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RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

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Participation in the DeFi and staking ecosystems has seen explosive growth over the last year, with the combined sectors currently accounting for over $50 billion in value.

DeFi growth was predominantly fueled by the breakthrough success of Ethereum-based projects such as Aave, Compound, and Uniswap, utilizing ERC20 stablecoins like USDC and Dai to generate yield. Digital assets staked on other networks were left behind, unable to participate in the emerging DeFi ecosystem.

If those stakers wanted to access DeFi without introducing new capital, they needed to unstake and sell their investments to enter the market. That meant giving up on potential capital gains and staking rewards from those assets.

Singapore startup RAMP DeFi is now pioneering an alternative solution, opening up participation in the Ethereum-based DeFi ecosystem – without giving up the future benefits of other staked digital assets. It has attracted investment from Alameda Research, IOST, and Blockwater Capital, among others.

A Cross-Chain Liquidity On/Off Ramp

RAMP DeFi’s innovative decentralized protocol solution proposes that capital staked on non-Ethereum blockchains can be collateralized into a new stablecoin “rUSD” issued on Ethereum, acting as a bridge between non-ERC20 tokens and the Ethereum chain.

By lending/borrowing, bootstrapping stablecoin liquidity, and integrating with other DeFi solutions, rUSD holders can either deploy rUSD into higher yield generating opportunities or swap into USDT/USDC. This creates a seamless on/off ramp for users with staked capital on other chains to access DeFi without giving up future potential gains or rewards from the collateralized digital assets.

How Does It Work?

For each blockchain “X” integrated, a RAMP staking node and smart contract on blockchain X are set up to manage the assets. Token X is staked in the RAMP ecosystem to continue to receive blockchain X staking rewards.

A Wrapped Token X is then issued and used to collateralize and mint a blockchain X native stablecoin, xUSD. xUSD is based on a collateralization ratio similar to MakerDAO.

xUSD can then be swapped into the ERC20 rUSD stablecoin, using the on/off ramp cross-chain bridge. From there, rUSD can be deployed into yield farming opportunities or swapped directly for other stablecoins using decentralized liquidity pools.

A Broadening Ecosystem That’s Gaining Traction

RAMP DeFi’s liquid staking solution opens up an ecosystem of services, assets, and opportunities that is already beginning to gain traction:

rStake

rStake is the part of the ecosystem where non-ERC20 tokens are staked and wrapped tokens are issued to represent the ownership of the underlying assets. It is an aggregator of staking nodes on the participating blockchains, returning 70% of the staking rewards to the user, incentivizing participation through additional RAMP governance token rewards. The remaining staking rewards generate fees for the RAMP ecosystem to help with stability.

rStake has already launched integrations for the IOST, TomoChain, and Tezos blockchains.

rMint

rMint uses the wrapped tokens issued by rStake as collateral to mint a stablecoin for the respective X blockchain (xUSD). xUSD is then swapped into ERC20 rUSD to use in the Ethereum DeFi ecosystem, earning RAMP rewards in the process.

Early adopters include Elrond, NULS, and Solana for cross-chain DeFi farming.

Vaults

The Vaults utility platform for RAMP and rUSD allows holders to stake, farm, and participate in yield stacking opportunities.

rUSD can also be swapped for USDT/USDC directly, and Vaults can connect to existing solutions such as YFI, Uniswap, or Sushi.

rKeeper

rKeeper manages the conversion of liquidated assets into stablecoins for rUSD where necessary for value support or redemptions. rKeeper converts the value of liquidated assets into USDT/USDC at the equivalent rUSD originally minted.

The repurchase of rUSD by rKeeper only takes place when rUSD is less than 1:1 with USDT/USDC, creating stability for rUSD utility.

rBurn

The fees generated by rStake are used to buy back and burn RAMP, removing tokens from circulation. rBurn is designed as a “smart burn” mechanism that again helps provide stability for rUSD as an alternative stable » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin and bridge to the Ethereum-based DeFi network.

Opening Up Defi To Non-ERC20 Tokens

RAMP DeFi introduces a solution with the potential to unlock over $30 billion in a previously illiquid staked digital asset sector, set to expand fourfold with the transition to Ethereum 2.0 alone.

The RAMP ecosystem represents exciting growth potential for DeFi, harnessing existing success while opening up further possibilities for ERC20 and non-ERC20 tokens to gain access to additional yield generating services. It frictionlessly connects a range of digital assets to the decentralized finance marketplace, across an increasingly interoperable space, boosting DeFi adoption as a result.

