Ref Finance (REF) is a decentralized finance (DeFi) protocol built on the NEAR blockchain. It is an automated liquidity protocol inspired by Uniswap v2, Curve Finance, and iZiSwap, offering features such as swaps, stableswaps, liquidity aggregation, and yield farming. The native token, REF, is a NEP-141 fungible token with a total supply of 100 million, used for staking, liquidity provision, and governance. REF is the largest DeFi app on NEAR, providing low fees and instant transaction settlements, making it a significant player in the NEAR ecosystem.
The crypto Ref Finance (REF) is used in several ways within the Ref Finance ecosystem:
Staking and Governance: Users can stake REF tokens to earn protocol fees and participate in governance decisions. Staked REF tokens are converted to xREF, which entitles holders to 12% of the trading fees. Additionally, stakers can vote on proposals and determine token incentives.
Liquidity Provision: REF tokens are used to incentivize liquidity providers. Users can provide liquidity to token pairs with REF and earn swap fees. REF LP tokens can be further farmed to earn more rewards.
Treasury and Development Fund: A portion of the REF token supply is allocated to the treasury and development fund, which supports the growth and maintenance of the Ref Finance protocol.
Buyback and Distribution: Every quarter, Ref Finance uses revenue from swap fees and other sources to buy back REF tokens, which are then distributed to liquidity providers and other stakeholders.
Market Incentives: REF tokens are used to incentivize market participants, such as liquidity providers and traders, to engage with the Ref Finance platform.
Overall, the REF token plays a crucial role in maintaining the liquidity and governance of the Ref Finance ecosystem.
To store Ref Finance (REF) tokens securely, it is recommended to use a cold wallet, which is a wallet that is totally offline. There are two types of cold wallets:
Paper Wallet: This is a wallet formed by using a program to randomly generate a public and private key offline. The keys are printed in the form of QR codes, which can be scanned for future transactions. The paper wallet is stored in a secure place.
Hardware Cold Wallet: This is a physical device that stores your private keys offline, providing an additional layer of security.
Using a cold wallet ensures that your tokens are not exposed to potential hacks or losses due to exchange shutdowns, as they are not connected to the internet.
To buy Ref Finance (REF) tokens, follow these steps:
Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports REF tokens, such as MEXC, Gate.io, or CoinEx. Ensure the exchange is available in your region and offers the necessary trading features for your needs.
Create an Account: Register for a free account on the chosen exchange. You will need to provide personal information, including your name and email address. Some exchanges may require you to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and access additional features.
Make a Deposit: Deposit funds into your exchange account using methods such as credit or debit cards, global bank transfers, or peer-to-peer trading. You can also purchase stablecoins like USDT and then use them to buy REF tokens on the spot market.
Buy REF Tokens: Navigate to the exchange's trading platform and search for the REF/USDT trading pair. Place a buy order for the desired amount of REF tokens. You can also use the exchange's auto-router feature to find the best trading routes.
Store Your Tokens: After purchasing REF tokens, you can store them in your exchange wallet or transfer them to a personal wallet for added security.
Monitor Your Investment: Keep track of your REF token investment by regularly checking market prices and performance metrics on platforms like CoinMarketCap or CoinGecko.
By following these steps, you can easily buy and manage your Ref Finance tokens.