We believe it is time to start the first liquidity rewards cycle with the REF token, targeting 5 pairs initially:

- REF - NEAR
- SKYWARD - NEAR
- wETH - NEAR
- USDT - NEAR
- DAI - NEAR

We’re proposing to distribute 1.048% of the total REF supply (1,100,000 REF) over 60 days, starting with boosted rewards for the first two weeks (575,302 REF), then the remaining rewards over 46 days (472,466).

The distributions will be the following for each pair

- REF - NEAR
- 21,916 REF per day for the first 14 days
- 5,479 REF per day for the remaining 46 days

- SKYWARD - NEAR
- 5,479 REF per day for the first 14 days
- 1,369 REF per day for the remaining 46 days

- wETH - NEAR
- 5,479 REF per day for the first 14 days
- 1,369 REF per day for the remaining 46 days

- USDT - NEAR
- 5,479 REF per day for the first 14 days
- 1,369 REF per day for the remaining 46 days

- DAI - NEAR
- 2,740 REF per day for the first 14 days
- 685 REF per day for the remaining 46 days

The rewards will start on August 18, 2021, and run until October 16, 2021. We expect the DAO to decide whether to extend, modify, or discontinue these rewards before that time.

### Rationale

The beta farming rewards have yielded impressive results:

$3.0M+ in liquidity for the REF - NEAR pair with just 20k NEAR in rewards over 2 weeks

To keep the liquidity of the REF pair high, and to incentivize other important pairs for the NEAR ecosystem, we believe it is important to immediately expand the rewards program.

We expect to use the initial rewards program as an experiment, which can inform future programs. As new tokens are brought to the NEAR and Ref ecosystems, we will make further proposals, and invite project teams to make their own proposals.