2 years ago
Ref Finance, an automated marketplace shaper and stableswap marketplace for the Near blockchain, announced connected Thursday that it has closed a $4.8 cardinal circular of backing led by Jump Crypto.
Alameda Research and Dragonfly Capital besides provided backing for the round.
AMMs are cardinal to the functioning of decentralized exchanges similar Uniswap. They let users to go liquidity providers successful an speech by giving them a chopped of the transaction fees arsenic good giving retired escaped tokens arsenic an incentive. A stableswap marketplace is simply a mentation of an AMM specifically for stablecoins – which play an important portion successful immoderate liquidity pool.
As the Near blockchain grows to enactment multi-chain interoperability, Ref Finance volition play an important relation arsenic a liquidity gateway, the institution said successful a property release. Currently, Near supports the trading of ether, SOL, LUNA and CELO tokens via plus bridges.
Bowen Shen, co-founder of Proximity Labs, the squad down Ref Finance, successful an interrogation with CoinDesk said that trading connected Near costs astir 1 cent a transaction and has a 1 to 2 2nd transaction finality. Building connected Near allows Ref Finance to "be a measurement person to DeFi retail adoption,” helium said.
“The rise volition beryllium chiefly utilized to grow the squad to proceed gathering retired DeFi products and services that amended service the ecosystem, the partners and the users,” Shen told CoinDesk. “Our investors successful this circular are immoderate of the astir credible VCs successful the DeFi space; we see their acquisition and strategical alignment the astir invaluable portion successful this backing round.”
Before the quality was released, Near’s token was trading astatine $11.40, with a $7.2 cardinal marketplace cap, according to CoinGecko, portion Ref Finance's token REF was trading astatine $1.70.
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