Posted 4 weeks ago | by Catoshi Nakamoto
Chainlink’s Integration with RAMP’s Multi-Chain Staked Liquidity Platform
RAMP DeFi is excited to announce our live integration of the market-leading Chainlink Price Feeds on both the Ethereum and Binance Smart Chain (BSC) mainnets.
RAMP DeFi is using Chainlink’s decentralized oracle networks to gain access to high-quality price data, which is made available on-chain using tamper-proof and highly available infrastructure. This data is being used within the RAMP V2 App, as well as to support other DeFi protocols wanting to offer support for RAMP assets.
Additionally, RAMP shall leverage Chainlink’s blockchain-agnostic Price Feeds to support the upcoming multi-chain expansion of RAMP’s staked liquidity platform.
Chainlink is the most widely-adopted decentralized oracle solution, providing time-tested price feeds that already secure billions of dollars in value for leading DeFi protocols. Most notably, Chainlink Price Feeds are purpose built and historically proven to protect user funds against unexpected vulnerabilities, such as API downtime, flash crash outliers, and data manipulation attacks like those carried out through flash loans.
Chainlink Adds Mainnet Support for RAMP/USD Price Oracle
Chainlink has added mainnet support for a RAMP-USD Price Oracle on both Ethereum and BSC, enabling the RAMP token to be seamlessly integrated into other DeFi applications, whether as a form of collateral, loanable asset, or synthetic asset.
This will greatly expand the utility of the RAMP token by having a reliable price oracle available to the wider DeFi ecosystem.
Chainlink documentation: https://data.chain.link/ramp-usd
RAMP price feed proxy contract: https://etherscan.io/address/0x4EA6Ec4C1691C62623122B213572b2be5A618C0d
Using Chainlink Oracles For Reliable On-Chain Price Data on RAMP V2
The RAMP V2 platform allows users to deposit assets into its auto-compounding vaults to earn ultra high yield, while borrowing against these assets simultaneously for additional liquidity to leverage higher returns.
As an example*:
- CAKE users can deposit CAKE into RAMP vaults, which auto-compounds CAKE for users at over 100% APY in the Pancake syrup pool.
- At the same time, the user can mint $333 in rUSD against every $1000 of CAKE deposited.
- This $333 can be swapped at <0.1% slippage for BUSD / USDT / USDC in the rUSD liquidity pools, which can in turn can be sent to Binance to trade for additional gains, or even be off-ramp into fiat for real-world purchases.
- This allow users to (a) stay long on assets they are optimistic on, (b) yield farm and continue to generate passive income on these assets, even as (c) they unlock liquidity for other purposes.
*Cake vault is expected to launch on 12 May 2021.
Chainlink Price Feeds are already in use within RAMP V2, providing reliable asset pricings and allowing accurate maintenance of collateralization and liquidation ratios of minted rUSD positions. This in turn, ensures the overall integrity of the RAMP protocol.
The RAMP V2 platform is expected to expand support for a range of major digital assets including BTC, ETH, BNB, LINK, as well as rapidly growing DeFi ecosystems such as Polkadot and Solana in the near future.
To learn more about RAMP V2: https://docs.rampdefi.com/rampdefi/
Chainlink Oracles to Support RAMP’s Multi-Chain Expansion
RAMP’s staked liquidity platform is making preparations for multi-chain integrations, which allows for the native staking of assets within various blockchain ecosystems to access a cross-chain interoperable rUSD liquidity network.
This means that rUSD becomes blockchain agnostic liquidity that can be utilized and transferred across any supported blockchain ecosystem.
For example, a user can deposit assets on Binance Smart Chain to earn 400+% yields, while minting rUSD liquidity cross-chain to Ethereum to participate in Ethereum’s DeFi opportunities.
Chainlink becomes integral to RAMP’s multi-chain growth and scaling capabilities by allowing RAMP to access reliable on-chain price oracles anywhere and everywhere. This in turn helps to secure the integrity of RAMP’s staked liquidity platform, which requires high accuracy in monitoring collateral asset values and open debt positions natively on different blockchains.
Why RAMP Selected Chainlink Price Feeds
We chose Chainlink as our go-to oracle solution to secure all critical on-chain functions requiring oracles because it provides a multitude of attractive design features, such as:
- High-Quality Data — price data is sourced from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices that have robust market coverage and mitigate against outliers.
- Reliable Nodes — price feeds are secured by a decentralized network of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of reliability, even during extreme network conditions.
- Decentralized Infrastructure — both the data sourcing and transmission of external data on-chain are decentralized, removing any central point of failure.
- Blockchain Agnostic — Chainlink is blockchain agnostic and already running live on multiple blockchains, making it a straightforward integration with the ability to quickly expand Ramp into new blockchain environments in the future.
“By using Chainlink Price Feeds, we’re extending the security and reliability guarantees provided to users locking up their funds in the RAMP platform, as well as ensuring that the DeFi industry as a whole is more secure and decentralized when integrating RAMP assets. Chainlink Price Feeds have a long track record of closely following global market prices while mitigating unexpected vulnerabilities, and we look forward to adding more price feeds in the future to expand our lending platform cross-chain.”
-Lawrence Lim, Project Lead of RAMP
Chainlink is a decentralized oracle network to power smart contracts’ functionalities by enabling real access to data without sacrificing the security and reliability that blockchain technology upholds. It employs highly secure and robust infrastructure, which provides a reliable, tamper-proof network to drive smart contracts’ performance. It is a leading data solution contributing to a larger ecosystem consisting of Dapps, games, DeFi (decentralized finance), insurance, and various others.
Join the RAMP Community
Backed by world-class investors, RAMP is a global decentralized finance solution that focuses on unlocking liquid capital from staked digital assets.
Using the RAMP solution, users with staked assets can continue to receive staking rewards, retain capital appreciation potential on their staked portfolio, and unlock liquid capital to invest in new opportunities at the same time.
The total staking market cap as of today is over USD300 billion, and as the industry-leading solution, RAMP DEFI has a vision of unlocking USD1 billion or more in “Total Value Unlocked (TVU)” for users by end 2021.
Users can access the RAMP token on:
If you are interested to participate in our community and receive timely updates from the following official channels:
For partnerships, media or other collaboration opportunities, please email: email@example.com.
Original article published on Ramp DEFI’s Medium.