Let’s start with a little bit of reflection of what happened in the past 3months.
1.Farms & Farmers
We launched farming with 6 major markets on 2nd September, with OCT, SKYWARD, DAI, USDT, wETH, and REF. Now, we have expanded the farm service to 12 different markets, and added on stNEAR, PULSE, HAPI, PARAS, DEBIO, and AURORA.
Among all incentivized markets, there are 5 tokens that are native to applications on NEAR native runtime, 2 tokens are in the Octopus ecosystem , and 5 tokens that native and issued in the Ethereum ecosystem and bridged to NEAR via the Rainbow bridge.
Ref token distribution:
In terms of Ref token distribution, we have thus far allocated (1.87% / total planned 60% farming reward). In general, Ref has been adopting a conservative approach, to carefully distribute incentive rewards with the plan to take a more aggressive approach as more DeFi components builds on NEAR, and we are going to work closely with Burrow(Lending), Skyward(IDO), Metapool(Liquid staking), OIN Finance(Stablecoin), and Aurora and Octopus ecosystem as they launch on mainnet. Next step, DeFi composability.
TVL & Trading Volume
For the markets created on Ref, and their corresponding farms allocated thus far, we have reached at peak $122.7M TVL, and as of today it is at $71.29M TVL, 2,600% increase in TVL since September 1st. In terms of trading volume, Ref has had $6.5M daily average trading volume since September, with a highest volumed observed on 25th October, at $27M in 24h.
The REF incentive for most farms will stay the same, besides a strong focus to deliver the stable-swap feature to the market with a planned strong incentive. We will also work with Flux, Metapool, Oin finance and Aurora to create more dynamics in the market.
The proposed $REF allocation for the existing farms be as follow:
- REF <> wNEAR, 38328 / week, PENTA rewards with (DBIO, PULSE, PARAS, AURORA)
- Skyward <> wNEAR, 9582 / week
- OCT <> wNEAR, 9582 / week, double reward with DBIO
- DAI <> wNEAR, 9582 / week
- USDt <> wNEAR, 9582 / week
- ETH <> wNEAR, 9582 / week
- HAPI <> wNEAR, 958 / week
- PULSE <> wNEAR, 958 / week, double reward with PULSE
- PARAS <> wNEAR, 9582 / week, double reward with PARAS
- stNEAR <> wNEAR, 9582 / week
- DBIO <> wNEAR, 2874 / week, double reward with DBIO
- AURORA <> wNEAR, 9582 / week, double reward with AURORA