It’s been awhile since we had an external AMA! On 24 June, 2021, Lawrence Lim, the Project Lead, and ZR, the Operations Lead joined the world’s largest cryptocurrency exchange, Binance with their community of over 165,000 active users. We’d like to thank Binance for having us. We had a great time talking with everyone.
The co-founders introduced RAMP DeFi to the Binance community and talked about how it works, the benefits and why it is unique. They also shared the recent developments of the project and what is in the pipeline.
AMA Summary:
Segment 1: Questions for RAMP team
Segment 2: Quiz for the community
Segment 3: Live Q&A
The transcript has been edited for clarity.
Segment 1: Questions for RAMP team
Gajender (Binance Angel) 🇮🇳: Let’s jump right into the first segment of today’s AMA session.
Gajender (Binance Angel) 🇮🇳: Here’s our first question for you.
Q1: How does the RAMP DeFi platform work?
Lawrence:
Firstly RAMP helps users earn optimized high-yield returns of over 400% from their assets with auto-compounding vaults. This is for the passive income portion.
Users can then mint rUSD, a collateralized stablecoin, against these asset deposits to gain extra liquidity and usable capital, which they can use directly on PancakeSwap (BSC) or QuickSwap (Polygon) to pursue new token purchase opportunities.
rUSD is transferable across blockchains, so for example, your assets can be farming for you on RAMP-BSC, and the rUSD liquidity you minted can be sent to Polygon to buy new tokens on QuickSwap.
Gajender (Binance Angel) 🇮🇳: Thank you for sharing the info about Ramp Defi.
Q2. What are the advantages of your platform as compared to others?
ZR:
RAMP platform is designed to help users achieve capital efficiency in which they can continue to enjoy high ROI on assets, retain capital appreciation potential, while extracting liquidity at the same time.
Deposited assets are redeployed to yield farms to earn yields; auto-compounding vaults are built for yield optimization.
In the process of generating passive income, you can mint rUSD, RAMP’s stablecoin against your staked assets and use it to exchange with any other cryptocurrency in exchanges like PancakeSwap at the same time, tap into cross-chain liquidity, so that users can trade or exchange assets in exchanges like QuickSwap or simply deposit back into RAMP vaults earn more yields.
Q3. What are some of the recent developments for RAMP?
Lawrence:
Great question. Despite the challenging market conditions, our team has continued to ship consistent product upgrades. We launched on Polygon (Matic) less than 2 weeks ago, so on the Polygon blockchain, users can deposit RAMP tokens, or QuickSwap LP tokens such as MATIC-ETH or RAMP-ETH tokens to auto-compound in our vaults.
Users can mint rUSD against their asset deposits and use rUSD directly to swap for new tokens on QuickSwap, or become rUSD-USDC stablecoin LPs for APY up to 37%.
Our cross-chain rUSD bridge between BSC and Polygon, which is the final piece in the puzzle that allow users to utilize rUSD across chains, is expected to launch next week! :)
Q4. What is the development roadmap for RAMP?
Lawrence:
Some core developments that we are looking to deliver in June / July would be to let users deposit more single assets such as BNB, MATIC, ETH, to mint rUSD.
So (i) rUSD cross-chain bridge, (ii) more single asset vaults, and (iii) a special insurance vault that lets users insure against liquidations, lots of exciting updates coming up!
We update our roadmap every month for our community, so it's really transparent and let our community be assured that the RAMP team is highly focused on the development and bringing a unique product to market: https://docs.rampdefi.com/rampdefi/ramp-v2-roadmap
Q5. What is the best way to stay informed on the latest RAMP news?
ZR:
Do follow RAMP DEFI on all our other social platforms and get in touch with the project team members. You can reach out and receive timely updates from the following official channels:
Documentation: https://docs.rampdefi.com/rampdefi/
Medium: https://medium.com/@rampdefi
Follow us on our Medium blog for details on partnerships and technical updates. The RAMP team is constantly working to create a great experience for our users!
Telegram: https://t.me/rampdefiofficial — Join in the conversation with our community
Telegram Announcement: https://t.me/rampdefiannouncement
Twitter: https://twitter.com/RampDefi
Discord: https://discord.gg/WY5TU7b
Linkedin: https://www.linkedin.com/company/rampdefi/
Website: https://rampdefi.com
RAMP App: head over to https://appv2.rampdefi.com/ to start RAMPing :)
Segment 2 — Quiz for the Community
Q1: Which are the blockchain networks on which u can mint rUSD today?
