RAMP Partner Series | Utilization of rUSD for Leveraged Staking on KIRA Network
We are pleased to share that RAMP is working with KIRA Network to roll out a Proof of Concept for Leveraged Staking.
This is the process by which DeFi users can simultaneously stake assets across multiple chains at the same time, which enables them to obtain multiple yields without exposure to market volatility or otherwise increasing their risk profile.
As part of this partnership, KIRA will also support the staking of the rUSD stablecoin issued by RAMP for Leveraged Staking.
The ability to utilize rUSD in the KIRA Network will give rUSD more utility cases, accrue yield opportunities to rUSD holders and reduce borrowing costs for rUSD users. This will, in turn, make the platform more attractive for users looking to unlock liquidity from their staked assets using RAMP.
Leveraged Staking & Multiplying Rewards
- While staking users on other protocols essentially lock up their crypto assets to participate in staking, KIRA enables them to natively unlock their liquidity via a synthetic token equivalent to the amount staked on the KIRA Network.
- Subsequently, users can transfer these synthetic tokens — known as staking derivatives — wherever they please while continuing to support and secure KIRA Network via the underlying assets.
- What is useful about liquid staking on KIRA is that third-party dApp implementation risks and any associated additional commissions charged on the users are entirely eliminated. Furthermore staking of all asset types (fungible, non-fungible) is supported, with staking occurring directly on the network rather than via third-party owned smart contracts, thus allowing users to retain full liquidity and custody over their funds.
- KIRA’s Multi Bonded Proof of Stake consensus natively supports Liquid Staking, meaning that all assets deposited and staked instantly become transferable.
- Those transferable derivatives not only earn yield for their holders but can also be recursively (leverage) staked. This means that staking of the staking derivatives would result in the issuance of yet another derivative and so on perpetually (as long as governance of the network continues to assign interest rates to such assets).
- Leveraged Staking is possible not only with derivatives issued on KIRA but on any interconnected network. This means that natively issued ETH 2.0 staking derivatives could be transferred to KIRA and staked again to earn extra yield.
- If DeFi represents an enticing alternative to the traditional banking system, KIRA represents an upgrade on DeFi’s yield farming, empowering users to generate greater profits across the cryptocurrency sector without security concerns or volatility risks.
rUSD Stablecoin Staking on KIRA Network
- As part of this partnership, KIRA will also support the staking of the rUSD stablecoin issued by RAMP on its network.
- This will benefit KIRA delegators, who will have the opportunity to move away from staking volatile tokens, with the potential for loss that this carries, to staking stable assets — without losing out on block and fee rewards.
- RAMP DEFI is on a mission to maximize capital efficiency on staked assets, unlocking the liquidity that is otherwise left unutilized in idle crypto assets.
- This enables DeFi users to earn greater staking rewards and to stack multiple yields simultaneously. This will bring greater efficiency to the DeFi market and incentivize broader participation, resulting in a better deal for all.
- We look forward to working with KIRA Network to roll out Leveraged Staking as we pursue new ways for stakers to boost their bottom line without introducing custodial or protocol risk.
- Upon completion of our PoC with KIRA, we anticipate a wider roll-out that will draw in more DeFi users, enticed by the many opportunities that liquid staking presents.
KIRA is a decentralized network secured by both cryptocurrencies and real world assets at stake thanks to its proprietary Multi-Bonded-Proof-of-Stake (MBPoS) consensus mechanism. Positioned within the Interchain and Web3 ecosystems KIRA makes it safer and easier to gain access to decentralized financial applications and unlock full economic potential of your capital to generate yield.
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 the end of 2021.
Users can access the RAMP token on:
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