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Wolfonaire Chatbox : AMA With RAMP DEFI (19 January, 2021)

AMA WITH RAMP DEFI

Hello! Wolfonaire Family & Crypto Enthusiasts!

We recently hosted an AMA with RAMP DEFI on 19 Jan, 2021 at 12.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Lawrence | CEO, RAMP DEFI

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)

INTRODUCTION

Lawrence : Sure! Our team is close to 10 people now and consists of roughly half business developers and blockchain engineers.

I’m Lawrence, the project lead for RAMP, and prior to RAMP I was the head of growth for IOST, a layer 1 project. And prior to IOST, I spent 4 years in private banking and investment banking.

About RAMP >> we noticed that in the past years a lot of users have invested substantial capital into staking programs. This resulted in the global staking market cap becoming over $100 billion today. However staking is a “vanilla” activity — and typically earn average 5% ROI.

What ramp does is to allow users to collateralize their assets, while still staked and earning staking rewards, into a stablecoin on Ethereum which can be deployed into DeFi protocols to earn additional yield.

This let users still own the underlying assets, earn staking rewards, and participate in DeFi at the same time, thereby stacking up multiple income streams.

Wolf : Awesome 👌…For our members who are not already familiar with the project, can you give us a very high-level overview of what RampDeFi is and what competitive edge it brings to the Crypto Universe?

Lawrence : Definitely! RAMP collateralizes users assets from various blockchains into rUSD on Ethereum which can be deployed into DeFi yield protocols, and we already have partners willing to support the rUSD stablecoin.

The key to RAMP is that while in many places DeFi is locking up capital — as what we know as Total Value Locked (TVL), RAMP looks at how value can be Unlocked as liquidity.

By unlocking liquidity from illiquid staked assets, we can be unleashing billions of liquid capital into the Defi ecosystem. This is very valuable for everyone :)

Wolf : Did you find any threats till yet like smartcontract failures.When we think about mass adoption,security should be our first priority?

Lawrence : We are happy to share that to date, there are no security breaches with our smart contracts, and all our smart contracts have been audited by independent auditors such as Beosin before public release.

We will stay vigilant of course. DeFi is still young and growing, and this makes it vulnerable. We have an internal security group that shares all new hacks and we constantly check back to our smart contracts to make sure such vulnerabilities are closed up. We hope that going forward our smart contracts will remain safe for users.

Wolf : Feeling Safe 😃….Great,How do holders of the RAMP Token benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?

Lawrence : Great question. The key few utilities include:
1) governance — we aim for this to be released in Q2 / Q3 this year when the ecosystem is more mature. Users can participate in governance and decide on how fees are generated, how to deploy the funds (such as token buybacks etc)

2) We are already carrying out buybacks using the fees generated, and subject to conditions, the repurchased tokens are also sent to burn to reduce circulating supply. So there is a measure of upwards value discovery.

3) RAMP itself can be used as a collateral asset to mint the rUSD stablecoin. This means that users can hold RAMP, stake RAMP to generate wRAMP (earn staking rewards), and collateralize wRAMP into rUSD and farm additional yields from other DeFi protocols.

4) Farming efficiency — users who stake RAMP will get to farm at higher rates within the ecosystem, thereby incentivizing holders to be long term participants.

Requirement to participate for now is still very easy — users can easily start by owning some RAMP and staking into our vaults, or become a liquidity provider for RAMP on Uniswap — this is still giving close to 300% APY for users ;)

Wolf : No doubt Ramp Is one of the best DeFi platform I ever seen…Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Lawrence : So far we have been able to meet major milestones, such as launching cross-chain stake farming modules for IOST, TOMO and Tezos in 2020, as well as our token buyback module. In Q1, we expect to launch new collaterals (wrapped RAMP is a key one) and the rUSD minting functions, so there’s some exciting developments coming up.

There are always difficulties when it comes to innovation. In particular we took a bit longer than expected to launch cross-chain farming due to the substantial differences in the various staking programs, but the devs worked really hard to meet deadlines.

Wolf : You Really Earned My Respect Here, 👏

Lawrence : Additionally, Defi itself as an industry moves very quickly, so we also need to be nimble to adjust — this means that we are constantly challenging our assumptions and making sure we are building in the right direction. If we are not, then we must be quick to pivot.

Wolf : Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?

Lawrence : Of course! Users just need to head over to app.rampdefi.com.

If users are participating cross-chain, select rStake. If its to become a RAMP staker or liquidity provider, select Vaults.

Next, deposit your assets into the smart contracts within rStake and Vaults and its done, you can start receiving RAMP rewards :)

If in doubt, simply check out medium article guides, and can also reach out to our friendly community managers in our telegram group to seek assistance.

