Tokenomics

Information about our Governance token, REF

General Information

REF is a Governance token that also rewards its holders with a protocol revenue sharing model.

• Token name: Ref Finance

• Ticker: REF

• Fungible Token Contract: token.v2.ref-finance.near

• Fungible Token Standard: NEP-141

• Fixed Supply: 100,000,000

• IDO: 2,500,000 auctioned via Skyward Finance (July 26–31, 2021)

Token Allocation

Categories	Allocation	Release Schedule
Liquidity Incentives	60%	Year 1: 25% Year 2: 18.3% Year 3: 11.7% Year 4: 5%
Treasury	20%	N/A
Development Fund	10%	4-year linear release
Early Users Airdrop	1%	3-month vesting with 3-month cliff
Future Airdrop(s)	2%	TBD
IDO (Skyward Auction)	2.5%	1-week auction
REF Token Liquidity Provisions	2.5%	N/A
Strategic Airdrop	2%	N/A

Private Fundraising

In March 2022, Ref Finance has closed a strategic Over-the-Counter (OTC) deal with professional investors as well as business angels.

Professional investors are:

• Jump Crypto (Lead)
• Alameda Research
• Dragonfly Capital
• D1 Ventures
• OKX BlockDream Ventures
• Kucoin Ventures
• SevenX Ventures
• Woo Network
• Move Capital
• Puzzle Ventures

The objective of the fundraising is to support and cover the development cost of the solution for at least 24 months, starting from March 2022.

The total amount raised was $4.5m in stablecoins in exchange for 3,664,943 REF tokens, leading to an average price of 1.227 REF per stable.

The stablecoins breakdown is as follows:

• $3.6m USDC

• $0.9m USDT

Terms

• Price: 7-day market Time-weighted Average Price (TWAP) at a 20% discount

• Lockup: 1-year linear release every quarter

More details can be found in the Ref governance forum.

Token Utility

1. Earning protocol revenue: Users who stake REF tokens to earn fees generated by the protocol

2. Pooling: Users who provide liquidity with any REF token pairs earn swap fee from the associated pool(s)

3. Farming: Users who stake their LP tokens into different farms, thus earning additional revenue

4. Boosted farming: Users who lock their LP tokens into the REF<>NEAR pool can get LOVE tokens, which can be staked to unlock extra rewards for multiple farms

5. Governance: Users who lock their LP tokens into the REF<>NEAR pool can get veTokens, which can be used to vote on governance proposals and on the allocation of liquidity incentives