Hopefully you already know the RAMP DEFI project. Otherwise, it is still time to learn. According to their description on CoinMarketCap:
RAMP DEFI proposes that the staked capital on the non-ERC20 staking blockchains be collateralized into a stablecoin, “rUSD”, which is issued on the Ethereum blockchain. Similarly, users on the Ethereum blockchain can mint “eUSD” by depositing their ERC20 stablecoins into RAMP’s eUSD liquidity pool. rUSD holders and eUSD holders can borrow, lend or exchange rUSD/eUSD freely, creating a seamless liquidity “on/off ramp” for users with capital locked into staking arrangements.
The key point here is "non-ERC20" i.e. non-Ethereum. Furthermore, according to their latest communications five days ago, RAMP is setting up a “Rebasing Buyback & Burn” mechanism providing RAMP holders with a "token value support". To keep it simple, they progressively create new supports while the token value is growing.
Furthermore, RAMP allows to collateralize tokens like XTZ, TOMO and IOST into USD while still getting staking rewards, which is a major change vs. other DeFi projects. The recent addition of XTZ to their system is a major step, and Elrond token eGLD is about to be added too, boosting RAMP value.
Too good to be true? Maybe, the experience shows that it is better to wait a bit before putting all your coins in a brand new DeFi project. However, their recent announcements as well as their “Rebasing Buyback & Burn” mechanism are pumping the price up as you can see on the graph below.
Nobody knows whether it is the next YFI. But if you could go back to July, wouldn't you buy a bit of YFI even if you were not sure yet? RAMP is likely in the same situation, +50% in the last 24 hours, how much tomorrow? On top of that, some big exchanges may decide to list RAMP, especially BINANCE who loves DeFi projects for non-ERC20 blockchains.
Remark: please note that it is not a financial advice, but just an opinion. You may have a look at my other articles on DeFi tokens: SNX and YFI.
