Instant Swap is now LIVE on Ref Finance! Allowing Users to Swap Directly From Their NEAR Wallet

Ref Finance is delighted to announce the Instant Swap feature, which allows users to swap directly from their NEAR wallet.

Unlike Uniswap, Sushiswap or most Automated Market Makers, Ref Finance used to require its users to deposit first in order to swap.

This has changed. Users have now the option to swap directly from their NEAR wallet, improving the user journey and experience, along with gas fee optimisation.

For liquidity providers, please note that adding or removing liquidity still requires users to deposit first. Users have the option to switch from their NEAR Wallet to their Ref Account, and vice versa, in Transaction Settings.

How to perform Instant Swap

1. Access Ref Finance with your NEAR wallet. Navigate to the Swap section.

Currently the screen shows the balance of your Ref account.

2. Go to Transaction Settings

3. Select Near Wallet

4. The screen now shows the account balance from your Near wallet. (The “N” icon indicates the change in accounts)

5. You may notice that you can’t directly swap $NEAR for other tokens. This is because Ref only accepts $wNEAR (wrapped NEAR), which is the same value as $NEAR but follows a different token standard. . This means you have to wrap NEAR in your wallet first before you swap it.

Soon there will be an update allowing users to swap directly from NEAR.

Go to our new Wrap Near section.

6. Enter in the amount you want to swap then hit Submit.

Note: Swap ratio between NEAR and wrapped NEAR is 1:1

7. Allow the transfer from your Near wallet.

8. Your wallet is now filled with wNEAR, now let’s swap!

Choose the token with which you want to swap. Enter the amount and hit Swap!

9. Allow the transfer from your Near wallet and you’re done!

10. Check your balance to see if the transfer was successful.

About Ref Finance

Ref Finance is a community-led, multi-purpose Decentralized Finance (DeFi) platform built on NEAR Protocol.

Ref takes full advantage of NEAR’s low fees ($0.005 per swap), one-to-two second finality, and WebAssembly-based runtime (hello, Rust smart contracts!).

Using the Rainbow Bridge (NEAR <> ETH), traders can utilize the billions of dollars in ERC-20-compliant assets from Ethereum, and eventually, from any chain (BSC, Polygon/Matic, Cosmos/IBC, and others) on NEAR.

Ref Finance’s first product is an automated market maker (AMM). It is similar to Uniswap, with a few changes (not limited to):

• Multiple pools in a single contract
• Ability to trade across pools atomically in a single transaction
• Customizable swap fee per pool, giving to LPs the possibility to charge higher fees for volatile tokens

Make sure you are following us on Twitter for the latest news and announcements, and do make sure you join our Discord or Telegram for deeper levels of engagement with our Team and Community!