A. ETH, BSC and Polygon
B. BSC and Polygon
C. BSC only
D. Polygon only
Lawrence: The answer is B: Binance Smart Chain and Polygon!
Q2. Which of the below is NOT a RAMP feature (choose 1 only)?
A: Liquidity provider risk
B. Borrowing capital with assets as collateral
C. Cross-chain stablecoin transfers
D. Auto-compounding vaults
Lawrence: Answer is A: Liquidity provider risk! You do not take any LP risk when you participate in RAMP vaults, we simply allow you to borrow using LP assets as collateral.
Q3. On which decentralized exchanges can rUSD be used to swap directly for tokens today?
A. PancakeSwap
B. PancakeSwap and QuickSwap
C. QuickSwap
D. ApeSwap
Lawrence: PancakeSwap and QuickSwap! Just take your rUSD there and buy more tokens with it. It’s that simple! :)
Q4: Is rUSD a partially collateralized or fully collateralized stablecoin?
A. Partially collateralized
B. Fully collateralized
ZR: rUSD is Fully Collateralized!
Unlike IRON in the recent Iron Finance bank run, rUSD by RAMP is fully collateralized (similar to DAI), which makes it safer than partially collateralized stablecoins.
Q5: How can RAMP users benefit from minting rUSD?
A. Users can hold on to their favorite staking / farming assets for future growth potential.
B. Maximize the yield a user can receive from these assets.
C. Users can use rUSD to purchase new assets across the supported blockchain networks
D. All of the above
ZR: The answer is D!
Auto-compounding vaults maximize yields for users. Minting rUSD lets users leverage on existing assets to buy more tokens that they believe in across chains. Currently can be done on BSC and Polygon, and we are expanding to Solana and Polkadot next!
Gajender (Binance Angel) 🇮🇳: With that, we have come to the end of Segment 2
Segment 3: Live Q&A
The 10 best-asked questions from the chat will win $RAMP tokens
Q1. @Alika061: What is the role of tokens in the ecosystem? Where can people currently buy $RAMP, what are the functions of the tokens #RampDefi and does #RampDefi have an audit certificate or are you doing an audit. To make it safer and make us believe?
Ans: The RAMP token captures the economic value of the RAMP platform. Performance fees generated from usage of the platform accrued towards the RAMP token through open market buybacks and token burning. More about tokenomics can be read here: https://docs.rampdefi.com/rampdefi/ramp-token-utility-design
RAMP is fully audited and all the audits done can be found here: https://github.com/RAMP-DEFI/RAMP_SECURITY_AUDITS
RAMP is listed on Binance and major dexes such as PancakeSwap and QuickSwap.
2. @GensanFrenchFries: RAMP has rUSD, can you tell us about rUSD and how does rebalancing works within the protocol? Are there instances that an asset gets liquidated?
Ans: As mentioned, users can mint rUSD, a collateralized stablecoin, against asset deposits to gain extra liquidity and usable capital, which they can use directly on PancakeSwap (BSC) or QuickSwap (Polygon) to pursue new investment opportunities.
rUSD is overcollateralized by crypto assets, with a minimum of 200% for the most liquid assets, and higher for less liquid assets, at the point of minting. Users who have minted rUSD need to repay rUSD (with interest where applicable), if they wish to withdraw the assets they have deposited as collateral.
Borrowers will always be willing to buy back rUSD to withdraw assets since the assets deposited have a higher market value than the rUSD borrowed. The value of rUSD is always over 120% backed minimally, as assets below this value will be liquidated immediately to ensure that rUSD value remains fully backed. Such liquidations did occur in the recent adjustments in the market
3. @awosho: Lovely AMA team! This is huge.
Question: so basically for now we can only deposit the RAMP token in the vault to mint rUSD or has depositing of other tokens like BNB being integrated yet?? And pls how secure is the vault? addition- would love you to integrate into Solana soon. Cheers.
Ans: Great question — RAMP is one of the supported tokens for rUSD minting, along with various Pancake LP tokens including INJ-BNB, RAMP-BUSD etc. Certain core single assets like BNB will be supported for rUSD minting within the next 7–14 days. CAKE is already supported.
