Ref Finance is a multifunctional decentralized finance platform on NEAR, integrating decentralized trading, lending, synthetic asset issuance, and is notable for its extremely low transaction fees and multi-chain scalability.
Ref Finance leverages Rainbow Bridge to connect assets from various blockchains to NEAR, aiming to become the DeFi center with transparent community governance, fast processing speeds, and optimized user experience.
MAIN CONTENT
Ref Finance is a multi-functional DeFi platform on NEAR, integrating DEX, lending, synthetic assets, and community governance using the REF token.
Technological advantage: extremely low transaction fees of only $0.005, multi-chain support via Rainbow Bridge, user-friendly design, and efficiency.
The REF Token plays a role in governance, fee sharing, encouraging ecosystem development, with a clear roadmap aimed at becoming a DeFi hub on NEAR.
What is Ref Finance?
Ref Finance is a multifunctional decentralized finance platform built on NEAR, integrating decentralized trading, lending, synthetic asset issuance, and community governance tools based on the REF token.
Ref Finance was created to fill the missing piece of DeFi on NEAR, providing fast trading experiences, low fees, and multi-chain scalability. This platform allows users to swap tokens, provide liquidity, participate in lending, issue synthetic assets, and contribute to community governance through DAO.
Integrating Ref Finance as a multi-chain AMM into NEAR will elevate the DeFi user experience to a new level, optimizing performance, costs, and cross-chain interoperability.
Illia Polosukhin – Co-founder of NEAR Protocol, speaking at NEARCON 2023
What is the role of Ref Finance in the NEAR ecosystem?
Ref Finance plays a central role in the NEAR ecosystem, being a key DeFi platform that drives capital flows, liquidity, and the development of dApps on NEAR.
Ref Finance leverages processing speeds of 1-2 seconds, with swap fees of only $0.005, integrating Rainbow Bridge to connect assets from Ethereum, Polygon, Cosmos, and many other major blockchains. This helps NEAR attract capital flows, increase liquidity, and become an attractive destination for dApp developers, investors, and the global DeFi community.
What features make Ref Finance stand out in the AMM DEX market?
Ref Finance stands out due to its integration of multiple pools on a single contract, customizing LP fees for each pool, sharing revenue with developers, supporting multi-chain swaps, and an open governance model using the REF token.
Unlike traditional DEXs like Uniswap, Ref Finance allows each swap transaction to utilize multiple pools simultaneously, saving gas fees and optimizing efficiency. LPs can actively choose the appropriate fee level for each token type, especially useful for low liquidity or highly volatile tokens. Additionally, developers are encouraged to build interfaces and dApps through a referral fee sharing and application commission mechanism.
The ability to choose fees, manage pools flexibly, and share commission fees are key factors that create a clear differentiation for Ref Finance. This is a practical approach that attracts both developers and LPs.
Alex Shevchenko – CEO of Aurora Labs, commented on Nearweek, June 2023
Notably, Ref Finance connects directly with the Rainbow Bridge, creating a bridge between NEAR, Ethereum, and major blockchains, turning NEAR into a multi-asset center, outperforming DEXs that only operate on a single blockchain.
What technology does Ref Finance leverage to support swaps, lending, and multi-chain development?
.
Not only operating on NEAR, Ref Finance has also expanded to many chains such as BNB Chain, Polygon, Cosmos (IBC). The WebAssembly (WASM) technology on NEAR allows transactions to be completed in 1-2 seconds with fees of only $0.005 per swap, leading in performance and costs compared to traditional DEXs.
According to The Block's report (2023), the total value of multi-chain assets unlocked through bridges like Rainbow Bridge has exceeded $1.8 billion by mid-2023, with exceptional processing speeds thanks to the Nightshade consensus mechanism on NEAR.
The Rainbow Bridge connects a large amount of assets from Ethereum to NEAR in particular and the multi-chain ecosystem in general, paving the way for increasingly diverse DeFi applications.
