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 available for direct exchange through Ref Finance are USDT.e, USDC, REF, ETH, WBTC, SWEAT, SKYWARD, AURORA.
NEAR’s low fees, finality in one to two seconds, and WebAssembly-based runtime have been put to good use by Ref Finance. Its Automated Market Maker exchange facilitates token trading, while users can stake LP tokens into farms and act as a source of liquidity. To create liquid markets, Ref Finance has already begun initiating token swaps and token pool swaps with NEAR-based projects.
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 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 than 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.
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 store securely, stake and purchase NEAR tokens and compatible assets, manage your NFTs and easily get access to dApps.
About Ref Finance
One of the first AMM DEX projects to go live on the NEAR Protocol blockchain; Ref Finance is a community-driven, general-use DeFi platform. With the help of liquidity pools managed by a smart contract, assets on NEAR can now trade automatically and without the need for a human to intervene, thanks to Ref Finance. Ref Finance offers several benefits over competing solutions, including support for multiple pools within a single contract, atomic transactions, and a flexible pool fee structure.