Image by WorldSpectrum from Pixabay

Source: https://www.newsbtc.com/news/company/ramp-defi-leads-the-liquid-staking-race-opening-ethereum-based-defi-to-staked-liquidity-from-other-blockchains/

Blockchain

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

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Bitcoin and Ethereum are down from their recent 2021 highs, but compared to their traditional market counterparts, have shown more resilience during the recent “royal macro beating.”

Here’s why one top economist and investor says this is incredibly bullish for the two titan cryptocurrency assets.

Royal Macro Beating Can’t Take Down Bullish Bitcoin And Ethereum

This week, the stock market plunged, and precious metals saw a sharp selloff as the macro environment remains uneasy globally. Yet somehow, amidst a “royal macro beating”, Ethereum and Bitcoin have held up comparably well.

Economist and trader Alex Kruger says the resiliency is “bullish” for Bitcoin and Ethereum. The two top crypto assets have been in an uptrend for a full year now, and the recent macro jitters have been the first major bump in the road since.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum 

Bitcoin exploded from lows around $4,000 to $58,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at the high, while Ethereum fell to under $100 and has risen to $2,000 since. The more than 10x rise, however, might be nowhere near the finish line, and holding up so well here could be the catalyst that sends the cryptocurrencies higher through the resistance level.

bitcoin and Ethereum macro beating

Ethereum and Bitcoin have held up extremely well compared to the S&P 500 and gold. | ETHUSD on TradingView.com

The Changing Of The Guard To Crypto Is Underway

The stock market is on thin ice, and precious metals cannot be upgraded or updated, and have limited use in the future as a store of value compared to cryptocurrencies.

The digital gold narrative has been working, and the steepness of the gold selloff above shows how effective the narrative has been. Crypto prices holding up so well while gold plummets, could send even more capital flowing out of metals and into the scarce digital asset.

Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Profit-taking in the currency overheated stock market will want to follow the money, wherever the grass is greener and profits are consistent. If that place is the crypto market, the flood gates of capital could finally be coming that helps to push Bitcoin to prices of hundreds of thousands of dollars per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, and tens of thousands of dollars per Ether.

The nascent technologies are only now coming into their own as financial assets, and institutional investors have begun to recognize the shift from traditional assets, to digital ones, and the ones who have been early thus far have been the most profitable.

Will Bitcoin and Ethereum continue to hold up this well, or will they ultimately succumb to the continuing macro beating going on across markets right now?

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/ethereum-bitcoin-macro-beating-gold/

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Blockchain

3 million active users help lift Audius (AUDIO) to a new all-time high

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As blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most used technologies is bound to increase. This means that it’s only a matter of time before video streaming, digital music and social media see gradual blockchain integrations take place. 

Audius (AUDIO) is one project that is chasing the first-mover advantage in the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively effortless for users to distribute and monetize audio content. 

The project has received increasing attention for its approach to decentralizing the music industry and on March 2 the team celebrated reaching 3 million monthly active users. 

Data from Cointelegraph Markets and TradingView shows that the price of AUDIO surged 108% since the start of March from a low of $0.38 to a new all-time high of $0.79 on March 4 as the altcoin’s trading volume spiked from $3 million to a record $55 million.

AUDIO/USDT 4-hour chart. Source: TradingView

Staking incentives drive user adoption

The first major increase in users followed the project’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that were staked on the network while they listening to music and interacted with the protocol.

By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. These figures have since increased to 3 million users and a total of 182.5 million staked AUDIO as the platform continues to integrate new features that incentivize community involvement.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on Feb. 28, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AUDIO hit a peak of 69 on Feb. 28, just before the start of a prolonged uptrend in price which was further identified by a VORTECS™ score of 80 on March 1. After pulling back over the next 3 days the score again spiked to 70, just hours before a significant rise in the price of AUDIO.

On March 5, the project revealed its plans to integrate non-fungible tokens (NFT) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.

NFTs have become a hot topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of interaction from users.

As blockchain technology continues to become more prominent in mainstream society, Audius appears well-positioned to become a leader in the streaming music space thanks to a rapidly expanding user base and a growing list of incentives that entice users to stay active on the platform.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/3-million-active-users-help-lift-audius-audio-to-a-new-all-time-high

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Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading

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The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. 

  • Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release
  • The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.” 
  • Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses. 
  • Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA). 
  • CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).  
  • At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding. 
  • Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision. 
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Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/

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