Reef ranks #220 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #1725: 1505 of the 1724 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 1962 non-native assets CoinSpectrum lists above it by market cap, about 77% are tokens, 19% are claims on other assets and 5% are memecoins.
| CoinSpectrum Grade | C · 52/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #220 |
| Rank counting claims | #1725 |
| Market capitalisation | $2M |
| Price | $0.0000434 |
| Circulating supply | 37,930,403,865 REEF |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | NPoS (BABE + GRANDPA, Substrate EVM) |
| Network purpose | Smart-contract platform |
| Ledger type | Multi-asset ledger |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
C — 52 out of 100, provisional (from 17 of 20 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 43 to 60 (D to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards (Source) | 4.6 | group average, 10 of 13 measured |
| Sound Money Qualities (6 checks) | 5.8 | 2.3 of 4 points, 2 not yet measured source |
| Scarcity: a fixed cap that holds, and a supply near 21 million | 2.8 | no fixed maximum; 37.9 billion in circulation: supply scale 5.5, cap 0 |
| Durability: five years or more with no halt, freeze or reversal | ✓ | 5 full years since its first recorded price, no halt, freeze or reversal in five years |
| Fungibility: every unit interchangeable, none the protocol can freeze or set apart | ✗ | an authority can freeze funds: A live sudo key (5FbcwQHJCC74jzipjTpm2GmfmvRQ2LpmGAF2SFmfwypnA355) can dispatch any root call, including Balances.set_balance on any account and runtime replacement; it was used 14 times for set_balance, most recently on 2025-07-28. |
| Divisibility: the smallest unit worth a cent or less | ✓ | 18 decimal places, the smallest unit worth $4.3e-23 |
| Portability: fees of a cent or less and capacity for real demand | – | |
| Verifiability: open-source nodes and checking without a trusted server | – | node software open source |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Whitepaper privacy: keys are not tied to an identity | ✓ | Accounts are user-generated sr25519/ECDSA keys checked by the balances pallet, with no identity condition on transfers. |
| UTXO ledger: a new key for each payment, no account linking every coin | ✗ | |
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | Substrate libp2p gossips transactions directly; no Dandelion or Tor. |
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | Balances and transfers are public. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | Sender and receiver accounts are public. |
| Scalability (fees, throughput, block time, block space, features) | — | too few measures yet source |
| Fees ($0.001 or less 10, $1 or more 0) | – | not yet measured |
| Throughput (2,478 a second, the busiest network's peak day, 10; 119, the median of the ten busiest, 5) | – | not yet measured |
| Block time (10 minutes 10, less either side) | 2.8 | a block every 6 seconds |
| Block space per 10 minutes (32 MB or more 10) | – | not yet measured |
| Features (3 checks) | 0 | 0 of 1 passed, 2 not yet researched |
| Payments safe to accept within seconds | ✗ | Blocks are 10 seconds apart (BABE) and GRANDPA finality follows later, so acceptance takes well over five seconds. |
| Pruned nodes: a full node can validate and drop old history | – | reef-chain-node v10 (2022) state pruning is documented, block pruning was not established. |
| Light clients verify payments from headers or proofs, without a trusted server | – | Substrate/GRANDPA light clients exist in general, but support for Reef's 2022 node was not established. |
| Security (miner pay and 7 checks) | 4.5 | 4 of 8 points, 1 not yet measured source |
| Miners paid a day ($1,000 0, $10 million or more 10), 2 points | 0 | not mined |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | ✓ | 8.33% |
| Largest three under 75% | ✓ | 19.83% |
| More than one maintained client | ✗ | 0 |
| Node software is open source | ✓ | Reef Finance / Reef Chain's core team controls the reef-defi repositories and the chain's sudo key; the Deep Current upgrade path is being built by Antier Solutions for Reef. |
| Real on-chain use: 1,000+ transactions a day | – | |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Programmability (tokens, contracts, 5 checks) | 7.8 | 7 of 9 points source |
| Token issuance at protocol level, validated by its own nodes | 2 | ERC-20 contracts on Reef chain's Substrate EVM, open to any account. |
| Smart contracts: a general-purpose contract system | 2 | EVM module on Reef's Substrate chain, open to any account; its explorer indexer last showed blocks in August 2026 and the bridge closed in February 2026, so liveness is medium confidence. |
| Multisig and time locks | ✓ | pallet_multisig and pallet_scheduler in the runtime, plus EVM contracts that check block time. |
| Atomic swaps with other chains | ✓ | Hash-locked, time-locked contracts can be written for its EVM. |
| An exchange built into the protocol | ✗ | No exchange pallet in the runtime; ReefSwap is a contract. |
| Cross-chain messaging the chain verifies itself | ✗ | Not a parachain and no XCM in the runtime; EVMBridge links its own EVM and native layers only. |
| Non-fungible tokens | ✓ | ERC-721 contracts on its EVM. |
| Decentralisation | 4.3 | section average, 6 of 8 measured |
