Dear Ref community,
In the past few weeks, we have had many rounds of conversations with some of the strongest VCs in the market, and topic of the conversation is how do we work together to build a better DeFi ecosystem on NEAR.
One of the takeaways is to open up our ecosystem, to allow more parties include, VCs, project founders and influencers, to participate in the ecosystem and grow with us. We believe the first step that we can take is to open an REF OTC round for those strategic partners to get involved.
The constructed deal was to offer REF OTC at 20% discount, on 7 day market TWAP, for a 1 year lock up and quarterly release, with an additional option for a LP provisioning deal to build longer term liquidity alignment. After many rounds of negotiations, some high level interests were collected, and we are in the final stages of finalised the details.
In total, we plan to release max 3% of REF’s total supply from REF DAO Treasury for OTC(separate from an LP deal, that is WIP), and most of the funds will be used for marketing / team expansion purpose.
We hope in the coming week, we will be able to close round and disclose all concrete information when everything is finalised.
WAGMI