ReFi Community FAQs

Before we begin, we would encourage the ReFi community to read our latest Medium article, detailing the way forward for the new protocol and token, as well as the next steps for ReFi Pro (https://medium.com/@reimaginedfi/moving-forward-with-the-refi-community-ad4dee33d718).

Below is a compilation of all the questions we’ve received from the ReFi community over the past few weeks. Plenty of relevant details can also be found in our separate Token Migration article, so kindly read through that as well.

1) What about a presale of some sort to reward the loyalty of existing holders who want to add to their bag? I myself have not sold a single token since the day ReFi launched (only added to my bag!)
A: Thank you for being an ardent supporter of the ReFi community and team and wanting to participate in the new token (managed by the same ReFi team)! Yes, as part of the token generation efforts of the newly relaunched token and protocol, we plan to have a presale for new and current investors to opt-in and participate in the presale of the new protocol, especially if you’re excited about the new product and protocol we’re building. More details about this to come for the new protocol.

2) Why should we trust this new suite of products to be profitable and impactful in the DeFi space when ReFi token and Pro have shown no ability to be sustainable in providing yield or profitable?
A: One should note that if you were an investor at the launch of ReFi back in December 2021 to early this year, the ReFi token and protocol was indeed very successful and was the pioneer in the Farming-as-a-Service (FaaS) space. We eclipsed all of our FaaS competitors and were undoubtedly the last FaaS project standing.

As crypto moves fast and investors move from narrative to narrative, it is only a natural progression for investors to eventually move away from FaaS narrative to other outstanding DeFi projects in the space (i.e. real yield etc.). Therefore, we believe that for our new protocol, we ought to build a suite of useful tools and products for DeFi that targets not just one single crypto narrative, but numerous verticals and have the ability to keep adding new products and revenue streams to our protocol.

While Yield Farming in its current form might not exist in 5 years, trading will. Our upcoming tool for the new protocol will help advance the trading aspect of crypto and will be a much more sustainable product than FaaS.

3) What’s the ball park dilution on the hold option? Assuming if you own 2% of ReFi now won’t get airdropped 2% of the future protocol.
A: Please refer to the Token Migration article. We are shooting for 20% of token supply to go to existing token holders, so the dilution is looking to be around 4.45x (89% ReFi Supply to 20% $XYZ Token).

4) Hi, ReFi team. Can you guys make a tutorial video to show how to swap out before 12/11/2022? Because some of my Chinese investors who are not good in English to read and understand the process of swapping.
A: Yes, a detailed article which will include a tutorial on the steps to swap will be published before the actual token swap event.

5) Will the new token to be airdropped be called $ReFi or something else?
A: The new token will have another name as it will be a different product and one that’s not FaaS-related.

6) How will the new protocol’s token share be calculated? Will the share of those who decide to swap to ETH be redistributed to those who decide to hold?
A: We are assuming a certain starting MC. We plan to launch the protocol at a market cap of $500k and a Fully Diluted Value (FDV) of $10mm. Those that don’t swap to USDC from the treasury will be eligible for an airdrop. Information on this is on the token migration doc.

7) Any taxes when you swap out? If so, how many % taxes?
A: There will be no taxes for the swap options we present.

8) Will holders get the same percentage of the new protocol when it launches?
A: Please refer to the Token Migration article. We are shooting for 20% of token supply to go to existing token holders so the dilution is looking to be around 4.45x (89% ReFi Supply to 20% $XYZ Token). We present the reasons for these numbers in our token swap article.

9) Why not tell us the specifics on the new token/protocol before the option to swap ends?
A: Due to the copycat nature of DeFi, we can’t show our hands because we’ll see potential clones. As much as the team aims to be as transparent as possible, we can’t share too much information about the actual product publicly, as we want to release and establish a strong building base for the new product and protocol before forks start occurring.

If we share too much details, there might be other DeFi players in the space who could attempt to build a similar product. If this happens, our competitive moat will be dimished and our product may no longer be special or unique.

