Ref Finance cryptocurrency exchange is a platform that utilizes the advantages of NEAR's low fees, speedy finality, and WebAssembly-based runtime to provide a DeFi marketplace for tokens native to the network. It gives users access to an Automated Market Maker (AMM), staking opportunities in LP token farms, and liquidity options for its system. The platform was launched in 2021.
Being a decentralized platform, it has no KYC policies. Users intending to make use of the protocol only have to connect their existing cryptocurrency wallets to gain access to the platform. Furthermore, there are no restrictions on any citizen of any country who wants to make use of the services offered on the Ref Finance cryptocurrency exchange.
There are over 30 Ref Finance trading pairs. Additionally, it supports markets like USDT, WNEAR, USDC, and REF. There is no Ref Finance spot trading option, and neither are there options for margin and futures trading. Instead, the exchange provides the swapping function to its users. People taking part in the platform can choose to either buy and sell or offer liquidity by exchanging an amount of each underlying token for LP tokens, which are also known as “pool tokens.”
In terms of Ref Finance exchange fees, users pay for token swaps and staking fees in farms and pools. These fees are determined by the blockchain or cryptocurrency in question. Furthermore, the platform does not charge for crypto deposits. However, the Ref Finance crypto price paid on withdrawals is determined by the crypto network the user wants to withdraw from. Besides, Ref Finance crypto exchange charges a fee for using liquidity pools. The pool fee varies from 0.05% to 0.3%. Fees are accrued in real time and can be claimed when users withdraw liquidity.
The REF token is the governing token of the Ref Finance cryptocurrency exchange with a total supply of 100 million. It supports protocol revenue sharing to provide rewards for holders and can be used in pooling, farming, governance, and speculation activities with the potential to generate profits while safeguarding the whole ecosystem. With an aim to become a fully community-managed system in time, REF will have a major role when that happens.
The Ref Finance crypto platform also allows users to generate passive income by staking and yield farming.
Moreover, it has the Ref Finance DAO that utilizes the SputnikDAO, a NEAR-based DAO hub, to make operations more efficient. Members are not only granted voting rights but they can be involved in project management, product testing, and strategy development, along with public relations and communication activities.
Lastly, the project offers REF SDK, which allows developers to build on top of Ref Finance.
About the Company
Illia Polosukhin, the co-founder of the NEAR Protocol, originally developed Ref Finance as a decentralized finance platform. Proximity Labs, a research and development company focused on NEAR, was given resources from the NEAR Foundation to expand and bolster the DeFi service they offered, resulting in an increased capacity for operations.
Polosukhin was previously an engineer at Google, where he worked on distributed systems and machine learning projects. Illia has over 10 years of experience in software engineering and product management. In addition to his work with NEAR, Illia is also involved in several other projects related to blockchain-based applications such as OpenLaw, which provides legal automation services using smart contracts.
Octopus Network, which specializes in appchain operations, has joined forces with Ref Finance to take advantage of the latter's grand designs for the decentralized finance world. This alliance was initiated when Louis Liu, creator of Octopus Network, posted a proposition on Ref Finance’s governance forum and outlined the advantages of an exchange between the two networks. From there, Octopus Network became a joint venture that created a token exchange agreement with Ref Finance. This partnership will result in more locked tokens on Ref Finance, an expanded treasury for Ref holders, and easier access to other platform tokens.
As of February 2023, the Ref Finance trade volume ranges around $106,000. To know the current Ref Finance volume, take a look above.