![db_img](https://uploads.flipsidecrypto.com/product/images/e_IbXEVTzOiX.jpeg)
π Introduction
Ref finance
Ref Finance is a community-led, multi-purpose DeFi platform built on the NEAR Protocol.
Ref Finance takes full advantage of NEARβs low fees, one-to-two second finality, and WebAssembly-based runtime. The platform is fully permissionless and removes the need for trusted intermediaries, prioritising decentralisation and censorship resistance.
In addition to the advantages of being built on top of NEAR, Ref Finance provides:
1οΈβ£ Multiple pools in one contract
2οΈβ£ Atomic transactions
3οΈβ£ Customisable pool fee
In Ref finance, Traders can swap NEP-141 tokens. There are different types of traders interacting with the protocol:
1οΈβ£ Speculators can use a wide range of strategies from fundamental to technical analysis, to 'ape' approach (process of buying a token shortly after the token project launch without conducting thorough research)
2οΈβ£ Hig-frequency bots can cover different strategies, such as market-neutral arbitrage or long/short strategies.
3οΈβ£ Dapp users buy tokens for use in other applications on NEAR, for example, buying PixelDapp tokens to play games..
4οΈβ£ Smart contracts that execute trades by implementing swap functionality, from products like DEX aggregators to custom scripts.
5οΈβ£ Legal entities (can be for-profit or not-for-profit organisations) and/or DAOs (can be a smart contract) that execute trades to manage their affairs, such as the settlement of an invoice in a differrent currency/token.
Near Protocol
Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). Near Protocol is faster and cheaper than Ethereum. More importantly, it promises to be faster than some of the other largest challengers. Near Protocolβs defining feature is a technique called "sharding," designed to improve transaction speed and capacity. Near Protocol is starting to implement a new version of sharding, which will turn it into what it describes as a "fully sharded" network. Near Protocol is by no means the first network to use sharding. It has been talked about as a possible fix for Ethereum since 2013 and Ethereum-competitor Zilliqa put one version of it into practice back in 2018. But a "fully sharded" chain would break new ground.
βπ» Methodology
In this dashboard, the following tables are used to extract data:
near.core.fact_prices
β This table is used to get the data in USD.near.core.ez_dex_swaps
β This table has been used to extract data such as volume and number of swaps, etc.- By choosing monthly, weekly and daily time frames, the data will be displayed in different time formats.
- Code
PLATFORM ilike '%ref-finance%'
is used to find Ref finance information.
π Purposes of dashboard
In this dashboard, the status of swaps on the Ref Finance platform is analyzed from many aspects. For this purpose, this dashboard is divided into several parts:
Overview of Swaps on Ref Finance:
In this section, the volume and number of swaps recorded on this platform are checked. On the other hand, the activity of swappers is also analyzed. The metrics analyzed in this section are:
1οΈβ£ Number of Swaps & Swappers
2οΈβ£ Swap Volume ($USD)
3οΈβ£ Number of New Swapper
4οΈβ£ Swap per User (Swap Volume per Swapper & Swap Count per Swapper)
5οΈβ£ Daily/Weekly/Monthly Statistical Data about Swap Volume/Count
6οΈβ£ Daily/Weekly/Monthly Statistical Data about Swapper Count
7οΈβ£ Classification of the Value of Swaps
8οΈβ£ Cummulative Swap count/volume & Swapper Count
9οΈβ£ Top 20 Swappers base on Swap Volume/Count
π Sales/purchase Volume of each Currency ($USD)
Swaps Pattern
In this section, it is checked which day and time traders are more inclined to record swaps. The metrics analyzed in this section are:
1οΈβ£ Swaps Volume/Count Hitmap, Days of Month vs. Hours of Day
2οΈβ£ Swaps Volume/Count Over Days of Month
3οΈβ£ Swaps Volume/Count Hitmap, Days of Week vs. Hours of Day
4οΈβ£ Swaps Volume/Count Over Days of Week
Stablecoins Swaps
In this section, all transactions recorded by swappers with stablecoins such as USDT, USDC, DAI, USN, cUSD and nUSDO are analyzed. The following metrics are used in this section.
