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/biz/ - Business & Finance

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27717627 No.27717627 [Reply] [Original]

Since there is a lot of interest, shilling, FUD, around REEF, I listened to the coffee chat that the CEO Denko just finished and typed up most of what got covered. I'm just paraphrasing what got said roughly in order. You can find the video here: https://www.youtube.com/watch?v=b7tz4jfYXyU


Getting on biggest Latin American exchange (which?).

In process of finalizing the 2nd and last audit (1st audit was last month).

Platform launch: REEF will launch with programmatic limits (i.e. the entire platform can only host $2m in assets to start, limits per user, which will gradually increase). This is part of scaling safely and part security (game theory: say a hacker finds an exploit, they will want to attack early in case another hacker finds the exploit too, so limited risk exposure).

Pulling mechanism: Hard problem of how to keep the fees as low as possible. Pulling means there is a lightweight smart contract that takes your basket choices and gradually gets you into the positions over time (say 1 hr from selection, though it will seem instant to user) to reduce gas fees. He noted that REEF will cover the hefty routing fees at first but eventually the fees get spread around over all users with a % fee. (Didn't mention L2 solutions like optimum or rollups) Said that current gas fees are "unbearable and unsuitable", they have that in mind.

Debit card: (note: not a fake Visa partnership) The first Defi debit card, launch before Q3. Your investments can "top up" (withdraw to) up your card automatically, say 2 times a month. You can top up card with crypto (e.g. ETH) to avoid gas fees. It only converts from crypto to fiat when you want to pay. You choose in what order the debit card works (eg fiat->ETH->REEF->etc). They also want to gamify (bonuses, rewards, points, cashback and tiers within cashback, etc). Deep integration/big emphasis with debit card.

>> No.27717658

Insurance: When exposed to certain protocols you may want insurance (eg Nexus). Then you need to understand gas, how to claim, how insurance works. Bad for normies. REEF allows you to hit one checkbox to "Insure your position". It takes some portion of your stake and pays for/balances your insurance for you (eg. you have exposure to UNI and UNI gets hacked, REEF gets you paid).

Generic: Basket becomes more generic, meaning users can use the SDK to compose in basket engine. Means you get to get more granular with baskets than the default options/sliders.

Analytics engine (AI) will recommend things to you ("diversify into this"). It will also keep track of if the user listened, if not what the user did instead, was what the user did more profitable, and update itself accordingly. So, machine learning using all the basket composition on the platform.

NFT: One of their biggest investors (Jehan Chu) just purchased the .nft domain. This is good. NFTs will be part of REEF investment strategies (Defi NFTs, Aavegotchis, etc).

>> No.27717773

>last post

Why use REEF if I'm already in Defi: REEF wants a value prop for users like this. When you get in REEF, there is a button called "Basketize my existing positions" and it will bundle everything. Then you can get the debit card (seems like debit card is a big deal to them). On the platform you get additonal insights and ability to optimize your position.

Security: The project is moving slowly due to security. If REEF gets hacked, regardless of how good it is, it can collapse. They are controlling for this through audits, technical expertise, incentives, game theory.

Binance staking: (dodged the question) Talked about farming opportunities that existing on Huobi, Binance, Unifarm, LP bonds (nice) but consciously dodged if/when binance staking.

REEF during bear market?: The crypto market is more mature this time, the lows won't be as bad. During bears, users will want to be in stablecoin. There are stablecoin specific baskets that you can easily switch to.

Gas fees: Optimizing for gas fees is one of the hardest tech challenges. Mentioned pulling mechanism again.

>> No.27717844

I'm holding because I can't afford the gas fees to swap my shitcoins around anymore so I hope it does well. I bought it because of the memes.

>> No.27717965

>>27717844
ethereum is a fucking abomination, I cannot WAIT until ada mainnet. imagine having to pay the price of a triple AAA video game everytime you want to buy shitcoins. piece of fucking trash.

>> No.27717999

>>27717844
same here, got 10,000 REEF
>>27717627
thanks for the high quality post OP

>> No.27718439

if they really can deliver this has potential to become yuge, from a normie perspective I'm just wondering how they would integrate their "layer 1" with large marketplaces like binance/coinbase

expecting normiefication for something that's not promoted on the largest markets is a bit of a stretch, to me at least

anyway I'm in for the ride with a healthy stack

>> No.27718534

Overall, if this is vaporware or pure PnD, it's a REALLY convincing one.

On the other hand, this is some real shit (Defi debit cart? buying petrol with ETH?). If they do all the shit they're talking about this project will be insanely huge so I'm skeptical

Definitely not an all-in type of investment but I have 10% of my portfolio in it.

>> No.27718610

>>27717627
It's dumping

>> No.27718740

>>27718610
Normal correction after doing a 3x, it will moon again soon.

>> No.27718992

Thanks for this op.
Bump

>> No.27719189

How does this shit have 50m volume on binance wtf

>> No.27719777

Some people don't understand it's sometimes better to take a risk to 5x your money, why tf would you even have Ethereum or bitcoin in your wallet? To get a gain 3% a day and next day -2? Reef is solid and still easy to at least x3 in a short timespan. That litterally the reason why people are in it, most of the other low value coins on binance are fcking shit and memed so why not be a reefer anons

>> No.27720239

>>27718740
wtf it's not making x20 every day what a scam

>> No.27721726

Bump again.

Everyone's off in "when moon?" threads, when this thread has all the answers. Fuckin /biz/.

>> No.27722842

>>27717627
Thanks for the lowdown, OP.

>> No.27723038
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27723038

>>27720239
>I want my 100x TODAY