{"id":"ref-finance","title":"Ref Finance","content":"**Ref Finance** (now rebranded as [Rhea Finance](https://iq.wiki/wiki/rhea-finance)) is a community-led, multi-purpose [DeFi](https://iq.wiki/wiki/defi) platform built on the [NEAR Protocol](https://iq.wiki/wiki/near-protocol). [[1]](#cite-id-z5osoiy0z5)[[2]](#cite-id-imqb2hl4iu)\n\nIn February 2025, a merger between Ref and [Burrow Finance](https://iq.wiki/wiki/burrow-finance) was established to form [Rhea Finance](https://iq.wiki/wiki/rhea-finance).  [[24]](#cite-id-zDIqUppMDp)[[25]](#cite-id-Vvon6iWWll)\n\n$$widget0 [YOUTUBE@VID](UL8eBdw08jY)$$\n\n## History\n\nRef Finance was initially created by [Illia Polosukhin](https://iq.wiki/wiki/illia-polosukhin), co-founder of [NEAR Protocol](https://iq.wiki/wiki/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](https://iq.wiki/wiki/near-protocol) Foundation to bootstrap and scale Ref Finance. [[3]](#cite-id-g1af30p470i)[[4]](#cite-id-tteclhdcnaj)\n\nIn early June 2021, Proximity set up the Ref Finance DAO, and the DAO members were selected based on their value, contribution, and activity across the board (mainly Telegram and Discord). [[3]](#cite-id-g1af30p470i)[[5]](#cite-id-lr6oh1fm35a)\n\n### Rebrand to Rhea Finance\n\nRef Finance and [Burrow Finance](https://iq.wiki/wiki/burrow-finance) merged in February 2025 to create the next generation of chain-abstracted liquidity platforms, [Rhea Finance](https://iq.wiki/wiki/rhea-finance). [[24]](#cite-id-zDIqUppMDp)\n\nThis was said to be done for the betterment of [decentralized finance](https://iq.wiki/wiki/defi) as a whole. The two sides came together to combat the challenge of fragmentation.\n\nThe industry currently requires users to navigate different chains, platforms, and wallets to access liquidation and optimize their yield strategies. However, Ref and Burrow created [Rhea Finance](https://iq.wiki/wiki/rhea-finance) to solve this problem. [[24]](#cite-id-zDIqUppMDp)\n\n## Overview\n\nRef Finance operates on the [NEAR](https://iq.wiki/wiki/near-protocol) blockchain. The platform is fully permissionless and removes the need for trusted intermediaries, prioritizing decentralization and censorship resistance. Anyone can trade and/or become a [liquidity provider](https://iq.wiki/wiki/liquidity-providers) (LP) for a pool by depositing an equivalent value of each underlying token in return for pool tokens (LP tokens). These tokens track pro-rata LP shares of the total reserves and can be redeemed for the underlying assets at any time. [[1]](#cite-id-z5osoiy0z5)[[6]](#cite-id-6vczw2rw6v5)\n\nThe Ref Finance ecosystem is primarily comprised of five types of users: traders, liquidity providers, stakers, lenders & borrowers, voters, and developers. Traders can swap NEP-141 tokens, [Liquidity providers](https://iq.wiki/wiki/liquidity-providers) are incentivized to provide these tokens to [liquidity pools](https://iq.wiki/wiki/liquidity-pool), Stakers are receiving pro-rata shares of the shared protocol revenue, Lenders & Borrowers can unlock the liquidity of the [Near Ecosystem](https://iq.wiki/wiki/near-protocol), Voters can participate in the governance of the project and the allocation of liquidity incentives, and finally Developers can integrate directly with Ref Finance [smart contracts](https://iq.wiki/wiki/smart-contract) to empower users in their interactions with tokens, trading interfaces, trading strategies, etc. [[6]](#cite-id-6vczw2rw6v5)\n\nIn March 2022, Ref Finance closed a strategic Over-the-Counter (OTC) deal with professional investors as well as business angels to raise $4.5 Million in [stablecoins](https://iq.wiki/wiki/stablecoin) in exchange for 3,664,943 REF tokens. The