1οΈβ£ Stablecoins Swap Volume/Count
2οΈβ£ Average Stablecoins Prices per Day
3οΈβ£ Top 10 Stablecoins Swappers base Swap Volume/Count
4οΈβ£ Classification of Swappers
5οΈβ£ Distribution of Stablecoins Swap Count
REF Token Analysis
In this section, REF token transactions are evaluated. The metrics analyzed in this section are:
1οΈβ£ REF Buying Count vs. REF Selling Count
2οΈβ£ REF Volume: Buying vs. Selling
3οΈβ£ Top 10 REF Swappers base on Swap Volume/Count
4οΈβ£ Average Price of REF per Day & 7-day Moving Average
5οΈβ£ Comparison between (NEAR,REF)-(ETH,REF)-(BTC,REF)
6οΈβ£ Correlation Analysis
![db_img](https://uploads.flipsidecrypto.com/product/images/L_ZY6_5snt6K.png)
![db_img](https://uploads.flipsidecrypto.com/product/images/bnTvuiv6lQ2F.gif)
![db_img](https://uploads.flipsidecrypto.com/product/images/gC_uEZfUzboU.gif)
![db_img](https://uploads.flipsidecrypto.com/product/images/fufukp5X71G-.gif)
You can choose the time frame you want to display the results β Month, Week, Day
π Observations
- So far, more than 928k swaps have been recorded in Ref finance.
- The number of unique users who have used this platform so far is equal to 26.7k swappers.
- Since the beginning, about 928M $USD swaps have been recorded on this platform.
- The highest number of swaps was recorded in November 2021. (110.5k)
- Users recorded the highest number of swaps on October 25, 2021 in Ref finance (11,485 swaps).
- The largest swap volume was recorded in May 2022. (116.3M $USD)
- On May 10, the largest volume of swaps was recorded in Ref finance.
- From May 2022 onwards, the volume of swaps in Ref finance has gradually decreased.
- The highest volume of swaps per user and the highest number of swaps per user were recorded in July 2022. This month each user made an average of $60.8k USD. The average number of swaps per user this month was equal to 58 swaps.
- The largest number of new users who have used this platform is from October 2021. This month, 13.1k users have used this platform for the first time.
- Statistical data in daily, weekly and monthly time frames are shown in the following tables.
π Observations
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Most of the swaps recorded in Ref Finance have a volume between 100 and 1000 USD. β 673k swaps
-
About 25% of Ref Finance swaps have a volume of less than $1 USD.
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So far, 733 swaps with a value of more than $100k USD have been recorded in Ref Finance.
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The 3 addresses who had the largest volume of swaps in Ref Finance are:
π₯ yuxsccc.near β 346.5M $USD
π₯ simpleguy.near β 102.8M $USD
π₯ grandalex.near β 66.6M $USD
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The 3 users who had the most number of swaps in Ref Finance are:
π₯ yuxsccc.near β 282k Swaps
π₯ grandalex.near β64.4k Swaps
π₯ d53d7b922cecaec8148b1c8b030fb6d78a86b085ed96bf76e152a9c3e46e3a40 β63.6k
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The 3 currencies that have the largest volume of buying and selling in Ref Finance are:
π₯ NEAR βπ 766.6M $USD π’ 430.8M $USD
π₯ USDT βπ 467.8M $USD π’ 190.1M $USD
π₯ USDC βπ 251.3M $USD π’ 106.4M $USD
π Observations
- On the 10th to 12th of every month, the volume of swaps recorded in Ref Finance increases. In the same period of time, the number of swaps also increases.
- On Wednesdays, the volume and number of swaps in Ref Finance increases.
- The largest volume and the largest number of swaps are recorded on this platform between 12:00 and 17:00
- As with many DEXs, the volume and number of swaps decreases on the weekends at Ref Finance.
π Observations
- Since May 2022, the volume of swap stablecoins on this platform has been decreasing.
- The largest DAI swap volume on this platform is 15M $USD. But since this date, the DAI swap trend has been downward, so that in December, the DAI swap volume reached 11.5k USD. The total DAI swap volume on this platform was 51.1M $USD.
- The largest volume of USDC swap in Ref Finance is equal to 29.6M $USD. USDC trading volume has also decreased in recent months. USDC swap volume last month was 1.9M $USD. So far 154.2M USDC has been traded on this platform.
- USDT has the largest swap volume among stablecoins (388.3M $USD). The largest volume of USDT swaps is equal to 68.3M $USD.
