RAMP DeFi Has Integrated Tezos
Ramp DeFi has integrated Tezos into its cross-bridge DeFi ecosystem.
Ramp DeFi
You can now earn RAMP tokens by staking through the RAMP network. RAMP DeFi platform has launched rStake. This allows XTZ holders to deposit their XTZ into the rStake smart contract.
After that, wXTZ is minted. (Not to be confused with the Staker DAO version of wXTZ). In a later phase of the project, wXTZ can be used as collateral and allows holders to receive a stablecoin rUSD.
This is an Ethereum-based stablecoin, and can be used in DeFi on Ethereum like lending/ borrowing applications etc. rUSD can be minted in a later to be launched application called rMint.
For now, wXTZ can not be transferred and can only be used to redeem the underlying XTZ by burning the wXTZ.
Earning Ramp Tokens
Staking through rStake, will earn you extra value in the shape of RAMP tokens. The total value of your rewards in XTZ and RAMP is stated to be 160% in dollar value of the rewards you would have earned in XTZ.
This comes down to a yearly return of 160% * 6% = 9.6%. (Due to the fact that this value consists of XTZ and RAMP tokens, the actual value totally depends on the fluctuation in price of both tokens).
An important factor to realize is the following: According to the current documentation that is available, you give up 30% of your XTZ staking rewards.
In return the total rewards are topped up with RAMP tokens to 160% of the dollar value that you would have earned in XTZ staking rewards.
An example:
- Alice normally earns $100 worth of XTZ in staking rewards by delegating to a Tezos baker.
- After entering the rStake contract, Alice now receives $70 worth of XTZ + $90 worth of RAMP tokens.
Announced Baker
The RAMP platform announced to have set up a Tezos Baker in November 2020. The bakers address can be found here.
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