10) What will the starting MC of the new token be?
A: It depends on the size of the LP pool at launch. The size will be decided after the token swap ends and we assess how much left we have in the LP pool to dedicated there. We are aiming to launch at a market cap of $500k and a Fully Diluted Value (FDV) of $10mm.

11) So is ReFi no longer going to be a passive income token?
A: The new token will move away from the FaaS narrative. Nonetheless, the new token will accrue fees from the protocol and offer a real yield to token holders. You can technically consider that passive income.

12) Would the token swap be available to both ETH and BNB chain ReFi holders?
A: Yes, it will be available to both ETH and BNB chain token holders. The actual tokenswap will be on Arbitrum but we took a prior snapshot (before the hack) and can tell that you own REFI on BNB/ETH.

13) I have a question. Will the new ReFi Pro benefit somehow the token holders of the new ReFi 2.0 token? For example, fee distribution, yield…. Or are they two completely unrelated protocols?
A: Yes, they will be completely unrelated. Our reasoning for this is that we do not wish to dilute the two products and brands.

(1) The newly launched token will be focused on building a suite of DeFi tools which offer real yield to token holders.

(2) ReFi Pro will continue to be focused on asset management for institutional investors and large crypto investors, and is also undergoing a full rebranding effort (i.e. new name, website, look, design, user experience).

15) When will I be able to buy MORE ReFi? Will there be a “presale” of sorts for the token relaunch that existing holders will be able to load up their bags before the new public token launch? Thank you.
A: Thank you for being an ardent supporter of the ReFi community and team and wanting to participate in the new token (managed by the same ReFi team)! Yes, as part of the token generation efforts of the newly relaunched token and protocol, we plan to have a presale for new and current investors to opt in and participate in the presale of the new protocol, especially if you’re excited about the new product and protocol we’re building. More details about this to come.

16) How do you determine ReFi new token’s price at relaunch? Is it lower than before the hack or higher than before? If the opening price is higher than before the hack, that means those who swap out will lose money.
A: The new token will have no correlation with ReFi and will be based on trading volume and initial liquidity in the pool. Initial liquidity in the pool will only be known after the token swap ends and we can assess how much we have left. We plan to launch the protocol at a market cap of $500k and a Fully Diluted Value (FDV) of $10mm.

17) Why is the market cap lower?
A: The market cap is lower now because the hacker has access to the contract (LP position), so they’ve been selling into the LP (selling ReFi tokens for ETH in the ReFi/ETH pool and getting 100% of the sell). TLDR; the pool is being drained of ETH, and therefore the market cap is lower.

18) The medium article was pretty thin. Why should we as investors trust this new suite of ReFi products will be profitable and sustainable when the ReFi Token and Pro has been anything but?
A: If investors have viewed the ReFi Pro dashboard, the average performance of the epoch has actually been positive. Meanwhile, the entire market (i.e. BTC, ETH, altcoins etc.) have all been down anywhere from 70–95% since the start of 2022. If you’re invested in the highly risky low-caps space, you should be aware of the huge risks associated with investments in this space.

19) Will the team consider to reduce the total supply of $ReFi tokens to increase the value for those who are now holding a very de-valued bag.
A: The total supply of ReFi tokens has always been fixed since its launch in December 2021. The supply will not increase and is not inflationary. The term “de-valued bag” is subjective. If you’re referring to price, then yes, token price has been dropping and as a result, the total value of your investment also decreases. However, the total supply has always been 1 billion since its launch in December 2021 and cannot change.

20) Can you buy $ReFi now to increase your portion of the vested airdrop
A: Thank you for being an ardent supporter of the ReFi community and team and wanting to participate in the new token (managed by the same ReFi team)! Yes, as part of the token generation efforts of the newly relaunched token and protocol, we plan to have a presale for new and current investors to opt in and participate in the presale of the new protocol, especially if you’re excited about the new product and protocol we’re building. More details about this to come.

Do not buy ReFi token today as the contract is under the hacker and you will lose your money.

