Getting Ahead Faster: How Ram Protocol Surpassed $1M TVL in a Week

ThunderCore Team
Jun 4 · 7 min read

Decentralized finance (DeFi) is very important in the cryptocurrency space. From novel ways for users to lend and borrow their assets, to attractive returns in the form of interest, DeFi takes on many forms. One of the most popular DeFi services is the credit market. Ram Protocol, a newly released DeFi Dapp deployed on the ThunderCore blockchain, is offering this service to a multitude of users worldwide.

Ram is a non-custodial liquidity protocol for borrowing assets and earning interest on your deposits (the assets you lend). Currently, you can deposit and borrow Thunder Token (TT), USDC, USDT, and BUSD from the Ram Protocol. For borrowers, you have to deposit the same asset that you seek to borrow as collateral.

https://rammer.finance/

It also has its own token called RAM, which is listed on the decentralized exchange (DEX) TTSwap. The only way to obtain RAM is by depositing and borrowing assets from the Ram Protocol; half of the distribution is earned by suppliers and the other half by borrowers. The RAM you will obtain depends on your lend or borrow amount. The more you lend/borrow, the more RAM you will receive.

Compound, being a leading credit market in the cryptocurrency space, was the first of its kind. This innovative approach and potential inspired the developers at Ram Protocol to create a credit market of their own.

The Ram Protocol team’s unique approach

Ram Protocol’s unique mechanism and go-to-market approach make it inherently different from other DApps and credit markets. Compound’s token, COMP, has a constant mining speed. On the other hand, the developers at Ram have designed a unique mining mechanism for their RAM tokens that halves the mining speed every 6 months.

To earn interest on your assets, you just need to connect your decentralized wallet, pick an asset, then supply your desired amount. If you access Ram via your ThunderCore Hub account, it is automatically connected for you as ThunderCore Hub now supports RAM tokens. After you receive your interest, you will also gain RAM tokens as rewards.

Much of RAM’s token allocation, 70%, is reserved strictly for protocol use, further putting emphasis on providing more profitability and higher interest to Ram users.

Learn more about Ram Protocol’s rules and tokenomics here.

Being a big fan of collaborations, Ram Protocol has partnered up with TT Farm, another DeFi Dapp on ThunderCore.

“As a credit market, we were always planning to partner up with another Dapp and have them participate and provide liquidity to Ram. Being one of the few DeFi Dapps on ThunderCore, TT Farm has had a huge level of success within a very short period of time post launch. Their sales have exceeded $1M BUSD in less than 2 months, so we decided to seek out a partnership with their developers to promote and accelerate Ram Protocol’s growth.” — Ram Protocol Team

This partnership is a testament to the Ram team’s collaborative nature and how they plan on bringing more benefits to users as well as awareness to their project.

“After contacting the TT Farm team, we found out that they have the same mission as us — to improve ThunderCore’s DeFi ecosystem. Plus, they also have great community support, so partnering up with them came naturally…We’re confident this partnership is highly beneficial to the both of us.”

Learn more about the partnership here.

Why deploy on ThunderCore?

“We’ve been developing Dapps on Ethereum in the past, but after seeing the high TPS and low gas fees on ThunderCore, we decided to switch over. We appreciate the low gas fees because for many developers, high gas fees can cripple their project’s development process and their funding. For DeFi services, low gas fees are especially important as it encourages users to make more transactions instead of inhibiting them to do so due to unreasonable gas fee costs. The fast confirmation times are also a big help because we could implement more improvements in a shorter amount of time.” — Ram Protocol Team

The developers at Ram Protocol also saw the lack of an established credit market presence on ThunderCore and the blockchain’s worldwide community as opportunities. With a mission to develop a decentralized, level playing field for crypto users, ThunderCore naturally became the optimal place to launch the Ram Protocol and RAM tokens.

Visit Ram’s Telegram group here.

$1,300,000+ TVL in a week, high APYs, and more

On May 21st, within a week since getting featured on ThunderCore Hub, Ram Protocol had reached more than $1,300,000 in total value locked (TVL), as shown in the graph above. A very impressive number considering the fact that it’s a new project.

Screenshot was taken on 5/21/2021

The supply APY is also attractive to users-more than 20% on stable assets like USDC and USDT. Currently, Its total supply value is more than $1.38M while its total borrow value is more than $700K, making it a fully functional credit market that is expanding by the second.

There has also been a stark increase in users starting May 16. After Ram Protocol was featured on the ThunderCore Hub, it brought in more than 1K news users per day since gaining that extra exposure and attention from ThunderCore Hub’s active crypto users. From May 16th to May 22nd, more than 3,500 unique users visited the Dapp through ThunderCore Hub alone.

Roadmap and future plans

The developers at Ram Protocol are extremely positive about the future. Currently, 4 cryptocurrencies are supported on Ram: TT, USDC, USDT, and BUSD. Soon, the protocol will start supporting more TT20 tokens, such as WBTC, ETH, BNB, etc., giving its users more flexibility and ways to increase their profits. The utility for RAM tokens will also increase as staking programs will be available in the near future.

“We’ve also been getting a lot of user feedback asking for staking services for other cryptos in the market and other gamify applications such as a lottery system, so we’re working diligently on making that happen.” — Ram Protocol Team

Summary

Screenshot of ThunderCore Hub

Deploying on the ThunderCore blockchain and getting featured on ThunderCore Hub has proved to be very beneficial to the Ram Protocol. A big reason it has gained more than $1.3M in TVL is due to the growing number of active crypto users using ThunderCore Hub on a daily basis.

“We are both delighted and surprised with the impressive results so far, and we believe that the chain is undervalued. Thank you to the ThunderCore team for listing our DApp on ThunderCore Hub so quickly…we hope users will enjoy our product as we aim to provide the best DeFi services within the ThunderCore ecosystem.” — Ram Protocol Team

If you are a DApp developer who wants to gain more awareness and funnel more active users to your DApp, the ThunderCore blockchain is the perfect platform for you. Check out the Developer Jumpstart Program page and submit your DApp via our DApp submission portal to get it listed on ThunderCore Hub. Don’t hesitate to reach out to us!

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