Posted 4 months ago | by @devadmin
IOST’s latest node RampDeFi is launching- rStake, the first ecosystem product of RAMP’s core liquidity unlocking solution on IOST on 9 December 2020.
The on-going phase 2 focuses on the minting of native stablecoins on the various blockchains, which will then be bridged over to Ethereum as rUSD for exchange into USDT or USDC.
RampDeFi Phase 1 Integration Functions
The Phase 1 integration of RAMP with the IOST / TOMO / XTZ blockchains focuses on smart contract development on the native blockchains to create the following functions:
- Allow IOST holders to stake their respective tokens into smart contracts native on IOST
- Mint wrapped PoS tokens (wIOST) 1:1 with the assets deposited into the smart contracts. Wrapped PoS tokens can be collateralized into a native stablecoin for the next integration phase.
- Allow wIOST holders to redeem the underlying assets (IOST) 1:1 from the smart contracts by burning the wrapped PoS tokens.
- Allow IOST users who have deposited their assets to claim their respective staking rewards from the RAMP smart contracts daily.
- Bond users’ IOST wallet addresses to their respective ETH wallet address on Ethereum.
- Distribute RAMP token stake farming rewards to bonded ERC20 wallets at the 300% Boost Multiple using Chainlink data oracles.
The Phase 1 objective is to integrate the RAMP solution into the existing staking programs of the respective Proof-of-Stake chains, which allow IOST / TOMO / XTZ users to maintain their staking participation while using RAMP.
rStake — Cross-Chain Stake Farming Explained
What is Stake Farming?
- “Stake Farming” is a cross-chain innovation pioneered by RAMP DEFI that is designed to provide a meaningful financial incentive for users on non-ERC20 networks to start depositing their PoS tokens into RAMP smart contracts on the respective blockchains.
- When users deposit their PoS tokens (e.g. IOST, TOMO or XTZ) into RAMP smart contracts, the RAMP smart contracts acts on behalf of the users to delegate it into the respective native staking programs.
- At the same time, users bond their native (IOST / TOMO / XTZ) wallet address to an ETH wallet address.
- Through the binding wallets and the transmission of smart contracts data across blockchains, a mechanism is created to give IOST / TOMO / XTZ users participation rewards in the form of RAMP tokens (ERC20) based on the amount of staking rewards generated by the IOST / TOMO / XTZ deposited into the RAMP smart contracts.
- The stake farming rewards for users, given in the form of RAMP tokens, is done using: (i) a value-based calculation of the staking rewards generated, and (ii) the application of a “Stake Farming Boost Multiple”.
Value Based Calculation for Stake Farming
- 30% of the staking rewards generated by users will be traded in to the RAMP ecosystem, and RAMP rewards will be airdropped to the user’s ETH wallet in return.
- The Stake Farming Boost Multiple shall start at 300% for IOST / TOMO / XTZ users.
- This means that for every $1 generated in IOST / TOMO / XTZ staking rewards, users will receive $3 back in RAMP tokens into their ETH wallet.
- At the same time, to manage RAMP token emissions, all fees generated shall be used to buy back RAMP from the open market, and these RAMP shall be removed from circulation permanently.
- More detailed tutorials on how users on each blockchain can participate in stake farming shall be released along with the launch schedule above.
RAMP x IOST voting node: https://www.iostabc.com/account/rampdefi
As a young team, the RAMP team and advisors are seasoned professionals with rich experiences in blockchain and traditional finance.
IOST, Alameda Research, ParaFi Capital, Arrington XRP Capital, Torchlight Ventures, Signum Capital, Blockwater, Ruby Capital, MW Partners, LayerX Capital and MoonRock Capital have jointly invested in a decentralized financing project with RAMP DEFI.
If you are interested to follow RAMP DEFI and get in touch with the project team members, you can participate and receive timely updates from the following official channels:
- Twitter: https://twitter.com/RampDefi
- Telegram: https://t.me/rampdefiofficial
- LinkedIn: https://www.linkedin.com/company/rampdefi
- Discord: https://discord.gg/WY5TU7b
- Medium: https://medium.com/rampdefi
For partnerships, media, or other collaboration opportunities, please email email@example.com.
Original article published on Medium here.