[FARM] marmaj <> stNEAR - April

Project Description

$marmaj is the utility token for the Marma J Foundation / marmaj DAO. $marmaj allows for the Marma J Foundation to distribute funding to various marmaj community projects through marmaj DAO proposals. By pairing marmaj with various community tokens, the marmaj community is able to efficiently support various projects within the NEAR ecosystem simply by using $marmaj as a fund distribution mechanism.

The goal of the Marma J Foundation is to leverage Web3 tech for social good.

Project plan / development

As the marmaj DAO distributes funds to support the community, it uses marmaj tokens to do so. The marmaj token is distributed to active and contributing community members and to projects that are building tools to support the NEAR/Web3 community.

One of the main use cases of the token is as an educational tool. As the Marma J Foundation continues to educate users on using Web3 tools, interactions with FTs, DEXs, and DeFi come up often.

Currently, we are building out use cases for $marmaj within the marmaj community.

Future goals would be to integrate $marmaj with on-chain lending protocols.

Farming goals / narrative

There are 21,019 marmaj tokens in existence and 19k of them are in Ref Finance liquidity pools (marmaj-stNEAR pool alone has over 10k $marmaj deposited and shares are owned by marmaj DAO which will not participate in the farming event)

source: Sodaki

$marmaj is one of the first tokens that have been added to Ref pools. Pool 10 is marmaj-DAI and many more have come after. Combined, $marmaj top 4 pools have generated more than $1/2M in trading volume since their inception.

The goals of this farm would be to bolster $marmaj liquidity on Ref Finance and to allow the growing marmaj community to educate themselves on more of Ref’s features. Having a public farm for $marmaj, also allows for NEAR ecosystem participants to support the marmaj community in an economically incentivized way. $marmaj is not a security and has no promises of returns or gains, but it is a community support mechanism that will hopefully allow more people to get involved with social good.


Pair : marmaj <> stNEAR
Type : Dual Rewards
REF : 958/week
marmaj: 8.19/week
Length : 31 days
Estimated Starting Date : 4th April
Targeted $ TVL : $250k+
Targeted APR : 119% (edit from 200%)

Information on stNEAR: https://metapool.app/
Other $marmaj pools: wNEAR / ETH / PXT / REF / DAI / as well as overs that are sub 5k


What a great initiative!

In addition to its vibrant and growing ecosystem, Marma J / $MARMAJ is also one of the legacy pools on our v2.ref-financel.near contract, one of the very first : )


Can you give us more details about the utility of your token. What can token holders do, what other utility does it provide?

I see that a pool has been created for the token and liquidity is maintained.
But anybody can do something like that.

But what else?
Can token holders vote in the DAO or choose another distribution model?
Or change something in the management, liquidity of the pool?

With all respects, I know you do a lot for the NEAR ecosystem.
But if all the DAOs in our ecosystem start producing tokens without specific or normal utilities and asking the REF for farm incentives this will not be conducive to development.


Currently, the $marmaj token is used as a way to distribute funds and support ecosystem projects/participants. We are also adding token gating to our discord to start working on community utility of the token (https://membranebot.com/).

Yes, we have many pools open for the $marmaj token and liquidity for the pools has steadily been increasing. All previous liquidity has been added by the Marma J Foundation.

While $marmaj token holders cannot currently vote in DAO decisions, they will be able to take part in DAO governance when token weighted voting is added to the Astro platform in Q2 of this year.

The goal is to allow for mamraj community members to “stake” their tokens in the DAO to support community decision-making.

For example, in this proposal, it has been outlined that the marmaj DAO would add 8.19 $marmaj/week to the farming pool. This number was chosen to be an amount that could increase in future farms, but wouldn’t adversely impact the DAO. In the future, it would be helpful/efficient if $marmaj token holders helped to decide values such as this.

As stated above, the $marmaj token is not a security. There is no model to stake the token to receive economic rewards from the DAO and that is purposeful. The marmaj community is an altruistic one. Funds are distributed to support the community first and foremost.

While the $marmaj token may not have a “specific or normal utility”, it does provide value for the marmaj community and the NEAR ecosystem as a whole. This proposal has little to do with what I personally do for the NEAR ecosystem, and more to do with how farming incentives on the $marmaj <> stNEAR pool would support both the REF and marmaj ecosystems.

