Octopus Network and Ref Finance Partner up together for NEAR’s DeFi Ecosystem
Ref as a DeFi ecosystem
Ref.finance was established as the first DeFi project on NEAR. Since then, it has worked closely with numerous NEAR ecosystem projects such as Skyward, Paras, Pulse, Aurora, OIN.finance and Octopus Network, in order to help them to create market pairs on Ref’s App for users to trade. Ref.finance is dedicated to the creation of a marketplace with a core focus to integrate and partner with all NEAR ecosystem projects, partners, by enabling a better and stronger market presence.
Ref is a marketplace of NEAR native tokens and to deepen its connection to the rest of the ecosystem partners, Ref.finance has taken the initiative to do token swaps with other NEAR native projects, and activate pool swapped tokens to create markets with active liquidity (REF <> Ecosystem token) on Ref.finance.
This initiative will aim not only to serve a strong business value for building long term usability for REF token holders and all NEAR token holders by directly benefiting to:
- The first ecosystem project that Ref will do token swap with is Octopus Network
- Diversify Ref.finance treasury
- More token locked on Ref.finance (increase liquidity)
- Easier accessibility for Ref token holders to other ecosystem tokens (more utility)
On 17th January 2022, Louis, founder of Octopus Network, made a proposal on Ref.finance governance forum, detailing ideas on how this token swap should happen, and the benefits it brings to both projects and their communities.
In short, Octopus Network will do a $1M token swap with Ref.finance. Then, each party will pair up their received traded token with their own token, to add liquidity to Ref.finance and never actively sell the traded tokens for 2 years. With this in mind, it increases the liquidity of both tokens, and increases usability for all tokens holders of each asset or both.
The swap took place on the 5th Feb, after a series of community discussions and DAO votes, where 258,398 OCT was sent to the Ref Chef account, and 289,856 REF was sent to Octopus team. (Rate determined on the 21st January 2022, when the swap detail were finalised).
The power of Octopus Network
Octopus Network plays an important part in the NEAR ecosystem, by unlocking the Substrate-based application-specific blockchains and more services which can be deployed on NEAR. A solution for growth and usability of a crypto network.
Octopus has planned a dynamic ecosystem release, starting with Debio and Myriad as the first and second app-chains launched on Ref.finance. The app chain launch plan is quite aggressive, with a release every 3–4 weeks for the next six months, and most of their app-chains will be deployed on Ref.finance as their main market.
Statistically, Octopus Network has been consistently one of the most traded assets on Ref.finance, with OCT <> wNEAR, being one of the most liquid pools.
A token swap signals a stronger support from the Ref.finance team to grow the Octopus Network together with their team and community. This is only the beginning, the Ref.finance team is currently also in multiple conversations in the NEAR ecosystem for the next potential token swap. The goal is to execute 10 ecosystem token swap, and have more assets to quote in REF token.
What is your favourite NEAR ecosystem project that you think Ref.finance should do a token swap with? Do let us know, you are the one swapping these tokens!