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Ref Finance’s Transition to Rhea
On February 26, 2025, DeFi platforms Ref Finance (a decentralized exchange) and Burrow Finance (a lending protocol) merged to form Rhea Finance. This merger aims to create NEAR’s most powerful DeFi hub, connecting Bitcoin, NEAR, and EVM ecosystems.  By consolidating liquidity, lending, and trading under one entity, Rhea Finance unlocks a seamless DeFi experience for institutional and retail users alike.
Over the past 30 days, I have analyzed Ref Finance swap data and identified key insights: • Swap Count: Determined the total number of swaps during this period. • Active Users: Identified the number of users who made at least one swap. • Trading Volume: Calculated the total USD value of all swaps. • Temporal Swap Patterns: Analyzed the distribution of swaps by hour of the day and day of the week. • Swap Size & Volume Distribution: Examined the average swap size and categorized transactions based on volume. This analysis provides valuable insights into Ref Finance’s activity as it transitions to Rhea Finance.