xREF is the main staking contract (xtoken.ref-finance.near) on the platform. When you stake your REF, you effectively exchange your REF for xREF. Over time, you will always earn more REF by holding xREF tokens.

There is no Divergence Loss when you stake REF for xREF tokens

Every swap executed on Ref Finance generates revenue for the protocol.

  • 100% of the protocol fee will be used to buy back REF tokens, of which:

    • 75% will be transferred to the xREF contract (xtoken.ref-finance.near) and released linearly over time

    • 25% will be allocated to a Community/Provision treasury. This treasury will be used to fund grants and other community initiatives/programs


Like any liquidity provider, Ref Finance collects its shares (16% of the total pool fee) in real-time and will be paid when it removes liquidity from the pool.

Converting protocol LP tokens, resulting from the trading fees, involves the following actions:

  1. Remove liquidity from pools

  2. Withdraw corresponding tokens from Ref Finance (v2.ref-finance.near) to the DAO (ref-finance.sputnik-dao.near)

  3. Send tokens from the DAO to a specific execution account

  4. Buy (back) REF tokens (with the execution account)

  5. Send REF tokens to the staking contract (xtoken.ref-finance.near)

The process happens on a quarterly basis.

The first buy back involved as many as 35 DAO proposals

Because the conversion from LP to REF tokens happens on a quarterly basis, and because the tokens collected might be very volatile on the same period, there might be a significant difference between the daily 'observable' revenue and the 'realised' revenue, after conversion.

Finally, rewards are being released linearly on a quarterly basis, and will have boosted markups for the first three years (subject to change):

  • Year 1: 2x

  • Year 2: 1.5x

  • Year 3: 1.2x

  • Year 4: 1x

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