Ref Finance AMA RECAP
Hello Everyone ! Welcome to our 21th AMA (Ask Me Anything) with Ref Finance. On 20 of August 2022, CryptoSpartans had a live AMA session with SAN . In case you missed it here is the recap.
AMA Summary:
Segment 1: Questions for Ref Finance Team
Segment 2: Twitter Round Question
Segment 3: Live Q&A.
The transcript has been edited for clarity.
Segment 1: Questions for Ref Finance Team.
Priyank Gupta l HOST
- Can you please introduce Ref Finance to the community ?
SAN l Ref Finance
If I could give a really high-level overview, Ref is an incentivized automated market maker (AMM) DEX built on and native to the NEAR blockchain. With over ~$240m in total value locked (TVL), the protocol is the ecosystem’s liquidity hub for trading NEAR, USN, and all other related ecosystem tokens.
Lucifer Morningstar l HOST
2. Where is the Ref Finance REF token utility used?
SAN l Ref Finance
The REF token is a primarily a governance token, but would say the main utility lies in the revenue share. Users can stake their Ref tokens to earn a portion of the protocol’s generated swap fees. You can find a detailed breakdown on the %s here: https://guide.ref.finance/products/staking .
Priyank Gupta l HOST
3. How can people earn rewards on Ref Finance? How it is different from other Defi platform?
SAN l Ref Finance
As mentioned, Ref is an incentivized DEX with majority of the token supply allocated to liquidity mining. Users can provide liquidity in any of the pairs to earn REF emissions.
In terms of main differences from other AMMs, Ref’s integration of cross-chain swaps between NEAR and Aurora is probably the key differentiator. We’re also rolling out vetokenomics and concentrated liquidity, but would say those features are fairly standard in the space nowadays.
Segment 2: Twitter Round Question:
- @nodoby_m : Can you tell us about V2 Farming Contract? What additional benefits does it bring to the users?
SAN l Ref Finance
The V2 farming contract is optimized for the upcoming vetokenomics release on Ref, which opens up new use-cases for the governance token. Broadly speaking, ve-tokens increase demand for the native token and ensure that emissions are allocated more equitably. The successes of Curve, Convex and the whole ecosystem built around that flywheel is def a testament to the model.
You can find out more about Ref’s iteration of the ve-model and key differences here: https://ref-finance.medium.com/ref-tokenomics-2-0-vetokenomics-on-testnet-c2b6ea0e4f96
2. @k1rteam : How can @finance_ref keep funds secure?Since most of the common problems that often occurs in Defi projects is that smart contract can lead to loss of funds. What steps has your team taken into consideration to fix this major problem & prevent such occurrences in the future?
SAN l Ref Finance
The source code for all of Ref’s contracts can be found in our Github, which is fully open-source: https://github.com/ref-finance
The smart contracts have also been audited several times by audit firms Jita and Blocksec. Their security reports can be found here: https://guide.ref.finance/developers/audits.
I would also add that Ref has an active bug bounty program on ImmuneFi, effectively incentivizing white hats: https://immunefi.com/bounty/reffinance/
3. @norm_life : Ref Finance is an automated liquidity protocol powered by two fixed product functions. Liquidity Mining is one of the biggest growth forces of the DeFi industry, does Ref Finance have a liquidity program provider? What are the advantages for liquidity investors?
SAN l Ref Finance
Yeah as mentioned, Ref is a community-centric DEX with majority of its tokens allocated to liquidity mining incentives. You can find the emissions schedule here: https://guide.ref.finance/tokenomics
Inflationary tokenomics with heavy emissions are definitely good ways to attract TVL and liquidity, but not ideal for the token price itself — especially with current market conditions. That’s primarily why we’re building out the ve-token model.
4. @StarBoomer1 : I am very much interested in ref fiance DAO. What kind of proposal is made on DAO ? What are the requirements to participate in DAO voting? Does your DAO guarantee fairness, transparency and security?
SAN l Ref Finance
Currently Ref’s governance frameworks function with 2 different roles: the community-elected council, who can effectively create and vote on proposals relating to Ref’s protocol design, treasury allocations, etc, and the community, where members can of course vote on proposals.
Would also add that the only requirement to participate in governance is to hold the REF token.
5. @Crypto_Suman : While swapping on ref finance some times i experience #ref unable to calculate estimation, it takes few minutes to estimate the value and enable swap button. Does ref team address this problem and what will be the possible solution?
I posted a Screenshot 👇
SAN l Ref Finance
I’m not an expert on Ref’s frontend, but believe mobile compatibility with vast majority of dApps is fairly lacking. Would recommend using a different device (PC probably) or refreshing wallet and/or browser. Feel free to drop by the official discord server if you still have issues.
Segment 3: Live Q&A
Q1. @Alonhusk008 : Recently stader.near , token NEARx contract is exploit and liquidity drain from ref liquidity pool. What is your view on this ?
Ans : Yeah so Stader’s NearX contract was exploited and their pool was drained earlier this week. Obviously really unfortunate situation, especially considering the exploit was missed by Stader’s auditors.
While we want to ensure that the tokens that are tradable on Ref are safe, ultimately the protocol is permissionless so we can’t control externalities like this.
Q2. @The_Ganesh_01 : What are the benefits of long-term holders of REF tokens?
Ans : Great question — as mentioned earlier, we’ll be rolling out the vetokenomics for the REF token. The veLPT (pair between wNEAR <> REF) allows a timelock of periods ranging from 1, 3, 6 to 12 months. Long-term oriented holders who max lock their tokens will have increased voting power for the gauges : )
Q3. @ruhel0786 : What are the requirements list the projects? And do have take any prevention for Scam projects list in your platform?
Ans : This is another good q that relates to one I answered earlier. The protocol is fully permissionless, which means users/protocols/projects can come in and bootstrap their liqudity on Ref whenever they want as they wish. It’s up to the users on Ref to do their research and understand the risks related to each and every token / contract.
Q4. @hhhhjhjbbbb : Where I can get the latest updates or more information about the project?
Ans : Would recommend following our twitter page @finance_ref or joining the community discord server to keep up with latest developments and announcements.
Q5. @Mr_been008 : We have no real plans to go multichain beyond Aurora — which is something that should be live pretty soon. There are no real benefits of fragmenting liquidity across chains, especially with added bridge risks.
Ans : We have no real plans to go multichain beyond Aurora — which is something that should be live pretty soon. There are no real benefits of fragmenting liquidity across chains, especially with added bridge risks.
Thank you everyone once again for participating in this exciting community AMA! It was our pleasure to host AMA with Ref Finance .