There also seems to be other farms that have been approved for tokens that seem to have less community utility than $marmaj? When I check out https://sodaki.com/ I see a few other tokens with quite a bit less TLV & Daily Volume.

If you have any more questions or concerns, please feel free to ask :smiling_face_with_three_hearts:


DAO proposal #137

Thank you very much for your detailed answers.

Usually Ref Finance stimulated pools of projects. These tokens have a utility, they have a development team behind them.

I certainly understand that the NEAR path as in Ref is a path of iteration, and that in the end maybe we should try different options to find what will work better for users and bring more benefit to the ecosystem.

Maybe I’m conservative somewhere and think it’s better to stimulate projects that have a team, wp, their token has a utility, and users can stake tokens and take part in voting.

But the community and the development of it is also an important goal. And perhaps the value of the community can be higher than some projects.


Yes, the $mamraj token is to support the marmaj DAO project. The token utility is quite clear and we have our team listed on the DAO (advisors group) and website :smiling_face_with_three_hearts:.

As stated above, the marmaj DAO does have a team. While we do not have a traditional whitepaper, we DO have a token page on our website currently in development. This page will be where community members will find info about how to interact with the marmaj foundation using $marmaj.

To be clear, the value of community is paramount, and no protocol can survive without a vibrant community IMO. While this may be true, the idea here is to stimulate the marmaj <> stNEAR pool not as a way to simply grow/build community.

The marmaj community has been growing just fine without $REF stimulation on its pools :sweat_smile:. We have 200k TLV and 5k daily vol as well as a DAO managing our treasury. The idea here is to continue to educate the NEAR/mamraj/Ref communities through the pool and to support the communities that interact with it.

If you are still unclear what the marmaj DAO is or what it does, please feel free to ask. The token is USED to fund/support, so its utility is preserved regardless of if others can see it/understand it. The dozens of community members/projects that have been supported by utilizing the marmaj token would probably be able to clearly state this as well.

Imo, funding social goods is a worthwhile utility, although we do plan to add more utility to the token so that we can continue to support the community efficiently.

Previously/currently supported projects:

Along with the above, we generally try to educate users on using Web3 tools to support community sustainability. Generally, a lot of that education has to do with leveraging AMMs and DeFi to efficiently manage the community treasury. Having a full cycle of tools to showcase during workshops is helpful when onboarding.

At the end of the day though, while I DO believe the farm to be useful as an educational piece within the marmaj ecosystem, the value of the REF rewards added to the pool doesn’t alter the effectiveness of the educational flow. Since you seem to personally not be able to accurately value “community” it seems like it might be worthwhile to have some guidelines for how the Ref DAO DOES value community (if it does).

Mostly, I appreciate the dialogue :smiling_face_with_three_hearts:


Was looking closer at the Ref Finance farm, and realized that 8.19 $marmaj/week for the farming pool there would not be unrealistic (rewards would be in line with some other token rewards).

Regardless of the outcome of https://app.astrodao.com/dao/ref-finance.sputnik-dao.near/proposals/ref-finance.sputnik-dao.near-137, the marmaj DAO would like to contribute 8.19 marmaj/week to the REF <> wNEAR farm.


cool, i think this would be an interesting trial for ref farming! this may be the first fully community oriented/social project on the farm?

def would like to see more coverage or communications on the work marmaj dao does and highlight it in with regard to ref!


also credits to Chloe for being an OG refinian, one of the first LPs on ref. still a fixture in our community + so many smart routing options go through the marmaj pools thanks to their liquidity provision. as pointed out by @AVB !


This is a valid point! We definitely need to do a better job of showcasing how we support various projects.

We have our first external marmaj Community meetup on May 29th and plan to start creating a lot more educational materials to onboard community members onto Ref. The idea is to use the pools we currently have and the farms as well (regardless of if there is a marmaj farm) to educate on how to interact with a DEX in meaningful ways.

Seems like an interesting proposition; to educate oneself (ones community) by interacting with cool new tech with low risk. Being able to farm a token and receive economic incentives while knowing that the token is being used to “support” the community. As you stated though @rimberjack, without a clear display of that support, it is difficult for the community to understand the value marmaj provides.

haha thanks for the kind words <3 love testing things out and seeing how I/we can provide support.