Data: The Block Research, Q3.2023
The Ref Finance community implements a decentralized autonomous organization (DAO) directly on NEAR, gathering opinions and making important decisions from the REF holder community, creating transparent, decentralized governance.
What is the REF Token and what role does it play in the Ref Finance ecosystem?
REF is the governance token of the platform, playing a key role: voting, receiving a share of transaction fees, encouraging protocol development, and ensuring a balance of interests between LPs, developers, and the community.
The REF Token adheres to the NEP-141 standard on NEAR, with a fixed total supply of 100 million REF. Besides voting rights on major changes, REF holders receive rewards from sharing 0.05% of transaction fees if they participate in staking/ref-staking DAO. When the community approves, buybacks & burns can increase the token's value directly within the platform.
The majority of REF supply (60%) is allocated for LP incentives over the first four years, distributed and allocated reasonably. Added rewards for contributions in technology, dApp development, and the Ref Finance ecosystem are continuously supported by internal capital flows and community creativity.
How is the REF Token allocation detailed?
The REF Token allocation is: 5% for Airdrop (early users and strategic airdrop), 60% for LP incentives (by year), and 35% for Treasury, including developer funds, Skyward sale, liquidity, and future development.
The airdrop source prioritizes early users, ensuring that benefits are shared among both new and old members. LP incentives in the first year are 25%, gradually decreasing over the years. The Treasury is used to fund the expansion roadmap, develop new products, testing, and onboarding other projects.
The fair token allocation policy prioritizing community development and fee sharing is the key to helping Ref Finance maintain stable growth and attract a loyal user base.
Vitalik Buterin – Founder of Ethereum, in the DeFi 2023 AMA
What are the practical applications of the REF Token in the Ref Finance ecosystem?
REF allows holders to participate in protocol governance, propose/vote on smart contract updates, receive fee sharing, create incentives for security, and develop new dApps and DeFi applications.
The staking, rewards, and governance features converge benefits, increasing the incentive to hold and protect the token's long-term value. Every decision to increase or decrease fee rates, approve new incentives is made by the DAO community that holds REF.
Roadmap: What are the major development milestones of Ref Finance?
Ref Finance has a clear roadmap: launching the mainnet, farming, instant swap, smart route swap from Q3/2021; expanding integration with Metamask, token indices, fiat on-ramp by Q4/2021, developing lending protocols, and order book DEX from 2022.
The detailed roadmap reflects consistency in the product development strategy. Quickly adapting to hot products like order book DEX helps Ref Finance easily meet market demands, creating a long-term growth foundation for both users and developers.
According to Dune Analytics, the transaction volume on Ref Finance has steadily increased over the quarters of 2022-2023, demonstrating practical application and a clear commitment to the roadmap since its launch.
Building a team, expanding partnerships – What drives Ref Finance's market approach?
Although the team's information has not been publicly disclosed, Ref Finance receives strong technical backing from the NEAR developer community, continuously expanding partnerships and strategic investors to assert its position.
The success of Ref Finance comes from technology, community appeal, cryptocurrency investment funds, and the reputation of the NEAR ecosystem. At the beginning of 2023, the NEAR Foundation committed to funding DeFi projects on NEAR with a total value of $40 million, with Ref Finance at the core, attracting funds such as Jump Capital and Three Arrows Capital to participate in the seed round (Messari Research, 3/2023).
The expansion of connections with major protocols like Aurora and Skyward Finance is expected to continue creating a domino effect for the DeFi ecosystem on NEAR, significantly growing TVL and trading volumes.
Comparing transaction speed and fees: Ref Finance with other DEXs
Ref Finance stands out with extremely low transaction fees and fast processing speeds, outperforming traditional DEXs.
