MyNearWallet, a non-custodial web-based wallet that exists within the NEAR ecosystem, has successfully implemented a decentralized swapping feature within its app, providing a direct peer-to-peer trading mechanism based on smart contract execution. Thanks to the partnership with the Ref Finance platform that is also built on NEAR protocol, MyNearWallet users are welcome to comfortably enjoy the key advantages of decentralized exchanges (DEXs), such as complete anonymity, more secure solutions for exchanges and the full control of personal funds.
From now on, it is possible to make swaps directly within the MyNearWallet app, without having to go to a DEX individually. Among the tokens that are available for direct exchange through Ref Finance are: USDT.e, USDC, REF, ETH, WBTC, SWEAT, SKYWARD, AURORA.
Ref Finance takes full advantage of NEAR’s low fees, one-to-two second finality, and WebAssembly-based runtime. The platform allows users to trade tokens using its Automated Market Maker exchange, stake LP token into farms, and provide liquidity to the system. Ref Finance has already initiated token swaps and pool-swapped tokens with NEAR-based projects to form markets with active liquidity.
Apart from being anonymous, decentralized exchanges are non-custodial. There is no single access point to all the assets and users’ data. DEXs have no access to users’ funds, which not only lowers the risks of hacking attacks, but also lessens interference from the third parties, either from the management of the exchange or the local authorities. On top of that, the absence of third parties makes the transactions much faster and cheaper, compared to their centralized counterparts.
“We bet on high transaction speed, low fees, and simplified user experience which, combined together, attract more people to crypto products. This is why we teamed up with Ref Finance and launched decentralized swapping in MyNearWallet which offers all the comforts to both crypto rookies and professionals. I believe that DeFi is the future of blockchain, so we strive to make its technically difficult solutions as convenient and user-friendly as possible. The TVL across multiple Decentralized Finance blockchains worldwide is huge and I suppose that over time more and more companies will follow suit,” says George Goshanov, CEO of MyNearWallet.
About MyNearWallet
MyNearWallet is a non-custodial web wallet built on NEAR Protocol – a layer one, sharded, proof-of-stake blockchain made for usability and scalability. It allows users to securely store, stake and purchase NEAR tokens and compatible assets, manage your NFTs and easily get access to dApps.
About Ref Finance
Ref Finance is a community-led, multi-purpose DeFi platform and the first AMM DEX project to launch mainnet on the NEAR Protocol blockchain. Ref Finance currently allows assets on NEAR to trade permissionless and automatic through liquidity pools managed by a smart contract. In addition to the advantages of being built on top of NEAR, Ref Finance provides multiple pools in one contract, atomic transactions and customisable pool fee.
