Introduction

In this Analysis, You will Read about Ref Finance on Near. Ref Finance is a community-led, multi-purpose Decentralized Finance (DeFi) platform built on NEAR Protocol. The ref takes advantage of NEAR's low fees, one-to-two second finality, and WebAssembly-based runtime.
I went through Ref Finance and analyzed these parameters:
Transactions on Ref Finance
Swaps From Near → Stable Coins
Swaps From Stable coins → Near

Analyzed by Hess - Reading Time Almost 8 min.

Method

First, I should mention that I Extracted All Swap Activities from Near to Stable Coins before. I used my previous method and codes. Thanks to Pinehearst and Hamed for help in extracting logFile before. But I tried and added Swap Activities from Stablecoins to Near too.
Near Chain and its tables are new to me, and I struggled to extract what I wanted from Near tables. I used some help like Pinehearst in Discord Near tournament in my codes. I used its Stablecoins sample. With Ref finance address which is v2.ref-finance.near, I extracted all transactions belonging to Ref finance. First, I calculated Daily Success and Failure transactions, Then I picked up Near → Stablecoins swaps and Stablecoins → Near Swaps.
All Swaps data recorded in Log file. I needed to extract near amounts, Stablecoins amounts, and Symbols from a single column. I split the log file and made a swap table for myself.

Impact Definition

In my opinion, Users, Transactions and Volume or Near amounts can impact any chain. The powerful project attracts new users. New users should use the native chain or even create a wallet on that chain. These users will make more and more transactions and create an inflow and outflow of money. So a powerful or successful project acts like a marketing channel for the native chain. I think Ref finance attracted users and volume which impacted Near.

Swaps ( Near → Stablecoins )

let’s examine the swaps from Near tokens to stablecoins like USDC, USDT, USN and DAI on Ref finance. The total weekly swap volume from Near to Stablecoins was between 3-60M US dollars over time. The highest volume was swapped On May 9. If you remember, Luna and UST crashed that day. Users swapped around 7.5M Near stablecoins. After May, The total number of swaps decreased to 7-8K daily and the volume decreased to 5-6M US dollars.

Swaps ( Stablecoins → Near )

Full Analysis

A Summary Of The Most important findings

Since January 2022, More than 2.91M transactions have been recorded on Ref Finance.
The highest number of transactions was between April and July. After that decreased.
The success rate is not a good situation. Especially in the last two months when the failure rate increased significantly.
USDT is the most popular stablecoin in swaps from and to Near. However, Week by week, the share of USDC increased.
USN is less popular. The weekly share of USN is about 1-2%.
Swappers swapped Nearly 900M US dollars From Near to Stable and Stable to Near.

Transactions

The highest number of transactions were between April and July on Ref finance. After July, The total number of transactions decreased from above 10K daily to 6-7K. Since January 2022, Almost 2.9M transactions have been recorded on Ref finance. Recently, The total daily number of transactions decreased more and reached 2-3K. During the FTX collapse, The total number of transactions increased to 18K suddenly but quickly back to the days before FTX.

Thank You For Reading!

THANKS TO PINEHEAST AND HAMED for help in extracting Logfile Before.

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/DEC/22

Conclusion

So Far, We analyzed Ref Finance based on transactions, Swaps and Volume. Did you see the numbers? A Huge volume went through Ref finance since January 2022. A powerful and successful Project like Ref Finance can boost the native Chain which is Near in our case. Re-finance is one of the projects that impacted Near too much.

During the High peak of Ref finance, the total number of transactions per hour was 1K. The total number of transactions per minute reached 20-2 transactions. After that decreased to 200-300 transactions per hour and 4-5 per minute. During the FTX crash, The total hourly number of transactions increased up to 779 tx per hour but quickly recorded the lowest number of transactions per hour/minute and second.

Before April 2022, the success rate was regular. Almost 80-90%. But after that, the total number of failed transactions increased significantly, and the Success rate decreased. Compared to the Near success rate, Ref finance has a huge difference from Near transactions. I don’t know why but the daily share of success transactions in November and December decreased and had so many ups and downs. It seems this platform has a technical problem and they didn’t fixed it.

The weekly shares of Stablecoins show USDT and USDC are popular stable coins on Near. In the middle of February, The Weekly share of USDC increased from 4% to 70%. However, after April again decreased to 30-40%. Right now, USDC has the highest share based on total swaps. After USDC, USDT, with 40-45% of shares, is in second place. The third place is DAI, and the last place is USN.
As you can see, USN wasn’t successful on the Near chain. Recently, The Near announced they shut down its Terra-like USN stablecoin! However, It’s not like users can’t use it anymore. It means it’s just useless.

Based on Volume, More users swapped to USDT compared to other stablecoins. The highest volume swapped in May. Users swapped almost 60M US dollars from Near to USDT. The second place is USDC, with 141M US dollars in swap volume since January 2022. The third place is DAI with 10M US dollars, and the Last one is USN.
After the FTX crash, The total weekly swap volume from Near to stablecoins didn’t increase much. A week after FTX, Users swapped 8M US in Near to USDT, 3.7M to USDC, 45K to DAI, and 10K to USN. I can say FTX collapse increased 2-3x swap volume from Near to Stablecoins.

Like the total transactions and volume from Near to Stablecoins, The highest number of swaps and swap volume from Stablecoins to Near was between April and July 2022. As you may know, the FTX exchange crashed on November 7, and almost the price of all tokens and Near dropped 30-50%.
Interestingly, the total number of swaps from Stablecoins to Near increased After the FTX crash. Usually, in this case, Users swap their native and other tokens to Stablecoins, but on Near, The situation was different. That week, Users swapped 11.9M US dollars to Near from only stablecoins.

Compare Platforms

With the EZ Swap table, I examined the total weekly swap and swap volume from Near to stablecoins on Ref-Finance and compared it with wrap.near and Aurora. As you can see, The higher number of swaps and higher swap volume went through Ref finance compare to other two platforms.

Until February 2022, USDT was the king of stablecoins on Near chain, but after that time and during the LUNA and UST crash, The share of USDC increased significantly and increased from 10% to 70%. But again, after March, The daily share of USDT increased to 60%, and the USDC share decreased to 30%. In the last two months, November and December, USDC share increased to 50% again.
Overall, 48.5% of total swap transactions were USDT, 25.6% of swap transactions were 25.6%, and the third stablecoins was DAI, with 24.3% of swap transactions. We can not examine USN more because, as I mentioned before, Near announced they shut down USN.

Let’s examine the total weekly swap volume from Stablecoins to Near. Users swapped 331M US dollars from USDT to Near. The second top stablecoin was USDC, with 142M US dollars. Also, Users swapped 41M US dollars from DAI to Near.

If we compare two big crashes in 2022, Luna and FTX crash, The FTX crash had fewer impacts on the Near chain and Near token. The total weekly swap volume during the Luna crash increased significantly, but during FTX didn’t change too much.

flipside