Wolf : It’s Very Hot Question IF Something more can be shared when we can expect more news like exchange listings?

Lawrence : Haha yeah we get that pretty often. We are working on listing on major exchanges, there is good progress. if there’s any listing, its also subject to exchange discretion so we can only announce after exchanges have announce it :)

Wolf : Great 😃…Lets Move for Community Q&A Round 1

Now Group Question & Answer Session 1 Began

Q1. How does RAMP smart burn mechanism add value to RAMPDEFI ecosystem? What parameters determine the amount of $RAMP token to be burned? Will the burn be conducted monthly or quarterly?

Lawrence: Great question. So the fees generated are sent into a buyback wallet, and using 1inch limit orders, the funds are set at key support levels. This creates a pool of “ready RAMP buyers” who will buy the dip if the value decreases.

If the funds are activated, there is a token buyback, and all the tokens bought back are immediately sent to burn, removing sell pressure. This helps to provide value retention in the case of downwards pressure.

At the same time if value inceases, the limit orders are constantly “rebased” upwards to support new higher levels and give the token more opportunities for value growth.

Q2. What is the long-term vision of RAMP DEFI for its users ?

Lawrence: The vision of RAMP is to unlock at least a billion worth of liquidity from staked assets. This is actually less than 1% of the global staking market cap, so we believe that this vision can be achieved.

Q3. Hi Lawrence! As we aim rUSD to be a stablecoin, any mechanism we have in place to maintain its value as constant primarily? Was thinking that this could be a concern for many who looks to mint it later?

Lawrence: Yup for sure. So if the rUSD stablecoin moves above $1, users are incentivized to mint more rUSD using supported assets, and sell down rUSD to 1. If rUSD moves below $1, interest rates can be increased to prompt users to exit their collateralized positions, which means that they have to buyback rUSD and switch back out into their original staked assets position.

Q4. STAKING is very popular topic recently- Please tell us in detail about the $ RAMP Staking plan and the benefits of adding staking ?

Lawrence: You can participate at app.rampdefi.com, at the RAMP Vaults. Approximately 15% yield on staking RAMP to receive RAMP, and 288% for staking RAMP-ETH Uniswap LP tokens as a liquidity provider.

Q5. Are you a global project? Can anybody use your services from anywhere?

Lawrence: Yes — RAMP is a global decentralized project, which means taht it is permissionless and anyone can use the solution developed :)

Now Group Question & Answer Session 2 Began

Q6. If I can use my staked assets due the collateralization with eUSD or rUSD, how can this lending be ensured if the token staked reduces its price significantly? Which transactions can be done with eUSD and rUSD?

Lawrence: There is a keeper mechanism in place to make sure that if the token reduces too much in value, the assets are liquidated to ensure that the value of rUSD is preserved. That said, we encourage users to at least collateralize at 300% or more, which gives the collateral substantial buffer. Users can also switch out of their collateralized positions quickly, prior to any liquidation, by reversing the rUSD minting process.

Q7. What is the reason behind tokenizing staked assests. wont this add additional sell pressure on the secondary market and what’s effect on the tokenomics?

Lawrence: It actually reduces sell pressure of the token. If you look at many of the non-ERC20 networks, users who hold these tokens may sell out to participate in DeFi on Ethereum, for example. This happens when yield is higher somewhere else. By giving users the ability to collateralize these assets, it gives them more reason and incentives to be holding the native token itself, and they can unlock additional liquid capital using RAMP.

Q8. What exactly is the tier ranking you developed for stablecoins that exist in the ecosystem of crypto assets with your research? What do you think about the utility purpose of stablecoins?

Lawrence: One of the key utility we want to develop for the rUSD stablecoin are liquidity pools for rUSD to be traded for USDT / USDC. This means that users can also switch into USDT / USDC easily from rUSD, and be able to use this acquired USDT / USDC for other purposes such as margin trading on exchanges, or even take out as fiat.

Q9. Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?

Lawrence: RAMP to date have already announced many partnerships such as IOST, Tomo, Tezos, Injective Protocol, Moonstake staking pool, Elrond, Solana, Metanyx staking pool etc. There are many more partners ready to be integrated, and we will announce them as we progress :).

Q10. Also, in the block picture of RAMP DeFi Ecosystem, it shows 80% rewards back to user. How does this work?

Lawrence: Users unlocking liquid capital receives back the majority of staking rewards, and the remaining portion is used to buy back RAMP from the open market. At the same time, these users also receive RAMP tokens as rewards for participating in our ecosystem.

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of RAMP DEFI ⛓⛓

Website | Telegram |Medium| Wolfonaire Family Chatbox

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