Ref Finance (REF)

From CryptoWiki

One of the leading DEXs on NEAR


  • Based in:
  • Started in / Announced on:
  • Testnet release:
  • Mainnet release:


Audits & Exploits

"Ref has a $250K active bug bounty. Not only does this cover their smart contracts but also their front-end, which we consider to be often as important and largely overlooked. They should be commended for this. Ref's code coverage stands at 51%, as identifed in their Jita audit. There is no test report documented by Ref. Ref has not undergone formal verification. Ref has documented a deployment to a testnet. Ref has been audited once, and this was post-launch."

With the comment:

"Ref Finance really sets the bar for NEAR. Their chain-leading score is evidenced by a strong commitment to good process quality. Even with this high score, we're excited to update it more as they grow. Ref has done a fantastic job at improving their documentation and further elaborating on how their team operates. Writing the report and seeing this progression was one of the most enjoyable review experiences we've had to date. Not only did their score jump by around 30% (that is before we increase their score further once they implement a bug bounty program with @Immunefi), but their friendly and responsive team spent a great deal of time explaining internal test processes. Thanks to a clear table in their contract documentation, they provide users with all the information they need in a compact format. Protocols might look to this as a model 👀

One area that will be improved is testing - their test code coverage is in need of increasing and we look forward to them publishing a test report for users to verify results against."



Admin Keys

"Each upgradeable contract is identified by Ref's contract documentation. The specificity of this documentation indicates good process. Ref uses Guardians that function as their pause control. There is good and specific documentation relating to the processes in which the pause control is activated. Ref does not use a timelock and this is explained in their contract documentation. However, since some contracts are subject to DAO governance timeframes, some contracts are subject to a 24-48h delay in between proposal and going into effect."





Token Allocation


Other Details

Coin Distribution


"At 64 commits but 41 branches, there is a good reference of development history documented."


How it works




Validator Stats

Liquidity Mining



Other Details

Oracle Method

"Ref does not use an oracle, and this is stated in their GitBook. Instead, prices are dependent on pool conditions. This protocol documents no front running mitigation techniques. This protocol documents no flashloan attack countermeasures. Nevertheless, since flashloans are not currently a documented possibility on NEAR, this protocol does not need to do so."

Their Other Projects


  • Can be found [Insert link here].


"The leading protocol by TVL on NEAR is the DEX Ref Finance with $54 million TVL. Ref’s TVL was dramatically affected by the USN news, losing 50% overnight as users rushed to swap their USN for USDT. Despite this, trading volume has remained steady and Ref Finance continues to lead the DEX space on NEAR."

Projects that use or built on it


Pros and Cons



Team, Funding and Partners


"Ref has multiple public and anonymous developers working on it. These are listed in one place for verification."


"Notable investors in Ref Finance include Jump Crypto and Dragonfly Capital."



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