| Censorship resistant (Source) | 0 | An authority can halt the chain or freeze funds: A live sudo key (5FbcwQHJCC74jzipjTpm2GmfmvRQ2LpmGAF2SFmfwypnA355) can dispatch any root call, including Balances.set_balance on any account and runtime replacement; it was used 14 times for set_balance, most recently on 2025-07-28. source |
| No central team (Source) | 0 | A central team directs it: Reef Finance / Reef Chain's core team controls the reef-defi repositories and the chain's sudo key; the Deep Current upgrade path is being built by Antier Solutions for Reef. source |
| Who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Nodes (Source) | 4.5 | 23 active validators or block producers (source: Active) |
| Holder concentration (Source) | — | Not yet measured |
| Premine (allocated at launch) | 6.3 | 37.2% of today's supply allocated at launch to founders, a company, a foundation or investors. Initial supply was 20,154,677,031 REEF (originally ERC-20/BEP-20, later migrated to Reef Chain). Everything except the 29.96% 'protocol emissions and liquidity rewards' pool was an insider or founder-directed allocation: team 16%, Foundation 17.57%, ecosystem 12.4%, seed 7.14%, strategic 8.33%, private 5.6%, Binance Launchpool 3%. That is 70.04%, or about 14.12B, against the current 37,930,403,865 REEF (CoinGecko, 2026-10-23). source |
| Fundraising | 6.3 | Sold by its issuer or insiders: 37.2% of supply was theirs to sell, 11.1% sold so far. Seed: 1.43B at $0.0007 ($1.0M). Strategic: 1.67B at $0.0009 ($1.5M). Private: 1.12B at $0.00125 ($1.4M). Total $3.9M. The Binance Launchpool tranche (600M, December 2020) was farmed, not sold. source |
| Developer share (after launch) | — | Not yet researched |
| Supply & Demand | 4.8 | group average |
| Supply & Demand (Source) | 4 | average of 6 measures |
| Exchanges (10 or more: 10) | 2 | 2 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 0.6 | $53,516 traded in 24 hours; #2369 by volume on the exchanges the site reads (scored on the median day of the last 30, $19,376) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 6.5 | 1.1% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 4.2 | $291 within 2% of the price on 2 exchanges, 0.02% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 0.5 | $1.6M, 0.5 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 10 | no futures, options or margin on the exchanges read |
| Supply (smaller is better) | 5.5 | no fixed maximum; 37.9 billion in circulation |
| Record | 5 | group average |
| Record (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
| Age (years since genesis) (Source) | 5 | 5 full years since 2020-12-29, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 0 | 0 positive, 1 negative source |
| Negative | ||
| Steady work, 0 of 6 | ✗ | 0 commits in 0 of the last 12 months (github.com/reef-defi/reef-chain); The node's last release is reef-chain v10 (github.com/reef-defi/reef-chain, 2022-08-03; last commit 2022-08-18), applied on-chain by sudo set_code the same day. The 'Deep Current' upgrade to polkadot-sdk stable2512 has run only on the Pelagia testnet (opened May 2026), with no mainnet release. |
Twenty criteria, weighted equally. The Cryptocurrency Standards have six sections: sound money qualities (six checks: scarcity, durability, fungibility, divisibility, portability, verifiability), privacy (five checks), scalability (four measures and three features), security (miner pay and seven checks), programmability (token issuance, smart contracts and five checks) and decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share). Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
37,930,403,865 REEF are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 37.2% of today's supply |
|---|---|
| Sold by the issuer or insiders | 11.1% of today's supply |
| Nodes or validators | 23 |
| Fundraising | Private or venture funding |
Initial supply was 20,154,677,031 REEF (originally ERC-20/BEP-20, later migrated to Reef Chain). Everything except the 29.96% 'protocol emissions and liquidity rewards' pool was an insider or founder-directed allocation: team 16%, Foundation 17.57%, ecosystem 12.4%, seed 7.14%, strategic 8.33%, private 5.6%, Binance Launchpool 3%. That is 70.04%, or about 14.12B, against the current 37,930,403,865 REEF (CoinGecko, 2026-10-23).
Seed: 1.43B at $0.0007 ($1.0M). Strategic: 1.67B at $0.0009 ($1.5M). Private: 1.12B at $0.00125 ($1.4M). Total $3.9M. The Binance Launchpool tranche (600M, December 2020) was farmed, not sold.
Not established. In the Reef runtime, NPoS staking rewards go to validators and nominators, the reward remainder is burned (RewardRemainder = ()), and fees are burned, so there is no treasury cut. However, the proof-of-commitment module pays the elected Technical Council 1% of total issuance per year (CouncilInflation). Whether that council is seated and paid on the live chain, and what share of issuance it represents, could not be verified; the public runtime source was last updated in 2022.
The site has no label yet. The allocation table is from Binance Research's project profile; BingX gives different rounds (private 16%, seed 9%). Whether part of Reef Chain's inflation went to a council-controlled treasury rather than stakers was not established; any such share would raise the figure.
Sources: github.com · github.com · binance.com · bingx.com · coingecko.com. Researched 2026-10-26, low confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Reef is #220 among cryptocurrencies and #1725 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 1505 places between Reef's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).