Taking pride as a popular channel offering liquidity for staked digital assets, RAMP DEFI has announced the successful completion of the first phase of its integration with IOST with the launch of ‘rStake’ on the network. The crucial achievement will allow the users to participate in a cross-chain Stake Farming incentive (including burn) program to be executed via rStake. The team took to its official Twitter handle to circulate the news and released an article stating:
With the launch of rStake, the first phase of RAMP's integration with IOST is completed!
— RAMP DEFI (@RampDefi) December 9, 2020
A few months back, RAMP DEFI entered into a strategic partnership with the IOST network to facilitate stake farming and cross-chain liquidity opportunities. The integration helped customers to utilize their staked assets along with staking rewards and capital generation status. The IOST investors earned RAMP tokens as part of the program.
The RAMP smart contracts helped owners to collateralize their staked IOST tokens into a stablecoin on the network. The customers were then allowed to exchange the iostUSD stablecoin for rUSD on the Ethereum channel. This token can further be exchanged for fiat stablecoins like USDT and USDC.
Important Functions of rStake Portal
- Deposition of Assets: The IOST holders will be allowed to deposit their assets into the respective smart contracts on the three ecosystems.
- Wrap Assets: It will allow the creation of non-transferable wrapped tokens or wIOST 1:1 with the tokens deposited in the smart contracts. The next rMint solution will facilitate the collateralization of wrapped assets.
- Redemption of Assets: Encourage wIOST owners to redeem IOST 1:1 from the smart contracts by burning the tokens.
- Staking Delegation: The deposited IOST will be delegated into staking on the IOST staking project, and the smart contracts will work as a proxy on behalf of the owner to earn staking rewards. Nearly 30% of the staking rewards accrued shall be used in the RAMP network. The RAMP rewards shall be airdropped to the customer’s ETH wallet in lieu.
- Claim Staking Rewards: The IOST users will claim their staking earnings from the RAMP smart contracts on a daily basis at their will.
- Bond Cross-Chain Wallets: The service will help bond the customers’ IOST wallets to their ETH wallets on the Ethereum channel.
- Distribution of Stake Farming Rewards: It will facilitate the disbursement of RAMP token stake farming rewards to bonded ERC20 wallet addresses at a 300% Boost Multiple. This indicates that for every $1 stake earnings, the users will get $3 as RAMP tokens in their ERC20 wallets. The fees pooled during the process will be used to buy back the RAMP tokens from the open market and shall be eliminated from the system permanently to ensure transparency.