Reef presented Reef Community Participation Bonus

Reef presented this Monday, February 28, through its Twitter account, the new Reef Community Participation Bonus. According to the company, $Reef CSB gives community members who have been unable to earn rewards by nominating and linking to Validators a new way to earn, all powered by Reef’s new web app.

Image about Reef’s Twitter post

“February has been very busy for the Reef team. We worked with some amazing artists to put together the first Reef Metawall, we spent over a week in Denver educating people about Reef and why implementing their dApp on Reef is so compelling, we put out our first call for artists to exhibit at the Next launch of NFT on Reef markets, we issued and announced our first wave of Reef Grant Fund recipients and launched Reefscan v2. Earlier today, Shield Protocol announced that Reef Chain support is coming to Shield Wallet. To conclude the month, we are delighted to introduce the Reef Community Participation Bonus!”, he said through an article published on the Medium platform.

What are reef bonuses?

These are DeFi initiatives where users could stake their assets during a certain lock-up period and earn lucrative profits. Reef Bonds were previously (2021) issued on Ethereum where transaction fees were quite expensive and therefore prohibitive for many of our community members.

What is the Reef Community Participation Bonus?

The company assured that the Reef Community Staking Bond (CSB) is quite different from the previous set of Reef Bonds. The Reef CSB runs on top of a new Validator recently added to the network, giving community members a new way to participate in consensus without having to worry about being one of the top 64 nominators for a Validator. This is nomination and bonding within everyone’s reach.

In their opinion, if the user chooses to participate, their REEF is automatically locked in the entire duration of the bonus, which ends on February 24, 2023, at 09:36 UTC. From time to time, all you must do is sit back and relax while the Community Staking Bond does all the work. You can also add more REEF to your bonus at any time.

Similarly, he highlighted that bondholder could keep track of how much they’ve earned so far right on the app. Once the bonus period expires, withdrawals will be enabled so you can get your bet back plus any winnings.

Also read: Flunks shared the first phase of his roadmap

How to take part?

Step 1. Visit Reef Dashboard at the following link:

Step 2. Reef.js will ask you to connect to the app. Accept the connection and enter your password if necessary.

Step 3 – Enter the number of REEFs you wish to link and select Continue.

Step 4: You will be prompted to approve the interaction with the Reef CSB smart contract. Make a note of any important details on the transaction notice and select “Sign the transaction”.

Step 5: A second transaction will be displayed; this is the participation transaction. Make a note of any important details on the transaction notice and select “Sign the transaction.”

Step 6 – When the transaction has been processed a few seconds later, its STAKED value will automatically update. The WON value is not updated in real time but can be checked by simply refreshing the page at any time.

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