21) Does the ReFi team believe the new token utility and project can be a 1 billion dollar project like they did with FAAS?
A: Yes, the team has been heads down exploring a new product alternative for the token. This period has allowed the team to forge a new path away from the FaaS narrative. Our goal is to build a suite of DeFi investment tools, starting with our new protocol centered around an innovative approach to on-chain trading and ReFi Pro rebrand focused on institutional-grade asset management. The rationale for building not just one product but potentially numerous products is because narratives come and go, but if we build multiple products, it is more sustainable (vs. focusing solely on FaaS in the past) and can catch on multiple DeFi narratives. More details in our latest Medium article. With these in mind, the goal is to definitely build a DeFi platform with the aim of reaching that 1 billion dollar mark.

22) The article mentions you’ve reduced headcount — who is no longer with the team?
A: Over the course of the year, we’ve had team members such as Oshi (Community), Digital Dealer (B2B), Abraxas (Marketing), Robin (Sales & Business Development) progress onto new endeavours (both crypto and non-crypto). We wish them all the best in their next ventures!

23) Why are the team wanting to launch a “suite” of new products? The two products we have so far haven’t been profitable yet, why are we diluting efforts to release even more?
A: We note that the FaaS narrative has been a thing of the past. This period has allowed the team to forge a new path away from the FaaS narrative. Our goal for the new token and protocol is to build a suite of DeFi investment tools, starting with our new protocol centered around an innovative approach to on-chain trading and ReFi Pro rebrand focused on institutional-grade asset management. The rationale for building not just one product but potentially numerous products is because narratives come and go, but if we build multiple products, it is more sustainable (vs. focusing solely on FaaS in the past).

As for ReFi Pro, we believe that there is still an immense demand for crypto institutional asset management. Due to the current harsh macro and geo-political climate, much of the capital in crypto are currently sitting on the sidelines (in stablecoins). Nonetheless, we believe that once the market turns, more capital will start flowing back into the DeFi ecosystem as global investors gain more confidence in putting their capital into risk assets like crypto and equities.

24) Communication has been poor since the hack. It occurred 2 months ago, we still have zero clue about new token which doesn’t launch for 2 more months! Aren’t you worried interest will be lost by then?
A: As much as the team aims to be as transparent as possible, we can’t share too much information about the actual product publicly, as we want to release and establish a strong building base for the new product and protocol before forks start occurring. Due to the copycat nature of DeFi, we can’t show our hands because we’ll see potential clones.

In terms of communication moving forward, we plan to share bi-weekly updates on new progress for the app & ReFi Pro (in its rebranded form).

25) What’s the total $ value lost in the hack?
A: In addition to the ETH dividends and BNB LP ($296,794); the hacker also managed to sell into the locked eth LP and blacklisted the rest.

Of the 343 ETH that was there in the ETH LP we only managed to get 190 ETH (the unlocked portion).

So another 343 — 190 ETH = 153 ETH.

26) What is swapping out price?
A: Please refer to calculator in the token swap post.

27) Will you keep alpha chat available for the holders that used to be eligible to enter? Also no need to go too far but a few words every week about your view could provide some value.
A: Yes, we plan to keep the alpha channel for the new token and protocol, as we believe that this serves as one of the key utility points for the token. We believe that with the alpha / market commentary provided by our investment team, we could attract more DeFi investors into our ReFi community and also link this utility point with greater token price (i.e. by getting newcomers to purchase a certain # of tokens to gain access to the alpha channel).

28) Please let us know if we can buy the new token before it’s open for public/ some kind of presale? Would love to load them now it’s getting interesting.
A: Thank you for being an ardent supporter of the ReFi community and team and wanting to participate in the new token (managed by the same ReFi team)! Yes, as part of the token generation efforts of the newly relaunched token and protocol, we plan to have a presale for new and current investors to opt in and participate in the presale of the new protocol, especially if you’re excited about the new product and protocol we’re building. More details about this to come.

29) In the most recent article the the team stated ‘Over the past few weeks, the hacker has continued to extract value from the project through whatever means possible.’ Please explain what means?
A: This means that the hacker has been selling all the $REFI tokens that they illicitly acquired into the locked portion of the Uniswap ETH LP. Although we have managed to secure the unlocked portion (190 ETH), it remains the case that the majority of the remaining 133 ETH has been sold into and is not recoverable.

