2023-03-15 21:03:01
Hey Reefians
This is additional information regarding the ~400M REEF minted in the last 24 hours.
Eagle-eyed observers then noted that a portion of these REEF were moved BNB Chain, and eventually to Binance.
As seen in Reef's tokenomics, a portion of total REEF supply are allocated to liquidity and ecosystem reserves. As part of this allocation, ~400M REEF were brought online for this purpose, effectively locked in Binance or a bridge to be launched later.
While we prepare for a highly liquid cross-chain bridge, Reef's core team is also keeping its eye on the future. When this bridge launches, it will be the primary and best way for users to bridge REEF and other tokens to and from Reef Chain.
However, we all need contingency plans, and that's what these REEF are for. In an effort to ensure most crypto users always have a way to bridge REEF, these newly minted REEF are being deployed to ensure our amazing community has several bridging options available, no matter what is happening in the industry.
These REEF are not being sold. They are being used to facilitate bridging REEF to and from Ethereum, BNB Chain & Reef Chain across both centralized and decentralized platforms. The long-term goal is to have as many REEF as possible bridged to Reef Chain, and liquidity must exist for that to be possible.
As we continue to accelerate Reef's ecosytem throughout 2023, we anticipate these REEF will move around in order to ensure high liquidity across various types of bridges. We will do our best to communicate these movements ahead of time, or shortly thereafter so that you can keep abreast of the latest moves and why.
Once again, we are sorry for any confusion created and we hope you understand that we did this for the long-term benefit and future of your $REEF and Reef Chain!
Thank you once more for your patience and understanding as work to give you clear and factual information as best we can.
And thank you for reading and being part of this journey. The best is yet to come!
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