- From April 2022 to September 2022, the volume of USN swaps has gradually increased, but similar to other stablecoins, the volume of USN swaps has also decreased in the past months.
- The largest number of stablecoin swaps is related to USDC and USDT.
- The price chart of stablecoins shows that DAI and USDC had a price higher than $1 most of the time. But USDT and USN have a price of less than $1 most of the time when they leave the peg value.
π Observations
- Top Stablecoins Swappers base on Swap Volume:
π₯ USDT β yuxsccc.near β 121.8M $USD
π₯ USDC β yuxsccc.near β 74M $USD
π₯ DAI β grandalex.near β 22.4M $USD
4οΈβ£ USN β legacyww.near β 11.2M $USD
5οΈβ£ cUSD β soledad.near β 441k $USD
6οΈβ£ nUSDO β tiga.near β 300k $USD
- Top Stablecoins Swappers base on Swap Count:
π₯ USDT β yuxsccc.near β 69.9k swaps
π₯ USDC β yuxsccc.near β 69.7k swaps
π₯ DAI β grandalex.near β 20.3k swaps
4οΈβ£ USN β pizzamaker.near β 8k swaps
5οΈβ£ nUSDO β tradersieucapvodichvipro.near β 3.2k swaps
6οΈβ£ cUSD β pt01.near β 1k swaps
![db_img](https://uploads.flipsidecrypto.com/product/images/oHUDsCNBZvzp.png)
The opposite table shows the classification of swappers based on their total swap volume:
π Observations
- The highest number of REF token sale transactions was recorded in April 2021. About $13.6M USD of REF tokens have been sold this month.
- The largest number of REF token purchase transactions was recorded in October 2021. The largest purchase volume of REF tokens was equal to 3M $USD.
- The number of REF sales transactions has always been higher than the number of purchase transactions.
- Only in the month of September, REF's buying volume was about $436k USD more than REF's selling volume.
- The sneaky1.near address has the largest volume of REF swap. This address has recorded about 9.6k swaps so far. The total REF swap volume by this address is equal to 11.4M $USD.
- The highest number of REF token transactions was recorded by the address jreive.near. (26.309 Swap)
π Observations
- The correlation between REF token and BTC and ETH currencies is very strong. While the correlation between REF and NEAR prices is moderate.
- Since early November 2021, the price of REF has entered a strong downtrend that continues until now.
- The highest REF token price was recorded on October 27. REF price reached $9.58 that day.
- The price of REF token has decreased by about 99% compared to ATH. π΅π±π°
π‘ Conclusion
Ref Finance is a community-led, multi-purpose DeFi platform built on the NEAR Protocol. In this dashboard, the performance of the Ref Finance platform has been analyzed from some aspects. In the first step, we examined the volume and number of swaps, as well as the number of users of this platform. Similar to many DEXs, the volume of swaps in Ref Finance has decreased in the past months. However, in November, a total of 35.5M USD swaps were recorded on this platform. On the other hand, on average, 312 unique swappers make 2,180 swaps with a volume of approximately 2.1M $USD on this platform. 32.5% of the swaps done on this platform have a volume of less than 1$USD. Similarly, about 25% of the swaps recorded on this platform have a volume between 100 and 1000 USD. NEAR currency has the most swap volume on this platform. In the next step, the time pattern of swaps was examined. On the 10th to 12th of every month, the volume and number of swaps in Ref Finance increases. The volume and number of swaps decreases on weekends and increases on Wednesdays. The volume of swaps increases between 12:00 and 17:00. In the next step, stablecoin swaps were analyzed in Ref Finance. Among stablecoins, USDT has the largest swap volume. USDC and DAI are next. In this section, the top addresses are also extracted. In the last step, we checked the buying and selling status of REF token. The results show that the sales volume of this token on this platform has always been higher than its purchase volume. In the last step, the correlation coefficient between the price of REF and the price of BTC, ETH and NEAR currencies was analyzed. The results show that the correlation between the price of REF and the price of BTC and ETH is very strong, and the correlation between the price of REF and the price of NEAR is moderate.
Analyst: Emanoel
***Twitter: ***
Discord: Eman#9698
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Special thanks to the Flipsidecrypto & MetricsDAO π§‘