Introduction

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

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

In addition to the advantages of being built on top of NEAR, Ref Finance provides:

> * Multiple pools in one contract > * Atomic transactions > * Customisable pool fee

Method

In the current dashboard I used near.core.fact_receipts table by receiver_id = 'v2.ref-finance.near' method to find all interactions on Ref-finance platform over past 3 months.

Also used near.core.dim_token_labels table to identify tokens by their symbol and track stalecoins trends on swapping from/to NEAR token.

This dashboard is an update from my previous dashboard, that has updated to track effects of FTX’s demise on this platform.

This dashboard was made in a parametric mode with selectable time frequency and past weeks as the calculation time period to choose your desirable options after logging in to Flipsidecrypto.

Analysis

:hourglass_flowing_sand: Overall View

Let’s start by take a glance on the general data around swaps metrics on Ref Finance

✍🏻 Conclusion

As findings above:

Near protocol is one of the projects that was investmented (like Solana) by Alameda research and FTX, so FTX’s demise has affected this ecosystem more than other projects on market. hence its observable that all ecosystem’s projects affected by this event, and the crypto winter has had too much effects on NEAR ecosystem.

Overall, can be resulted that Ref-Finance have mostly affected by bear market condition, and in comparision to aforementioned dashboards(my previous dashboard), can be observed that all assessed metrics decreased than previous researches.

About:

• Author: HaM☰d

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• Discord: 0xHaM☰d#8391

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• Twitter: @arjmandi_hamed

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• Email: h_arjmandi2012@yahoo.com

Add Text Here

What We Are Looking at?

In this dashboard I Picked NEAR Tournament Round 3: The Financial District and reviewed how activity there has changed over the past 90 days on Ref-Finance.

> * What has changed? > * What trends can you spot? > * Is it truly “winter” in your chosen “district” or area (NFTs, DeFi, etc.)?

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

:telescope: Findings:

• As of above visuals can be seen that the highest swap transactions count took place in Nov 9th with nearly 17.5K per day, and more than 305.63K transactions took place in total over past 3 months.
• Also, as of second chart can be observed that the count of New users on Ref-Finance peaked at 101 number in Nov 8th, and more than 4.5K in total.
• The highest volume swapped in Oct 24th with over $13.95M, and cumulative volume amount reached at $282.2M over past 3 months.

As of the following PIE charts, can be observed that NEAR => USDC have had most swapped volume in all four period times, that followed by NEAR <> USDT

:telescope: Findings:

I this part I tried to show the deference of current date swaps metrics states from 7, 14, 30 & 90 past days per Piars.

As can be seen The wNEAR=>USDC pair has had the most swap transactions count and swapped volume in all period time ranges.

The WOO=>wNEAR pair is the most popular pair by swappers count.

The following table shows the top rank pairs swapping metrics.

🔃 Swap NEAR ==TO== Stablecoin on ref-finance

The following visuals shows the investigation of swaps transactions metrics from other token and NEAR to stablecoins.

• The first high point in the volume of swapped transactions to stablecoin (USDT & USDC in majority) and non-stablecoins occurred on Nov 9th. However, the trend of swapped volume is in a sideway range over past 90 days except Nov 9th that peaked at over $1M.
• As can be seen over 86.3% of swapped volume in US dollar changed to stablecoins and less than 14% changed to non-stablecoins.
• The majority of unique swappers converted their NEAR on Nov 9th. Also can be seen the highest volume of swapped volume.

🔃 Swap ==FROM== Stable & non-stablscoin to NEAR on ref-finance

The following visuals shows the investigation of swaps transactions metrics from stable and non-stablecoins to NEAR.

• The number of swaps reached its highest point on Nov 9th, too much from stablecoins, marking the peak of the trading activity. But after that, the number of transactions per day fell below 500.
• On Nov 9th, there was a rise in the total number of transactions that took place across all stablecoins.
• On Nov 9th, the vast majority (not too much than other days) of one-of-a-kind swappers traded their Stablecoins for NEAR, which is equivalent to non-stablcoins.
• In Nov 9th, there has been an increase in the amount of stablecoins being traded for NEAR. As a result, the volume of stablecoins being swapped for NEAR reached its maximum point on Nov 9th, Therefore, on this date, more over $1.94M Stablecoin & $217.2K non-stablecoins was swapped into NEAR via the Ref-Finance platform.

:telescope: Findings:

87.2% of swapped volume($) is belong to swapping the stablecoins to NEAR against to 12.8% from non-stablecoins to NEAR.

Overall, more than 11.8M NEAR token swapped from stabelcoins against to 1.67M swapped from non-stablecoins over past 3 months.

:hourglass_flowing_sand: Success & Fail Rate Transactions State

:telescope: Findings:

The line chart on the above shows the daily success transaction per minute (Purple line) and transaction fail rates (Red line)

• Since September 16th (first date of past 90 days), 2022, the rate at which transactions fail has climbed from approximately 6% to a value that varies between 30% and 55%.
• It spiked on November from 18% to closely 70% in Nov 10th.
• Because of the growing number of unsuccessful transactions, the number of successful transactions that occur each minute has decreased from 16 in Sep 24th to closely 4 in Oct 15th, and after that rose to 20.5 in Nov 9th, however it fell to below 4 in last week.
• According to the next graph (normalized chart), it is possible to see that the daily count of successful transactions has fallen while the number of failed transactions has climbed over time. Therefore, by past 90 days, more than 90% of transactions failed per day.
• In the past 90 days, the transaction success rate per minute for Ref-Finance using NEAR Protocol was nearly 6.66%, while the transaction failure rate per minute was 30.4%.
• The color assigned to each individual dot on the following graphs the values of the related measurements are shown in the charts below, with the hours of the day and days of the week indicated by their positions along the x- and y-axes, respectively.
• The transactions have the highest positive signal (high sTPM and low TFR) on Monday morning of each week according to both graphs, however the signal is the opposite on Wednesday midnight.

:cut_of_meat: Staking On Ref-Finance

By staking REF, users can share part of the protocol fees that are reflected in the differences in prices between REF/xREF. Purely by holding your xREF stack increases in value as time goes by.

The USDT-NEAR pool has charged by $190K USDT & $60.3K NEAR

In ETH-NEAR & REF-NEAR pools, the liquidity went to bellow zero because of fell price of pairs affected by market condition.