Appreciate the transparency update! I know the vetokenomics are not live yet - however, as a non-technical but dedicated $REF community member I have some input regarding the rewards distribution:
In my opinion, the funding the WBTC-WNEAR farm with such a high amount of $REF is extremely questionable, especially given the existence of the currently well-funded WETH-WNEAR and WETH-WBTC farm.
As an avid user of the platform, I would strongly like to see most (if not all) the REF ecosystem stream rewards from the WBTC-WNEAR farm go to the WNEAR-WSOL farm instead.
There’s a few reasons for this:
In my opinion the WETH-WNEAR, WSOL-WNEAR and WBTC-WETH are 3 farms that together offer a great way to promote the NEAR ecosystem.
WBTC-WETH: is probably the best farm to fund given that this farm has historically high correlation, brings in TVL, and offers a users a ‘safe’ farming experience
WETH-WNEAR: is a useful farm for NEAR-native folk already exposed to some of the risks that come with holding NEAR, looking to interact and gain exposure to upside in the Ethereum / Aurora ecosystem
WSOL-WNEAR: is in theory able to offer a great ‘high-risk’ degen farming experience, especially as the Solana ecosystem is one NEAR shares a certain market overlap with. However, currently the $REF rewards aren’t NEAR () enough to incentivise that farm adequately.
Anecdotally, there also exists a clear numerical correlation between the two tokens (I.e. SOL at $15 USD most likely means $NEAR is around $1.5 USD). However, please don’t take this analysis bank - it’s just a curious thing to note as it has seemingly little to do w market cap
Secondly, is ref.finance able to look into funding either a Trisolaris or Holdr $TRI-$REF farm? I understand priority may not be there at the moment as there is little liquidity, but this is a community favourite pool - it also encourages users outside REF to interact with the DEX on NEAR without funding a direct competitor
Lastly, I would like to end by raising the question if it’s potentially better to fund an OCT-WNEAR farm instead of the existing OCT-REF? Are there any thoughts on this?
From a community UX perspective, it makes no sense for the other half of the pool to be $REF - can’t the farm be OCT-xREF? I understand this is likely impossible, but I would love some clarification as to why $REF is a better choice than $NEAR.
Thank you very much for your thoughts and interest in RefFi!
Farms are primarily meant to incentivize people to deposit their assets in specific pools so that there is enough liquidity to handle the expected volume of trades for the token pairs in those pools. wNEAR/WBTC has $680K of TVL (98% of which is staked), and a 24h Volume of $36K (5% of TVL). It has a significantly higher Vol/TVL than WBTC/ETH and SOL/NEAR, which is why it needs significantly higher rewards.
Not impossible, but inadvisable. xREF is an anti-inflationary measure, in that it incentivizes people to hodl REF instead of swapping it (especially REF they get from farming). Incentivizing a xREF pool with REF rewards would be inflationary, and therefore counterproductive.