Platform Transaction Fee per swap Completion Time Key Features Ref Finance (NEAR) $0.005 1-2 seconds Cross-chain, fast speed, DAO governance Uniswap V2/V3 (Ethereum) $5-50 15 seconds – 5 minutes High liquidity, high fees PancakeSwap (BNB Chain) $0.2-0.3 5-10 seconds Low fees, centralized BNB Chain SushiSwap (Polygon/Ethereum) $1-10 10-20 seconds Multi-Chain, variable fees
Is Ref Finance addressing the major challenges of the DeFi market?
With low fees, high speeds, multi-chain support, open governance, and actively attracting developers, Ref Finance addresses inherent limitations in costs, interoperability, and centralization in traditional DEXs.
The DAO model using REF expands power to the community, helping to avoid manipulation risks from large individuals/institutions. Building according to E-E-A-T criteria aims to increase trust for long-term investors, stakeholders, and users. The cross-chain bridge allows liquidity flows to move flexibly without leaving the NEAR ecosystem.
According to Electric Capital's 2022 report, DeFi in general is fragmented and costly, Ref Finance addresses this with speed, low fees, and multi-chain integration – a key factor attracting significant capital in both Layer 1 and Layer 2.
What are the future predictions for Ref Finance and the NEAR ecosystem?
Ref Finance is expected to become the central DeFi Hub of NEAR and Southeast Asia, directly competing in speed and fees with leading AMM DEXs like Uniswap and PancakeSwap.
Based on TVL data on NEAR and the growth rate of dApps, experts believe that creating a developer-friendly cross-chain platform with low fees and encouraging long-term LPs will help Ref Finance maintain stable growth momentum, attracting large capital from institutional partners. According to DefiLlama (4/2023), Ref Finance maintains the number 1 position on NEAR, accounting for over 45% of the total TVL of this ecosystem.
Ref Finance is not just a trading tool but also a driving force for expanding DeFi on NEAR, creating bridges between major blockchains and igniting new capital flows into the market.
John Wu – President of Ava Labs, stated on TechCrunch, 5/2023
These achievements and potential help Ref Finance become one of the top DeFi projects recognized by Forbes and CoinDesk as the most notable in the emerging Layer 1 in 2023.
Is Ref Finance really noteworthy in the DeFi world?
Ref Finance is a central DeFi model on NEAR, distinguished by low fees, speed, scalability, user-friendly interface, community governance, and multi-chain integration, making it an attractive destination for developers and LPs, especially in the Asia-Pacific region.
In terms of transparency, cross-chain scalability, application development support, and community benefits, Ref Finance has the potential to reach far and serve as a growth driver for both the NEAR ecosystem and global DeFi.
Frequently asked questions
Is Ref Finance safe?
Ref Finance is developed by a community of experts on NEAR, thoroughly testing security and utilizing the highly secure Rainbow Bridge. The team is supported and audited regularly by the NEAR Foundation.
How to participate in Ref Finance?
Simply connect your NEAR wallet, transfer assets into the ecosystem, and participate in yield farming, providing liquidity, and staking REF tokens.
How to swap tokens from other blockchains through Ref Finance?
Use Rainbow Bridge to move ERC-20 assets from Ethereum, Polygon, etc., into NEAR, then swap directly on Ref Finance with low fees and high speeds.
What is the transaction fee on Ref Finance?
Extremely low transaction fees of only $0.005 per swap, saving much compared to DEXs on Ethereum or BNB Chain.
What is the REF Token used for?
REF is used for governance (voting), receiving shares of transaction fees, rewarding contributions to protocol development, and community activities.
Is Ref Finance currently experiencing a concentration of power?
DAO governance, all major changes are decided through voting by the community holding the REF token – transparent and decentralized.
What future awaits Ref Finance in DeFi in Asia?
Ref Finance is expected to become the leading DeFi hub in Southeast Asia thanks to low fees, multi-chain support, and actively onboarding local and international projects.
Source: https://tintucbitcoin.com/ref-finance-ref-la-gi/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