Moreover, the current market cap is lower now because the hacker has access to the contract (LP position), so they’ve been selling into the LP (selling ReFi tokens for ETH in the ReFi/ETH pool and getting 100% of the sell). TLDR; the pool is being drained of ETH, and therefore the MC is lower.

30) Will the entire team be doxxing? I feel since the hack this would increase investor confidence in the team.
A: What we can share now is that more team members do plan to dox themselves to the community in the future, once the regulatory rules and limitations of DeFi become clearer. It is also helpful to note that there are many successful DeFi projects out there which founding teams are completely undoxxed (i.e. GMX; the entire founding team of GMX is anonymous).

Unfortunately there is a lot of risk with doxxing yourself in this space, especially if you’re living in certain regions of the world.

31) Starting to feel like no one is interested in having ReFi team manage their money. Is their large investors in negotiation? It took months to build Pro, which failed, now months to make this.
A: We think that you should look at the bigger picture of crypto, risk assets and the current market conditions before making such statements. We think it is not fair to say that “no one is interested” in putting capital with ReFi. We are in contact with multiple investors who wish to place their capital with us, but the only thing that is stopping them from doing so is the current less-ideal market conditions, which have made them refrain from deploying large amounts of capital into risk assets.

In fact, a large % of the crypto ecosystem has been placing their capital on the sidelines. Whether it’s due to recent events such as the Luna / FTX fallouts, accompanied with the less-ideal current macroeconomic climate and rising interest rates, global investors as a whole have just not been convicted to throw large amounts of capital into risk assets like crypto and equities. Investors are expecting inflation to decline and the US Fed to stop raising interest rates before being ready to deploy large amounts of capital back into the crypto ecosystem again. Nonetheless, we believe that once the market turns, more investors will have the willingness to allocate their capital back into risk assets like crypto.

The ReFi Pro rebrand will also help raise more money for institutional investors. Once we’re ready to launch we plan to start marketing more aggressively (PR op-eds & Huf & Team appearing on different podcasts, etc.)

Also, the new product will not involve ReFi managing anybody assets but instead be a pivotal tool missing in the market today.

32) What is the name of the DeFi marketing agency you are partnered with? How will ReFi Pro benefit token holders?
A: We are working with a crypto and DeFi-native marketing agency. They have partnered with some of the biggest names in DeFi and most recently, with another DeFi protocol focused on real yield. So far, they have been very helpful in our marketing, strategy and communications efforts. The core ReFi team genuinely enjoys working closely with them and their contributions will be crucial in the relaunched token / protocol as well as the rebranding of ReFi Pro.

We plan for ReFi Pro to be just one of the products under the umbrella of the new protocol. Our reasoning for this is that we do not wish to dilute the two products and brands. Having a crypto asset management protocol (ReFi Pro) correlate with a FaaS protocol (ReFi token) turned many investors off, especially when they saw the earnings from ReFi Pro going into the FaaS side of the business. As such, we’ve decided that moving forward, the two products will be branded separately to ensure it meets a different target audience, but ultimately, both products / brands will fall under the same umbrella of our newly incorporated entity.

33) Per team updates: Oct. 19 starting work this week on Pro with DeFi marketing, Nov. 17 New name, look, optics, and distribution channels “look fantastic”. Dec. 1 Pro re-branding shelved for ReFi. Why?
A: To further clarify this point, the re-branding of ReFi Pro has NOT been shelved. We are actually still working on the entire rebranding process (i.e. designing the new logo, website, user interface, PR articles and content etc.) at the time of writing this article!

What we meant was that we plan to relaunch the new token and protocol first, followed by the launch of the newly-rebranded ReFi Pro (which will no longer be called ReFi Pro but a cool new name and look). We decided to prioritize the token because it will provide relief and value to existing token holders while ReFi Pro would not.

34) How is the DeFi marketing partner being compensated (token vesting, cash, IOU)?
A: The DeFi marketing partner is paid in USDC on a monthly basis.

