# Tokenomics

## **General Information**

REF is a Governance token that also rewards its holders with a protocol revenue sharing model.

* Token name: Ref Finance
* Ticker: REF
* Fungible Token Contract: token.v2.ref-finance.near
* Fungible Token Standard: NEP-141
* Fixed Supply: 100,000,000
* IDO: 2,500,000 auctioned via Skyward Finance (July 26–31, 2021)

## **Token Allocation**

<table><thead><tr><th width="261.2851934609063">Categories</th><th width="150">Allocation</th><th>Release Schedule</th></tr></thead><tbody><tr><td>Liquidity Incentives</td><td>60%</td><td><p>Year 1: 25%</p><p>Year 2: 18.3%</p><p>Year 3: 11.7%</p><p>Year 4: 5%</p></td></tr><tr><td>Treasury</td><td>20%</td><td>N/A</td></tr><tr><td>Development Fund</td><td>10%</td><td>4-year linear release</td></tr><tr><td>Early Users Airdrop</td><td>1%</td><td>3-month vesting with 3-month cliff</td></tr><tr><td>Future Airdrop(s)</td><td>2%</td><td>TBD</td></tr><tr><td>IDO (Skyward Auction)</td><td>2.5%</td><td>1-week auction</td></tr><tr><td>REF Token Liquidity Provisions</td><td>2.5%</td><td>N/A</td></tr><tr><td>Strategic Airdrop</td><td>2%</td><td>N/A</td></tr></tbody></table>

![](/files/oHdK9YoOYoLXBlMW8mrK)

## **Private Fundraising**

In March 2022, Ref Finance has closed a strategic Over-the-Counter (OTC) deal with professional investors as well as business angels.

Professional investors are:

* [Jump Crypto](https://jumpcrypto.com/) (Lead)
* [Alameda Research](https://www.alameda-research.com/)
* [Dragonfly Capital](https://www.dcp.capital/)
* [D1 Ventures](https://www.d1.ventures/)
* [OKX BlockDream Ventures](https://www.okx.com/blockdream-ventures)
* [Kucoin Ventures](https://www.kucoin.com/land/kucoinlabs)
* [SevenX Ventures](http://www.7xvc.com/)
* [Woo Network](https://woo.org/)
* [Move Capital](https://move-capital.com/en/)
* [Puzzle Ventures](https://puzzle.ventures/)

The objective of the fundraising is to support and cover the development cost of the solution for at least 24 months, starting from March 2022.

The total amount raised was $4.5m in stablecoins in exchange for 3,664,943 REF tokens, leading to an average price of 1.227 REF per stable.

The stablecoins breakdown is as follows:

* $3.6m USDC
* $0.9m USDT

### Terms

* Price: 7-day market Time-weighted Average Price (TWAP) at a 20% discount
* Lockup: 1-year linear release every quarter

More details can be found in the [Ref governance forum](https://gov.ref.finance/t/a-strategic-ref-otc-wip/448).

## **Token Utility**

1. **Earning protocol revenue**: Users who stake REF tokens to earn fees generated by the protocol
2. **Pooling**: Users who provide liquidity with any REF token pairs earn swap fee from the associated pool(s)
3. **Farming**: Users who stake their LP tokens into different farms, thus earning additional revenue
4. **Boosted farming**: Users who lock their LP tokens into the REF<>NEAR pool can get LOVE tokens, which can be staked to unlock extra rewards for multiple farms
5. **Governance**: Users who lock their LP tokens into the REF<>NEAR pool can get veTokens, which can be used to vote on governance proposals and on the allocation of liquidity incentives


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