Rhea Finance Surges as Major NEAR Ecosystem DeFi Platform on the Verge of Listing

The Rhea Finance project emerged from the merger of NEAR's leading DEX, Ref, and the lending protocol Burrow. Its initial codebase was reportedly authored by Ilia, one of NEAR's co-founders, establishing its significance within NEAR's core financial infrastructure. This makes Rhea Finance a notable name within the NEAR ecosystem, especially for those interested in its financial services. Rhea Finance has secured investments totaling $4.5 million from Jump Crypto, Alameda, Dragonfly, and Prafi. It maintains partnerships with NEAR, OKX, Frax, Coin98, Slowmist, and BlockSec. Recent key metrics include surpassing a TVL of $250 million, ranking in the top 15 globally in DeFi based on 30-day trading volume, with a 30-day DEX volume of approximately $2.6 billion. The annual revenue stands at $1.88 million, with a 30-day revenue of $154,000. Notably, it accounts for about 96% of the entire NEAR ecosystem's TVL. The ecosystem includes xRHEA, a staking version of RHEA used for paying gas fees and serving as collateral for loans, offering an annual yield of 8-16% and enabling increased borrowing limits. Additionally, oRHEA consists of non-transferable incentive points distributed based on user activity, with the ability to exchange for RHEA or xRHEA depending on reputation. According to Binance Alpha, Rhea Finance is expected to be listed today, potentially on Binance and OKX, which could boost its market presence. Overall, Rhea Finance is positioned as a significant DeFi platform within NEAR, exhibiting strong growth metrics, strategic partnerships, and promising upcoming listings, making it a noteworthy name in the ecosystem.