More than 1,920 wallets interacted, swapped or provided liquidity
Decentralized crypto exchange Ref Finance has seen its user base grow more than 100% this week. A total of more than 1,920 unique user wallets interacted with the dapp on the NEAR blockchain.
In the past week Ref Finance saw a surge of activity on Thursday. The platform registered a peak of 569 wallets that day. The number of smart contract interactions increased 58% to more than 14,650.
A smart contract interaction can be anything. Users can trade a token. However, they can also provide liquidity to one of the liquidity pools, or perhaps stake their NEAR tokens. The general assumption is that more activity is good for a decentralized platform.
These numbers are obviously nothing when compared with DeFi market leaders like Uniswap and PancakeSwap. However, NEAR Protocol launched its mainnet earlier this year. The protocol provides an easy bridge between different EVM compatible blockchains, and is still finding its place in the wider ecosystem.
DeFi on NEAR as first sign
Any developer is free to launch dapps on an open blockchain like NEAR. However, dapps will only find success when the blockchain attracts users. That’s why its important that DeFi protocols find success on a blockchain. Once users have value locked on a certain blockchain, they will be more likely to keep using the same chain.
Currently Ref Finance has more than $1,5 million TVL in its liquidity pools. Again, that’s a small amount. Ref Finance and other DeFi platforms or exchanges will find their place on NEAR as dapps attract an audience and more value flows onto NEAR.
NEAR is one of the new blockchain protocols recently added to DappRadar. Discover dapps using the DappRadar Rankings. Currently Ref Finance is leading the pack.
Learn more about NEAR
NEAR provides a community-operated cloud-based infrastructure for deploying and running dapps by combining features of a decentralized database with a serverless computing platform. With a focus on providing solutions to the two core problems of today’s blockchains — usability and scalability. The platform is also designed to easily store unique digital assets, for example, NFTs, created on the NEAR platform. Learn more about the NEAR blockchain by reading: What is NEAR: A Simple Explanation