investment was led by Jump Crypto, other investors include [Alameda Research](https://iq.wiki/wiki/alameda-research), Dragonfly Capital, D1 Ventures, OKX BlockDream Ventures, [Kucoin Ventures](https://iq.wiki/wiki/kucoin), SevenX Ventures, [WOO Network](https://iq.wiki/wiki/woo-network), Move Capital, and Puzzle Ventures. [[7]](#cite-id-qpppt7913tm)\n\nThe fundraising was done to support and cover the development cost of REF for at least 24 months, starting from March 2022. [[7]](#cite-id-qpppt7913tm)\n\n## Tokenomics\n\n$REF is the Governance token of the REF ecosystem. The token rewards its holders with a protocol revenue-sharing model. [[7]](#cite-id-qpppt7913tm)[[12]](#cite-id-8y3387fpabo)\n\n### Allocation\n\n$REF has a fixed token supply of 100,000,000. 60% of the total supply was allocated to Liquidity Incentives, 20% to the Treasury, 10% to the Development Fund, 2.5% to IDO, 2.5% to REF Token Liquidity Provisions, and 5% to [Airdrops](https://iq.wiki/wiki/airdrop) (Strategic - 2%, Early User - 1%, and Future Airdrops - 2%). [[7]](#cite-id-qpppt7913tm)\n\n![Screenshot 2024-04-09 165603.png](https://ipfs.everipedia.org/ipfs/QmW2niWq832jJh2DrR4PYRFJoHUDL7vgNULRgMC1F3FaTR)\n\n### **Utility**\n\n$REF can be used for earning protocol revenue through [staking](https://iq.wiki/wiki/staking), it can be used for pooling, farming, boosted farming, and governance whereby users can get veTokens, which can be used to vote on governance proposals and the allocation of liquidity incentives. [[7]](#cite-id-qpppt7913tm)[[13]](#cite-id-dms27149pbf)\n\n## Rainbow Bridge\n\nRef Finance utilizes the trustless Rainbow Bridge which allows users to transfer tokens between [Ethereum](https://iq.wiki/wiki/ethereum), [NEAR](https://iq.wiki/wiki/near-protocol), and the Aurora networks. The bridge was created and is maintained by Aurora, the Ethereum-compatible scaling solution built on NEAR. [[11]](#cite-id-po0imswi3yi)\n\n## Partners\n\n### Ref Finance x cede.store\n\nOn February 22, 2024, Ref announced its partnership with cede.store[[9]](#cite-id-s7ux9s2wlfg) to provide a simplified route for moving funds from [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange) (CEX) to [DeFi](https://iq.wiki/wiki/defi) Protocols. [[8]](#cite-id-i9sqefyfmn)\n\n> \"This collaboration aims to empower users by allowing them to seamlessly track, trade, and transfer their Centralized Exchange (CEX) assets directly through Ref Finance’s non-custodial browser wallet.\"\n\n### Ref Finance x Frax Finance\n\nIn March 2024, Ref announced the inclusion of [Frax Finance's](https://iq.wiki/wiki/frax-finance) [FRAX](https://iq.wiki/wiki/frax-stablecoin) in its liquidity pools to further diversify and strengthen the NEAR Protocol’s ecosystem. The protocol also announced that liquidity has been added to boost Ref Finance [liquidity pools](https://iq.wiki/wiki/liquidity-pool) and Burrow’s stable assets. The primary objective is to drive heightened engagement within the [NEAR](https://iq.wiki/wiki/near-protocol) ecosystem. [[10]](#cite-id-j1htt9gzh6)\n\n### Ref Finance x Orderly Network\n\nRef Finance has partnered with Orderly Network, enabling the listing of REF on the platform alongside various supported assets. Users can now deposit REF and trade the REF/[USDC](https://iq.wiki/wiki/usdc) spot pair on WOOFi DEX. Orderly Network operates as an orderbook-based trading infrastructure and liquidity layer, aiming to simplify the creation of trading applications. The collaboration aims to create an omnichain protocol for trading across EVM and non-EVM chains within the same orderbook.