- Ref Finance jumped to the highest point since January.
- Its total value locked jumped to over $200 million.
The Ref Finance price jumped to the highest level since January 20th as the platform’s total value locked jumped to an all-time high. REF is trading at $3.70 which is about 266% above the lowest level this month. Its total market cap has surged to a high of $41 million, making it a relatively small cryptocurrency,
What is Ref Finance and why is it rising?
Ref Finance is a small but fast-growing blockchain project built using the Near Protocol. It is decentralized finance (DeFi) platform that prides itself for low fees and lightning-fast processing times. According to its website, the average fee of the network is less than <$0.01 while the transaction finality takes about 1 second,
Ref Finance is similar to other DeFi projects in that it allows people to swap tokens for a tiny fee. It also has liquidity pools, where people can deposit their tokens and earn rewards. The most popular liquidity pool is on the ETH-WBTC pair, which has over $21 million in liquidity.
The Ref Finance price is soaring as the platform’s total value locked (TVL) jumped to over $200 million for the first time ever. This is a substantial increase considering that the network had a TVL of less than $3,000 in October last year. At the same time, the network’s cumulative trading volume is approaching the $1.6 billion level.
The REF price is also rising as the developers raised $4.8 million in a new fund that will help the network with its growth. It also partnered with Woo Network, in a deal that will bridge the NEAR and Ethereum ecosystems. Sime of the upcoming upgrades in the network are multi-wallet integration, liquidity aggregation between Near and Aurora, auto-compounding, and liquidity management.
Ref Finance price prediction
The daily chart shows that the REF price has been in a strong bullish trend in the past few days. It has moved from a low of 1.02 USDT to the current 3.75 USDT. It has moved slightly below the 23.6% Fibonacci retracement level. At the same time, it has jumped above the 25-day and 50-day moving averages while the money flow index (MFI) has moved to the overbought level.
Therefore, the Ref Finance price will likely keep rising as bulls target the 38.2% Fibonacci retracement level at $6.40. A drop below the support at $3 will invalidate this view. Read our 1k Daily Profit review.
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