Sharing a quick view on the RAMP platform that’s already live in here :)
4. @Onyejekwe: Hi. Do you plan to integrate BSC (Binance Smart Chain) ecosystem in the future? There are many DeFi projects surging there and eventually will be required a bridge between Ethereum and BSC ecosystems.
Ans: RAMP is live on BSC :). Users can immediately start using RAMP at :
Rampdefi (https://appv2.rampdefi.com/)
5. @KishaWelker: Does your project have enough fund to run the project and for its development? What is your business module to earn revenue?
Ans: Yes we do — the RAMP platform is revenue-generating, and growing with new vaults and features launched. The team is well-funded revenue generated are all going into RAMP buybacks. At the current rate, the buyback and burn is around 500,000 to 1million RAMP per month and we expect this to grow once we scale up the platform with more vaults within the coming 1–2 months (we haven’t really started scaling aggressively yet).
6. @joon_j: Eth fees are high nowadays. Do you have any plan to list in BSC like pancake swap in near future?
Ans: We’re listed on BSC pancake swap for both RAMP/BUSD and for rUSD/BUSD liquidity pairs :)
7. @MichaHarkins: Only getting users, holders, etc is not everything. In my opinion, a project needs to deal with solving a real-world issue or problem What is the problem that your project primarily focuses on?
Ans: Sure yes. I think the key here is to give users ways to get more capital efficiency, which is always useful. For example, if you own CAKE, you can put it to farm in the Syrup Pool for 70+%, and harvest it daily. OR use RAMP, where we help you to auto-compound and allow you to mint rUSD using these CAKE that you have.
You can then use the rUSD for anything you like really — swap for more tokens on Pancake, send to Polygon network for use, swap to BUSD and cash out into fiat, etc.
It’s a leveraged solution that lets users unlock liquid capital, while they continue to hold on to assets they like, and for the long-term potential of these assets to mature / materalize.
8. @Chanaka_Ekanayake: what projects do you consider competitors and what differentiates you from them, if there are any?
Ans:
You can find out more about the competitive advantages of RAMP here: https://docs.rampdefi.com/rampdefi/
9. @Diego678: Could you give me more details about Collateralization and Liquidation Design? What happens when we choose to issue at a higher Collateralization Ratio? How can $RAMP holders benefit from rPool?
Ans: rUSD is over-collateralized by asset values, for example, you can mint $1 of rUSD for every $2 of CAKE that is deposited into the vault. So the value of rUSD is fully backed and secured. The liquidation takes place when the asset value (in this case CAKE) drops to the liquidation threshold, e.g. $1.20. Liquidation makes sure the rUSD minted is always secure and safe for users, which makes the system trustworthy and reliable :)
10. @yashysr: Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Ans: Sure! Some of our most recent Partnerships are with Chainlink, Quickswap, Mirror Protocol, etc. You can follow our latest partnership announcements through our official Medium:
Gajender (Binance Angel) 🇮🇳: It has been great to have you with us today to talk more about Ramp Defi.
Lawrence: Thanks @gajender_BNB happy to be here! Appreciate your time everyone, and if you would like to find out more about RAMP, feel free to come over to our group and ask questions. We also do a weekly AMA for community communications and feedback :)
ZR: Thank you @gajender_BNB and for everyone’s kind attention for this AMA. Really appreciate your time :)
Thank you everyone once again for participating in this exciting community AMA!
Join the RAMP Community
Backed by world-class investors, RAMP is a multi-chain DeFi protocol that helps asset owners achieve capital efficiency by offering a powerful and comprehensive solution to leverage on users’ crypto-assets. Users can deposit assets for ultra-high yields in auto-compounding vaults, mint collateralized stablecoin against asset deposits to unlock liquid capital and invest in new opportunities at the same time, with the ability to move stablecoin liquidity seamlessly across networks.
Users can access the RAMP token on:
Binance | FTX (Futures) | PancakeSwap | Uniswap | Gate.io | MXC | Bittrex
If you are interested to participate in our community and receive timely updates from the following official channels:
Twitter | Telegram | LinkedIn | Discord | Medium | Documentation
For partnerships, media, or other collaboration opportunities, please email team@rampdefi.com.
