I just glanced over Refereum and it has plenty of problems.

Token Metrics:

• Massive initial supply.
• Poor unlock mechanism (most tokens are unlocked right now).
• $80M initial valuation (LOL).
• Most of its volume is in KRW; this cuts out liquidity for most of the world.

Token Economy:

• RFR serves the purpose of being an airdrop reward for tasks.

In comparison, Ultra coins are part of every transaction. Even if a fiat transaction is made, the volume is converted to the platform's native currency.

Product

Refereum is just a glorified airdrop distribution platform. It just happens to issue airdrops for trying out games. In fact, based on their TG announcements, they offer growth access (through meaningless airdrops) to just about anyone who is willing to use their product.

This has nothing to do with Ultra, which is, at its core, a game distribution platform.