[[14]](#cite-id-f6oz269vhdv)[[15]](#cite-id-s65yp8llra)\n\n### Ref Finance x Burrow\n\nRef Finance has partnered with Burrow to integrate its protocol into Ref's product suite, enhancing the [NEAR](https://iq.wiki/wiki/near-protocol) [DeFi](https://iq.wiki/wiki/defi) ecosystem. This collaboration aims to consolidate efforts, avoiding fragmentation, and offer users a comprehensive [DeFi](https://iq.wiki/wiki/defi) experience. Ref's development team will oversee Burrow's protocol management, ensuring continuous improvement and community engagement. This initiative underscores Ref's commitment to strengthening [NEAR's](https://iq.wiki/wiki/near-protocol) [DeFi](https://iq.wiki/wiki/defi) ecosystem through collaboration.[[16]](#cite-id-ual02podubi)[[17]](#cite-id-33e4dpqg3it)\n\n### Ref Finance x Blocksec\n\nRef Finance has partnered with BlockSec, a full-stack [blockchain](https://iq.wiki/wiki/blockchain) security service provider, founded by experienced experts from academia and industry. BlockSec leads independent audits to ensure that Ref Finance meets the highest standards in its segment, enhancing internal processes for optimal security measures.[[18]](#cite-id-9qjzr58w0ym)[[19]](#cite-id-r3a120qzhnq)\n\n### Ref Finance x Pikespeak x Mailchain\n\nRef Finance has collaborated with Pikespeak and Mailchain to facilitate secure connectivity and communication within the [NEAR](https://iq.wiki/wiki/near-protocol) ecosystem. By leveraging Pikespeak's analytics, Ref Finance aims to identify top traders and deliver exclusive content directly to them using their wallet addresses.\n\nAdditionally, Ref Finance intends to automate the delivery of \"getting started\" content to onboard new users, who can access their Mailchain inbox for updates directly from the team. Through Drop by Pikespeak, projects can segment wallet addresses and send [web3](https://iq.wiki/wiki/web3) emails directly from the platform, with each campaign providing analytics for actionable insights into on-chain actions.[[20]](#cite-id-97sv14ni9qo)[[21]](#cite-id-tx8xv1uvhy)\n\n### Ref Finance x Nearblocks\n\nRef Finance has partnered with Nearblocks, a [blockchain](https://iq.wiki/wiki/blockchain) explorer and analytics platform exclusively serving the [NEAR Protocol](https://iq.wiki/wiki/near-protocol) ecosystem. Established in 2022, Nearblocks aims to provide equitable access to [blockchain](https://iq.wiki/wiki/blockchain) data for the [NEAR](https://iq.wiki/wiki/near-protocol) community. Powered by [NEAR Protocol](https://iq.wiki/wiki/near-protocol), Nearblocks offers comprehensive features including [blockchain](https://iq.wiki/wiki/blockchain) exploration, search, API, and analytics services.[[22]](#cite-id-awyf3xqbglr)[[23]](#cite-id-um1irgsqhsl)","summary":"Ref Finance (now rebranded as Rhea Finance) is a community-led, multi-purpose decentralized finance platform constructed on the NEAR Protocol, initiated by NEAR...","images":[{"id":"QmZAnCkSz7BtvAcUF88HwhCatZwqJbP4QzVJy4PpvJ1aGP","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"Decentralized Finance"}],"tags":[{"id":"Protocols"}],"media":[{"id":"https://www.youtube.com/watch?v=UL8eBdw08jY","size":"0","name":"UL8eBdw08jY","type":null,"source":"YOUTUBE"},{"id":"QmW2niWq832jJh2DrR4PYRFJoHUDL7vgNULRgMC1F3FaTR","size":"0.08","name":"Screenshot 2024-04-09 165603.png","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[{\"id\":\"z5osoiy0z5\",\"url\":\"https://www.ref.finance/\",\"description\":\"website\",\"timestamp\":1712575104416},{\"id\":\"imqb2hl4iu\",\"url\":\"https://twitter.com/finance_ref\",\"description\":\"twitter profile\",\"timestamp\":1712575116507},{\"id\":\"g1af30p470i\",\"url\":\"https://guide.ref.finance/roadmap\",\"description\":\"doc - 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