Now that the $REF token has been voted in by the DAO, it’s time to establish an appropriate distribution framework for the token. Currently, the DAO owns 100% of the 100 million $REF tokens.
As the first distribution effort, we propose a 7 day token auction for 2.5% of the total $REF supply on the Skyward platform. The proposed sale breakdown is the following:
2.5% of total supply - > 2,500,000 tokens
- 70% NEAR
- 20% USDT
- 10% ETH
Skyward supports conducting sales in multiple assets. This means the DAO can raise a combination of NEAR, USDT, and ETH.
We believe a token auction via Skyward will accomplish the following ecosystem goals:
- Establish a fair initial price for $REF
- Create an early, liquid market for $REF on the Ref Finance platform
- Bootstrap the Ref DAO’s treasury
- Funds to provide liquidity for REF <> NEAR and REF <> USDT pairs
- Funds for farming incentives
- Attract USDT and ETH assets from Ethereum via the Rainbow Bridge
- Enhance the effectiveness of future distribution efforts including airdrops and liquidity mining
- Help with user onboarding by subsidizing costs (e.g. bridge costs in ETH)
Skyward’s auction mechanism is one of the fairest we’ve seen in DeFi. We believe that using the platform to establish an initial, fair price for $REF (with liquid markets) will greatly inform and enhance our next distribution efforts including airdrops and liquidity mining.
Immediately upon the completion of the $REF sale, we expect to continue the distribution efforts. Since $REF will have a liquid market and price, we can be more strategic with the airdrop values and liquidity mining strategies.