Ref Finance to the rescue of DeFi
What Uniswap is to Ethereum,Ref Finance is to NEAR.
It’s an automated market maker with some slight changes,one can trade their assets,issue synthetic assets,lend their assets and lots more.
It’s still in production but swapping and liquidity pools functionalities are already live and in use.
Why Ref Finance
1. Fees : You don’t need to have $10 or more to do swaps, with $0.005 you can trade,it’s extremely cheap
2. Trade across pools : It offers multiple pools in a single contract and at such users can trade across these pools in one single transaction
3. Customized LP fees : Those who pool tokens for liquidity can charge any amount of fees they want
4. Governance : The platform will be governed using a DAO
5. Developer rewards : Those who build apps on Ref Finance will get a percentage of the fees when their apps are been used.
How to use it.
- Go to the Ref Finance website
Sign in with your NEAR wallet,don’t have one,learn how to create one
2. Deposit some tokens that you will use to transact on the exchange
3. Click swap
You can trade wrapped versions of DAI(nDAI),GRT(nGRT) etc,you can also bridge assets from Ethereum using the Rainbow bridge
But in this example we will we swap some wNEAR for WETH
To do that, click “SWAP”
4. Authorize the transaction
5. You can find your balance
- Click Pool
In this case,we will provide LP to the BANANA-wNEAR pool
2. Select how much you are willing to provide
Click “Add Liquidity” and authorize the transaction
3. Find your share in the pool
As contained in their first blog about Ref Finance,the Ref Finance project will have a token and it will be distributed to users,developers and liquidity providers.