35) How will the airdrops be handled? Will we be getting them on relaunch or after?
A: Step 1 — ReFi investors would need to decide whether they wish to (1) opt in to participate in the new token and protocol or (2) opt out and they can swap their current REFI tokens for ETH/USDC and will no longer be part of the new protocol and community.

Step 2 — For investors who choose to opt in to participate in the new token and protocol, they will be required to swap their current tokens for the new protocol’s tokens. The launch of the new protocol will be in Q1 2023.

For more details, please refer to our Token Swap article.

36) Can you provide details of what actions have been taken to stop / negotiate with the hacker? As a theretical example if you write off 1mil $ of assets you can post a bounty on him 500k, was it tried?
A: On the very first day of the hack, the ReFi team sent an on-chain message to the exploiter to offer a bounty, in hope that it was a white-hat hack attempt. There was no response.

On the 2nd day of the hack, the ReFi team sent another on-chain message to the hacker with the same bounty offer, together with the message that we will pursue legal action if necessary. However, these efforts were not successful.

37) Why hasn’t the team landed large treasuries for Pro like promised? Huf mentioned multiple times in the spaces he was talking to groups with 100M+ give clarity on why they aren’t interested.
A: We think one should look at the bigger picture of crypto, risk assets and the current market conditions. We were in contact with multiple investors who wish to place their capital with us, but the only thing that was stopping them from doing so is the current less-ideal market conditions, which have made them refrain from deploying large amounts of capital into risk assets.

In fact, a large % of the crypto ecosystem has been placing their capital on the sidelines. Whether it’s due to recent events such as the Luna / FTX fallouts, accompanied with the less-ideal current macroeconomic climate and rising interest rates, global investors as a whole have just not been convicted to throw large amounts of capital into risk assets like crypto and equities. Investors are expecting inflation to decline and the US Fed to stop raising interest rates before being ready to deploy large amounts of capital back into the crypto ecosystem again. Nonetheless, we believe that once the market turns, more investors will have the willingness to allocate their capital back into risk assets like crypto.

38) What other successful projects has the DeFi native marketing firm worked with? What successful relaunches are you modeling after? What makes the team confident this serves a market niche?
A: The marketing firm has worked with several protocols in the space such as Gains network, Lido and more. So far, they have been very helpful in our marketing, strategy and communications efforts. The core ReFi team genuinely enjoys working closely with them and their contributions will be crucial in the relaunched token / protocol as well as the rebranding of ReFi Pro.

39) Would you consider “rewarding“ those who choose to stay? Maybe have everyone end up with a higher proportionate share after the airdrop. Many of have been here since the beginning.
A: This is the plan. Those who stay will receive a portion of the new token for free and have access to a private sale before public token launch in Q1 2023.

40) We learned earlier in the year that Huf had declined opportunities to work on alternative projects and was fully committed to ReFi. Can he confirm he still has the same level of commitment?
A: Yes, Huf is even more committed to the relaunch of the new token / protocol, as well as the rebranded version of ReFi Pro to come. In fact, he was the one who provided the initial idea for our new product / protocol as it was for a pain point which he had experienced as a DeFi trader himself.

41) Until when will we have to decide if we want to trade our REFI tokens for ETH at the pre hack rate?
A: ReFi token holders will have 1 month to decide whether they wish to swap for ETH

42) Exactly what is the above mentioned trade rate?
A: The trade rate will be communicated in our separate token swap article.

43) In order to make an informed decision, we’ll need to know a little more about the new platform and tokenomics: (1) Will holders receive the same percentage of the total supply of the new REFI that we currently hold of the hacked token? (2) Will the new platform feature a treasury that compounds over time and gives dividends based on the percentage of total supply that a holder has? Just like before?
A: (1) No, they will not receive the same percentage of the total supply of the new token. It will be disclosed in our token swap article. (2) It will be similar to the real yield narrative of other DeFi protocols where the fees accrued by the new product will distributed to token holders / stakers. Will involve a novel trade that is done manually today. We’re building what Huf wished existed today.