Just added a new pool to start testing out the efficiency of cUSD LP :smiling_face_with_three_hearts:


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Thank you Ref DAO Community Council for passing proposal #137

We would love to update the rewards for the marmaj <> stNEAR farm if possible.

Initial farm type:

marmaj token transfer: Astro

Update to triple rewards would add 2119 PXT/week to the reward pool (8476 PXT/mo)

PXT token transfer for triple rewards for April: Astro


For May, we would like to upgrade the farm to have at least 6 token rewards :smiling_face_with_three_hearts::

8.19 $marmaj/week
8.19 $stNEAR/week
8.19 $xREF/week
819 $REF/week
819 $PXT/week
819 $META/week

The marmaj DAO is planning to add to the quantity of unique tokens on the marmaj <> stNEAR farm until there is a max of 32 reward tokens on the farm :revolving_hearts:.


May I ask what is the rationale behind the multiple-reward direction? from the conversation upon the top I can assume that the multiple rewards are made to build up exposure for farmers to actually have a look and educated themself with the token and the projects behind it right^^

If it is what I’m thinking of then it would be an interesting effort to " interacting with cool new tech with low risk." as u mentioned^^

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The idea behind the multiple rewards for the marmaj farm is exactly as you stated. It serves as a great way to educate our community on a “marmaj list” of projects within the Near ecosystem.

As we curate this list of tokens to be added to the farm, we can also ensure to add educational content for those projects to our workshop: https://marmaj.org/events/marmaj-workshop-nfts-defi-and-daos/ and our guides section: marmaj Guides | Marma J Foundation

As the near ecosystem grows, it becomes increasingly difficult to keep up with all of the awesome projects that are building and launching. The marmaj <> stNEAR farm reward tokens will serve as the 32 projects that we choose to showcase to our community :smiling_face_with_three_hearts::revolving_hearts:.

Also, I think it’s insanely cool that Near Protocol and Ref Dex allow for such a versatile reward structure for farms. It’s a great way to put Ref & Near to the test while also supporting other ecosystem projects like “near multicall”: near-multicall · GitHub which would allow the marmaj DAO to send all 32 unique rewards FTs to Ref in one DAO proposal :heart_eyes:.

Too much fun to be had by traversing down this path of experimentation, and it seems like it would support many within the Near ecosystem :heartbeat:


Noice=)) i was afraid that my narrative didn’t align with what u guys have in mind^^

And yes although I’m totally on board with this new initiative, the framework to evaluate the educational result is still smt I’m curious about^^ like how would you guys plan to measure the successfulness of this direction?

Because IMO if u guys want to extend the token types in the future, then some results would have to be shown right?

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Honestly, the best way we have of measuring the success of our initiatives so far has been to guage how actively the community is engaging with our projects and contracts.

Luckily, we are building everything on chain. We can check how many users are adding storage for the marmaj token and when. We can also check into when users add storage for partner project tokens, when and if they login to those Dapps, and how many times they interact.

The idea here is that marmaj token holders become the data set that we can study to measure the effectiveness of our endeavors.

As we educate our community about how to interact with partnered Near ecosystem Dapps, we are also able to support those projects with user testing, feedback on features, and help guide projects as they try and efficiently serve the wider community.

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ah lovely, I would kill to see some of these metrics in the future proposal, of course, if that is feasible since i think future expansion/proposal would be way easier and faster to be processed if we have some stats like this to back up the call =))


Awesome, will definitely look to provide some of those metrics since we require them for marmaj Community growth as well.

The first step will be adding the marmaj token to the marmaj DAO as a governance token. This will provide a visual list of “members”. From there, we will work with platforms like https://stats.gallery/ to create “quests” that users can earn by interacting with partner projects. A dashboard such as this would be a great place to display metrics for the marmaj community on-chain.

As for future expansion specifically, I personally feel as though the 819 REF/week for the marmaj <> st$NEAR farm is more than adequate and I do not see much purpose in expanding the rewards coming from Ref. The idea is to gather community support for this farm from a variety of projects so that the farm benefits as much as possible.

I appreciate the questions and the push for transparency, as well as efficiency, with community funds.