RAMP Collaborates with NEM Group and StakeHound To Unlock Liquidity from Staked XEM
We are excited to share that RAMP is collaborating with NEM Group and StakeHound to integrate stXEM as a yield-bearing collateral asset into RAMP’s rUSD framework.
XEM, currently ranked #20 on CoinMarketCap, has a market cap of approximately $2.5 billion and ~$200m in average daily trading volumes.
NEM Group is ramping up its cross-chain DeFi capabilities in 2021 with the launch of stXEM, a wrapped version of the XEM token. XEM holders can deposit their asset into XEM supernodes, creating an underlying yield component, and issue stXEM as an ERC20 token on Ethereum. stXEM can then be used to participate in Ethereum-based DeFi.
In addition, NEM Group is launching the Symbol (XYM) public blockchain in February 2021, with a snapshot to reward XEM holders with XYM tokens on a 1:1 basis.
The migration of NEM’s migration onto Symbol is expected to deliver increased security, enhanced interoperability and higher operating efficiency for the network going forward. The XYM airdrop is supported by global leading exchanges such as Binance and Huobi. RAMP will also the stXYM token following its release.
stXEM: PoS Yield Accretion via Rebasing Model
StakeHound is a liquid staking service that wraps assets into stakedTokens, with the underlying assets deployed into staking to earn staking rewards. StakeHound works with leading digital asset custodian, Copper, to issue these stakedTokens, which can be done either on Ethereum or the Radix protocol.
stXEM was launched by StakeHound in Dec 2020 with 2 running supernodes and $2 million in the liquidity pool for the stXEM-ETH pair Uniswap. Users can also swap back directly into XEM mainnet tokens on a 1:1 basis by exchanging stXEM tokens for XEM tokens on StakeHound’s website.
On average, stXEM is expected to generate approximately 4.5% annual rewards for stXEM holders, which accrues to stXEM holders via a rebasing mechanism:
- Supply of stXEM is 1,000,000 and staking rewards received are 45,000.
- If you hold 1% of stXEM (i.e. 10,000 stXEM), you will receive 450 stXEM as the rewards during the rebase.
stXEM Integration With rUSD As A Collateral Asset
The RAMP liquidity unlocking solution is extremely flexible in its use case. Assets can both be wrapped and delegated into staking via smart contracts created by the RAMP team, or through partners such as NEM/StakeHound.
Such collaborative partnerships mean that RAMP can easily work with other protocols that focuses on wrapping assets, as long as the wrapped assets are yield-bearing in nature.
This introduces substantial new opportunities for the RAMP ecosystem and the capability to scale up asset under management by working with integration partners, rather than developing alone.
Yield bearing assets with excellent liquidity can be easily integrated into rUSD as collateral, ensuring that rUSD holders also continue to earn an underlying yield stream on their assets while minting rUSD. rUSD can then be deployed into existing DeFi protocols / products to earn additional yield, or be exchange into USDT / USDC for other purposes.
In this case, XEM users get to earn their XEM staking yields, and can acquire new yield streams via Ethereum-based DeFi participation, or exchange into liquid capital to pursue new investment opportunities without giving up ownership of their XEM assets.
At the same time, fees can be generated for the RAMP ecosystem via increased users participation and the integration of new collateral assets.
We are excited to participate in this three way partnership with NEM Group and StakeHound to jointly deliver this unique DeFi solution for global XEM community!
About NEM Group
NEM Group supports the development of Symbol from NEM, a trusted and secure enterprise blockchain that smoothes business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets.
NEM Group comprises three separate entities: NEM Software, NEM Trading, and NEM Ventures. NEM Group shapes the future of blockchain by nurturing a strong and healthy ecosystem that will contribute to the development of blockchain technology for generations to come.
A liquid staking enabler — StakeHound brings the benefits of both DeFi and Staking together. With three major protocols already live: stETH, stXEM and stFIRO, StakeHound is focused on building bridges between staking protocols and Ethereum’s DeFi.
StakeHound is a swiss company that follows strict compliance procedures and has partnered with military grade security custody solutions such as Fireblocks and Copper to secure the assets.
In the upcoming months, StakeHound will be issuing other staked tokens such as stDASH, stXRD and stDOT among others.
Join the RAMP DEFI Community
Backed by world-class investors, RAMP DEFI is a global decentralized finance protocol that increases users’ returns on assets by collateralizing yield-bearing staked digital assets into a liquid stablecoin.
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 USD200 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.
Follow RAMP DEFI, get in touch with the project team members and join our community in 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: firstname.lastname@example.org.