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2.5% $REF token sale

2.5% $REF token sale

Ref Finance scheduled a sale of 2.5% $REF token on Skyward Finance. The sale will start on July 26th at 16:00 UTC. The sale is split using 3 different input tokens, so effectively there are 3 independent sales on Skyward Finance:

About REF token

$REF token is a standard fungible token on NEAR protocol used for the Ref Finance DeFi platform.

Token Account ID: token.ref-finance.near

Total supply: 100,000,000 $REF

Ref Finance Application: app.ref.finance

Read about token distribution and Ref Finance in their blog post: https://ref-finance.medium.com/ref-finance-and-ref-abd14aad59bf

Price discovery with 3 sales

The price discovery of every sale is independent. It means the price per $REF token converted to a USD can be different. This creates an opportunity to get a better price by participating a sale(s) with the lower price per $REF token. You just need to the right asset and deposit it to the right sale. To see the estimated rate in USD for a $REF token, click on the actual rate in the detailed sale view. For example, as of a moment when this blog is written, rates are the following:

  • Sale for $NEAR: 1 REF = ~0.102416USD
  • Sale for $nDAI: 1 REF = ~0.060538USD
  • Sale for $nWETH: 1 REF = ~0.045655USD

This makes buying $REF for $nWETH comparing to $NEAR at least 2.24 times cheaper, those creating a good arbitrage opportunity. Similarly for $nDAI. Now a bit about tokens:

$NEAR is the native token of the NEAR Protocol ($SKYWARD sales are conducted in using NEAR).

$nDAI is bridged from Ethereum stablecoin $DAI from MakerDAO.

$nWETH is bridged from Ethereum $wETH (ETH wrapped into ERC20).

In order to bring $nDAI or $nWETH to NEAR from Ethereum you can use Rainbow Bridge built by NEAR team https://ethereum.bridgetonear.org/

Rainbow bridge allows you to transfer assets from Ethereum to NEAR and from NEAR back to Ethereum.

Another option to get $nWETH or $nDAI is to use Ref Finance itself:

Ref Finance AMA by @refdev on telegram

Tell us more about Ref Finance

Ref is a community-led, multi-purpose DeFi platform built on NEAR Protocol. Currently, it is an automated market maker-based (AMM) decentralized exchange, with plans to integrate generalized lending and synthetic asset issuance into a single, synchronous DeFi stack.

I would like to understand the Ref token "business model": how to investors in Ref get returns, where does the income come from etc. Is just trading fees?

$REF will primarily derive its value from its role in governance, its role in incentivizing liquidity for key token pairs, and accumulated transaction fees

Why did you choose to build on NEAR?

Simple, because it’s:

- Cheap:  $0.001-0.002 N / swap

- Has the fastest finality in the space: 1-2 seconds

- Will scale via sharding (long term resilience)

- Developer-friendly (implemented from scratch in 2 weeks)

Do liquidity providers get Ref rewards?

There will be incentivized pairs very soon, and LPs in these pairs will receive $REF rewards if they stake their LP tokens.

Longer term, projects can apply to the DAO to have their token pairs incentivized

Major partnerships?

We consider Skyward a major partner 🙂. We are also working with every NEAR project that is issuing a token, and several major Ethereum projects (more to come very soon!)

We love you too

What's the roadmap for Ref Finance?

Short term:

- Yield farms

- Instant swaps (no need to deposit first)


- Stableswaps (low slippage stablecoin to stablecoin swaps)

- Synthetic asset issuance

How do you see Ref positioned in the NEAR ecosystem?

We want Ref to be the central hub for DeFi on NEAR. To start, Ref will be the liquidity layer for NEAR-native tokens and projects, starting with: Skyward, Paras, Pulse, Flux, Octopus, OIN, and Aurora. Via $REF liquidity mining, we expect to support each of these projects as they come to market, until they are able to generate substantial fees via trading alone.

Ref will also be a marketplace connecting Ethereum assets (via the Rainbow Bridge: https://ethereum.bridgetonear.org) to NEAR assets and the NEAR community (seriously, try the bridge out, it’s epic!)

Have you had an audit of contracts? If yes, then who made this?

We are undergoing an audit currently by the top smart contract dev from the NEAR team

How would you compare Ref.finance with other AMM in the market?

Currently, Ref is very similar to Uniswap v2. The biggest advantage our AMM has is flexibility: we can support any curve type, and traders can route trades across curves.

This is actually very similar to what Sushi just announced for their next version, only we built ours 3 months before them 🙂

Tell more about Ref token, please. What are the use cases, what are advantages to be a holder of Ref?

Use cases:

- Governance

- Fee management

- Community and ecosystem development

How do you build liquidity for your Dex? And how do you select projects to list on Ref finance?

Anyone can list any token, though we will only display quality tokens (evaluated by the DAO) on our frontend

So you choose to launch sales with 3 different tokens. Why?

We wanted to make $REF more accessible to the Ethereum community (DAI and ETH), while still supporting NEAR as much as possible.

Hence, we made the sale 70% NEAR, 20% DAI, and 10% ETH

How will the funds from the Ref sale be used?

The funds from the sale will be used to provide liquidity to the $REF pairs on Ref. This means the protocol will control some of its own liquidity!

And don’t worry, the DAO won’t stake these tokens to mine $REF 🙂

I want to ask about the future of financial services on NEAR blockchain. How exactly do you aim to make it better for majority of customers?

We want to make the onboarding experience as simple as possible. It should be easy to start using Ref and other NEAR projects!

Currently, our focus is onboarding Ethereum users, hence our integration with the Rainbow Bridge, and focus on Ethereum asset pairs

Can you tell more about team? What background?

Currently the team is made up of very experienced smart contract and full stack developers, product and business developers

All of them have been in the NEAR and broader crypto ecosystems for a long time

What's the easiest way to get DAI and ETH to deposit into sales?


You are the first project to launch with SputnikDAO governance structure. How was your experience so far? Would you recommend other projects to use SputnikDAO V2 governance too?

SputnikDAO is amazing to work with. It’s the most flexible DAO framework we’ve found, by far.

Highly recommend it to all DAOs, whether they are building on NEAR, Ethereum, Solana, etc

What's the process of whitelisting a new token to Ref Finance so it's accessible to all users by default

Make a proposal to the DAO! gov.ref.finance

Anyone can list on Ref! We just want to protect users in the frontend. We are definitely researching ways to remove gatekeeping while balancing this. Also, you can still trade any pair on the frontend, it’s just an extra step even if it isn’t whitelisted

Do you see any potential throughput limitations with NEAR in its current state (1 shard)?

The NEAR team plans to launch sharding by the end of the year. We expect this to be in time to handle the growth in transactions

Is there any grants or rewards for community contributions to Ref?

There will be! If you have something you want to do, please apply on gov.ref.finance

Are you going to introduce insurance protocols in future?

We will definitely partner with insurance protocols, and are already in deep discussion with several of the larger ones

We'd like to thank Ref Finance team for offering $REF on Skyward Finance and participating in AMA.

Do you have ideas for Ref or the $REF token? Let them know!