, and the launch of Dapps like ReefSwap and ReefScan.

In detail, Reef Remix is a platform for development tools. The announcement specified, that as a result of the upgrade, the smart contract deployment and verification are fully automated, and developers can easily deploy new ERC-20 (Ethereum Request for Comment) tokens through the platform.

The announcement above also mentioned ReefSwap. Decentralized exchange (DEX) ReefSwap is the first Dapp on Reef Finance. In a recent interview, Reef’s chief executive Denko Mancheski commented on the current status of the DEX and its prospects in the upcoming months.

It’s still a work in progress. One can already go there but we have a very small pool of test tokens. It works with the Polkadot JS extension right now, but in Q4 we are planning to have our own extension, which will improve the user experience even further.

said the CEO.

Also read: Reef Finance mum as bulls ignore Hypersign partnership, BitFinex listing; what to expect?

What’s ahead for Reef?

The executive also mentioned that Reef Finance is preparing to launch both a mobile app and a web wallet in Q4. He commented on the fact that the company promised to release the mobile app in Q3, and said he wasn’t happy with how it “looked and behaved”.

Moreover, Mr. Mancheski singled out the mentioned web wallet as the main focus in Q4. He commented that the wallet will have wide functionality. It will take care of users’ basic needs, such as creating a wallet, downloading the extension, setting up the account, etc.

Also read: DOT jumps 31% as Polkadot announced date for Parachain auctions

The platform’s governance token REEF responded to the news and jumped over 10%. The digital asset traded at $0.024 ahead of the New York session Thursday.

REEF daily chart

REEF peaked at $0.026 earlier in the session, and once again retested a resistance line ($0.027) that has been significant since late August.

If the digital asset manages to break through the said line, it can then retest it as support and continue the uptrend with more confidence. Should the token retreat, it still has the 50-day exponential moving average (EMA-50) to seek support.

REEF struggling with resistance. Source: REEFUSD on TradingView.com
REEF struggling with resistance. Source: REEFUSD on TradingView.com

Also read: Bitcoin heads towards $60K after U.S. inflation report shows another spike in consumer prices

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