Reef to Hold Token Burn
Reef reported the execution of a token burn of 148,177,692.44773 REEF across Ethereum and BNB Chain on September 22.REEF InfoReef is a comprehensive blockchain solution developed using Parity’s Substrate technology. Initiated in 2019 by Denko Mancheski, it started as a DeFi platform and has since evolved into a robust layer 1 blockchain, providing a unified platform for complex applications.The Reef network operates on a Nominated Proof of Stake (NPoS) consensus mechanism. This system allows nominators to stake their REEF tokens in support of validators, who in turn, process and validate transaction blocks. When a validator successfully completes this process, the reward is distributed between the validator and the backing nominators, promoting a cooperative system.The native token of the Reef network, REEF, plays a critical role in network governance and transaction fee payments.