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Price (USD)$ 0.0239
Circulating SupplyREI 964.62672M
Volume (24h)$ 1.81928M
Market Cap$ 23.03029M
Low/High 24h$ 0.0238 - $ 0.0251
Change (24h)-$ 0.001186
Decentralized finance, a new financial paradigm that leverages distributed ledger technologies to offer services such as lending, investing, or exchanging crypto assets, has become exceptionally popular. One of the projects that aims to develop the field is REI Network, an upgraded version of GXChain launched in December 2021; the network changes were brought to improve the adaptability of blockchain development trends and booming DeFi. REI Network is a lightweight, EVM-compatible, high-performance, and gas-free public chain. Let’s take a closer look at the project and see how it can alter the face of decentralized finance.
The REI network was founded by Mcqueen Huang with the idea of developing a high-performance blockchain that could adapt to the growing demands of the businesses. He is an entrepreneur with a strong background in blockchain and has been involved in crypto world fields since 2012 with experience initiating several projects. Before founding REI, Huang worked as the CTO of two companies, Hakim Information Technology Co., Ltd., and Insigma Internet.
The REI network uses Delegated Proof of Stake (DPoS) and Byzantine Fault Tolerance(BFT) mechanisms to ensure the scalability and security of the network. At least 21 validator nodes are needed in the network ecosystem for computation, storage, and operation. During the Super Node Election, the validators are chosen through voting. Official Validator nodes are the top 21 nodes in terms of votes. The REI network's slash mechanism penalizes validator nodes who break block-producing rules by taking away some of their staking privileges and designating them as ‘SLASHED’ in order to maintain network integrity.
The REI DAO, the decentralized governance community of REI, is an open and transparent governance model consisting of REI token holders, community members, and ecological stakeholders. Apart from governance, DAO is also involved in voting and approving new projects applying for REI network Grants.
The project has a number of unique features that help it stand out among other DeFi companies:
At its core, REI Network is designed to adapt effortlessly to the evolving blockchain space, boasting a developer-friendly, lightweight, high-performance, and zero-fee blockchain framework. Its EVM compatibility allows for seamless integration with a wide range of Ethereum-based applications and services.
This compatibility forms the foundation for the collaboration with Pira Finance, as it opens up new possibilities for both platforms and their users. Pira Finance stands out as a #1 Native community-owned DEX built on Base. Its focus on inclusivity and empowerment aligns perfectly with REI Network’s vision of providing low-cost development, rapid application migration, and an ecosystem that knows no boundaries.
Due to its EVM compatibility, REI Network may easily interact with other DeFi services as well as Pira Finance's decentralized exchange (Pira DEX). Because of this interoperability, members of the REI Network can access Pira Finance's DEX and investigate the many financial options that Pira Finance provides.
Another partner for REI Network is AlphaGPT, a disruptive innovation technology company that utilizes advanced artificial intelligence to create a secure and regulated cryptocurrency incremental environment. Together, REI Network and AlphaGPT aim to redefine the way we perceive and engage with cryptocurrencies, trading, and the broader blockchain ecosystem. They can work together, providing enhanced trading strategies, smart contract utilization, data analysis and insights, and expanded trading opportunities, among other benefits. Additionally, in July 2023, Binance Simple Earn launched $REI Locked Products.
$REI is the native token of REI Network which secures the running of REI Network. REI token has the following applications:
The responsibility of REI holders is primarily to ensure the stable and secure operation and ecological growth of the REI Network public chain by building governance processes and infrastructure that work, and to defend against proposals that do not support the core objectives of governance, which is in the core interest of REI holders.
REI holders need to openly communicate and express their views on the various issues being addressed by REI governance at any given time and seriously participate in the forum discussions; the content of the proposal and the logic behind it is one of the main criteria for measuring the quality of the proposal.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.