Ref Finance is a community-led, multi-purpose Decentralized Finance (DeFi) platform built on NEAR Protocol. Ref combines several core components: a decentralized exchange, lending, a synthetic asset issuer, and more -— into a single, synchronous DeFi stack.
Ref will take full advantage of NEAR’s low fees ($0.005 per swap), one-to-two second finality, and WebAssembly-based runtime (hello, Rust smart contracts!) to rival even CEX costs and speeds and become a powerful addition to the increasingly multi-chain DeFi ecosystem.
Using the recently launched Rainbow Bridge (NEAR <> ETH), traders can utilize the billions of dollars in ERC-20-compliant assets from Ethereum, and eventually, from any chain (BSC, Polygon/Matic, Cosmos/IBC, and others) on NEAR.
Ref Finance’s first product is an automated market maker (AMM). It is similar to Uniswap, with a few changes:
Multiple pools in a single contract. Traders can trade across pools atomically in a single transaction.
Customizable LP fees per pool. LPs can charge higher fees for illiquid or highly volatile tokens. Referral fees for swaps, currently set at 1 bps. Developers can earn rewards for building UIs and other applications on top of Ref Finance.
The Ref Finance community is planning to launch a DAO on NEAR (using Sputnik DAO) to facilitate future development, upgrades, and community building. The DAO’s treasury will receive 4 bps from each swap.
The DAO will be governed by the $REF token, which will be distributed to LPs, developers, and users of the platform. The distribution details and mechanisms will be described in subsequent posts.
Top comment
Solid platform for decentralized finance on Near. Any tips or favorite features from fellow users?
The website is easy to use and fast. Trading fees are low and I can stake xRef for profit. However recently, the APR has been relatively low, around 6%.
I recently started using Ref Finance on Near and it's been a smooth experience so far. Love the user-friendly interface
Stake ref here to receive reward
First dApp i use on Near, swap assets very easy