Ref Finance was initially created by Illia Polosukhin, co-founder of NEAR Protocol. The first commit on Github was made on March 9, 2021.
Following the deployment of the application in April 2021, Proximity Labs, a research and development company focused on NEAR, received a grant from the NEAR Foundation to bootstrap and scale Ref Finance.
Early June 2021, Proximity set up the Ref Finance DAO. DAO members were selected based on their value, contribution, and activity across the board (mainly Telegram and Discord).