Team,
Today I had lost around $30k during swap on ref.finance swapping from REF to OCT. I swapped around 37K REF tokens in two swaps of 17K and 20K and noticed that I received around 6000 tokens less of OCT based on current market price and the price impact could have been around 25%.
The issue happened because of UI/UX issue (see attached) as the details section has an arrow to click to see details of price impact. It won’t show you price impact details unless you click on details and open it. This can create lot of issues to other users. This looks like a small issue but can have major implications.
I swapped without seeing the details.
Please see for reference other dexes like netswap and spookyswap how they show details of price impact without any additional effort from users. It is all there to see. I am not able to upload more than one image here but you can go to their site and see for yourself.
Crypto is a rollercoaster ride and an issue like this is completely devastating.
This is all my assets and was hoping I could use this for my kids college fund.
Kindly help me in returning the REF tokens (around 6300 tokens based on market price at that time) or 6000 tokens of OCT after taking fair price impact. This the difference I did not receive as part of the swap due to high price impact.
I am open for either REF or OCT whichever works for you.
I hope DAO works and it is not same as a centralized system which we all want to get away from using crypto. Isn’t this the whole promise of crypto?
Please see transaction details below. My address is varavooru.near
Hey sir, firstly so sorry for your loss. But can you tell more specifics about the UI/UX issues you are getting at?
It seems from my side, the UI/UX is quite clear if you try to execute the transaction with more than 1% of price impact, the UI will notice like below. I think the yellow and red button is enough to be noticed from the users’ side.
And even if I try to execute the transaction, another warning also pops up, stopping me from doing sth bad for my wallet. So I think the product has performed exactly as it should
Please look at other dexes and it’s standard to show price impact clearly before clicking on swap. There is no need to click on yellow or red warning. The pop up is not clear what the price impact means. And most importantly if the liquidity is low why the swap is allowed and why it does not use ref to near and near to Oct automatically to get better price.
This is not acceptable.
Please create a gov vote and process refund of 6300 ref tokens.
I will have to talk to near team on how bad the dex is and i will let couple of influencers I know to talk about it on twitter daily until this is resolved. This is not a small amount.
Also looking at the forum, you had similar issue for price conversion but this time for stablecoin…
So smart routing is not implemented even after this compliant in Sep 2021?
All this will go in my medium post I will create if this is not addressed asap. Reputation will be at risk. It could be fatal given the exploit you had before.
Really sorry that you’ve encountered this and lost money. No one wants to lose money in such a situation, but there’s a few things that i would like to address.
In my opinion, the message is very clear that the price impact was high. It asked “Are you sure”, and you clicked “Yes, swap!”
Can you be more specific why it’s not clear? Does the term “Price Impact” mean anything else that I’m not aware of?
We are sorry for your lost but there’s nothing we can do, it’s clearly not an UI/UX issue nor smart contract issue, the product has performed exactly as it should and i would not say Ref is a bad DEX.
This problem has been addressed with the release of StableSwap, Smart Routing will be available in Jan.
I spoke to the team and they are looking into it. I am not taking any action as mentioned above.
There were warnings of the price impact. I thought a best effort will be made by the dex to get the best price. I am partly responsible for this issue. But definitely ui can be improved by showing details not hidden before swap button is clicked and also of price impact is more than 10% or any reasonable number, just block the swap…this will greatly improve the experience. Believe me I won’t be the last one that will have the issue. I believe in near protocol and it’s eco and hope the team and governance does the right thing. Thank you!
Hey, First of all, sorry for your loss.
But Blocking Swaps means acting as a centralized authority & it’s not possible, the best team can do is give a warning or a confirmation popup to the user & in this case, it was given to you & you agreed to it.
so the Ref Finance Product worked perfectly as it’s designed to.
That’s not a charge sir, its slippage caused due to either low liquidity or big amount swaps how DEX’s Works sir. Ref Finance Doesn’t control it.
it’s completely dependent on liquidity in pools.
The best Ref can do is give you a warning while doing high slippage swaps, which it did & still you ignored & swapped.
So Clearly it’s your mistake, not of Ref Finance.
If you are denying there is an issue, I will take the legal route. It’s not a small amount and if I could afford to lose $30k, I can hire a good lawyer to deal with this.
I just did a swap from Ref to Oct. No alert. No price impact details unless I open the details arrow. See below. I have noticed a bunch of other issues and I will make a video of all this to pursue the legal route as to how unstable the product is.
Because the small amount of REF in your example gave a rate that didn’t result in a price impact. The higher the amount in, the worse the rate gets, and the higher the price impact, because of how the AMM algorithm works. Start adding zeros to the end of the swap-in amount and you will see what I mean.
So no price details, no alert is ok for you?
I will make further videos and start collecting data I need for my other course of action unless I hear from your team shortly. This is not a threat but making my case fairly.
Another issue during swap…See last 30 seconds…Not related but still an issue.Just tells the product is unfinished…I noticed bunch of other issues and I will collate them all…
so who decides what is high what is low…? You teamate in this post said as below. But here you are deciding price impact is low…see the contracdiction?
“But Blocking Swaps means acting as a centralized authority & it’s not possible, the best team can do is give a warning or a confirmation popup to the user & in this case, it was given to you & you agreed to it.”
I will be sharing this post with near founder…my first action as this is not going anywhere…thanks…
