Introduction
RAMP DEFI focuses on unlocking liquid capital from staked digital assets, allowing users to “recycle” staked capital without giving up their staking rewards or capital appreciation potential.
Using RAMP smart contracts, users collateralize their NULS into a native stablecoin, nUSD, on the NULS network, which can also be used by other Dapps or for asset trading within the NULS ecosystem.
Users may exchange nUSD for rUSD, a 1:1 representation of stablecoin value on the Ethereum network. NerveNetwork, which acts as the cross-chain bridge between NULS and Ethereum, plays a crucial role in ensuring this cross-chain liquidity transfer.
Users holding rUSD can borrow/exchange for fiat-equivalent stablecoins such as USDT, USDC, TUSD or DAI, which can be used for DeFi investing, trading or even exchange into fiat for other purposes.
If you are interested to follow RAMP DEFI and get in touch with the project team members, you can participate and receive timely updates from the following official channels:
- Twitter: https://twitter.com/RampDefi
- Telegram: https://t.me/rampdefiofficial
- LinkedIn: https://www.linkedin.com/company/rampdefi
- Discord: https://discord.gg/WY5TU7b
- Medium: https://medium.com/rampdefi
In this AMA Recap we will try to summarise the most interesting points for you.
Q&A
Section 1:
Berzeck - NULS: hello @lawrencelhz nice to have you here!
Lawrence: RAMP DEFI: Thanks Berzeck! Excited to be finally here to do an AMA :)
It's a nice way to kick things off with the community after our discussions and collaborations with your team :)
Berzeck - NULS: people are very excited about this project, and constantly asking questions to us.
Lawrence - RAMP DEFI: I hope so! We are very excited as well, and we are excited to able to launch stake farming for the NULS community. It's a variant of the SCO model, but very very similar. We can go deeper into this later ;)
Berzeck - NULS: so for this section please introduce yourself and please explain people what is RampDeFi in layman's terms
Lawrence - RAMP DEFI: For sure! So RAMP DEFI focuses on unlocking liquidity from staked assets. I'm sure many in this community here are involved in the NULS staking program. So what RAMP does is to help you collateralize your staked NULS into a stablecoin, which can be exchanged for USDT/USDC. This way you still own your staked NULS, you can still receive staking rewards, and have extra capital to invest into new opportunities :)
Berzeck - NULS: sound absolutely great! put to work those staked coins seems a great use case for DeFi!
Lawrence - RAMP DEFI: Haha yes. Staked NULS can remain staked and still earning great returns, while as a user you can extract additional capital without touching your bank account :)
Berzeck - NULS: ok, so who is behind the project
Lawrence - RAMP DEFI: So we are a core team of 5 at the moment. I'm the project lead for RAMP, and help to drive the overall direction of the project.
ZR, my cofounder is our marketing lead, and he is amazing in managing partnerships and running all the marketing activities that goes on for RAMP.
Caspar is our blockchain lead - very experienced developer on multiple chains, and we have known each other for several years so very comfortable with each other.
Vincent oversees community, and Jeanette covers our operations, so a little more behind the scenes, but integral to our operations. The RAMP team is very lean, and also extremely efficient ;)
Berzeck - NULS: and what is its current status?
Lawrence - RAMP DEFI: Right now we are extremely focused on product development. The goal is for us to be launching our MVP product within the next 3-4 weeks time. We have the alpha versions of some modules already undergoing audit by third parties
Berzeck - NULS: wow, so fast!!
Lawrence - RAMP DEFI: Another major focus for us is to do our public sale. We are in touch with several leading exchanges to work something out. And of course as part of the DeFi movement, we will also be on Uniswap :)
Berzeck - NULS: sounds really exciting!
Berzeck - NULS: lets go to section 2, for this section i will ask the 3 most askes questions from community
Section 2:
Berzeck - NULS: 1] why you have chosen NULS and Nerve as partners?
Lawrence - RAMP DEFI: Great question. So actually after diving into the finer details of the different blockchains, NULS & Nerve actually have the best fit infrastructure for our solution. So a few key points include:
1) Token liquidity - NULS is easily available and very liquid on the various leading exchanges.
2) Friendly staking/unstaking - There's no lockups, hence it makes asset movements and capital controls a lot easier.
3) Nerve is an Ethereum bridge - which means we don't need to build infrastructure from scratch to connect users to USDT liquidity on Ethereum.
4) There's even an SCO contract available for us to work off, which is highly similar to our stake farming contract, so it even reduce our development work by quite a bit
Lawrence - RAMP DEFI: All in we are pleasantly surprised at the advanced level of infrastructure and team support that we find on NULS :)
Berzeck - NULS: People understand that RAMp will participate on our SCO program for early distribution of a few tokens, when people can expect this? @lawrencelhz
Lawrence - RAMP DEFI: Great question haha. So we are modifying the SCO contract to fit in with our stake farming model. So essentially how it works is that you will still be exchanging NULS tokens for RAMP tokens, with the following differences:
1) The exchange happens when you start using our product. This is important as it helps to move users into actually using our product the intended purpose (unlock liquid capital from staked NULS).
2) We are planning on incentivizing users with a yield multiple. This is not set in stone yet, but indicatively we are looking at rewarding users with a 3x yield multiple for the first month, and 2x yield multiple for the second month etc. Effectively we are saying that for the first month, $1 worth of NULS can potentially yield $3 worth of RAMP tokens, or even more if we adjust the multiple ;)
3) You can choose how much NULS to exchange for RAMP tokens. As the user you can choose between from 30% up to 100% of your staking rewards to exchange. Its not decided by us, but by you ;)
Berzeck - NULS: sounds great and do you have any timeline for this?
Lawrence - RAMP DEFI: We are cautiously optimistic for the alpha contract to be ready in 2-3 weeks time for audit :)
Berzeck - NULS: 2 - 3 weeks!! have your NULS ready guys! And last question for this section!
Berzeck - NULS: 3] how else can people acquire Ramp tokens?
Lawrence - RAMP DEFI: There's two key ways, one being to participate in our public sale which we are hoping to launch soon, its an easy way to access and the second (which is also another great way that doesn't involve purchasing) is for NULS users to be farming it! We have 45% of the token supply reserved for farming so its a pretty huge amount. And the reason we are doing this is that we really want to have a way to incentivize users into using our core DeFi product, so we are aligning our farming mechanisms to drive greater user participation :)
Berzeck - NULS: great answers! .. ok people in a few seconds you guys will be able to ask questions
Section 3:
Joao: I found this difference in smartcontract quite appealing. But I would like to understand the procedure a little better. This changes on SCO implementation has any timeline? And will it be done in a user-friendly way?
Lawrence - RAMP DEFI: Yup so the adjustments are being worked on, with the expected development timeline being 2-3 weeks. It will be as user friendly as the staking program - we don't implement any extra requirements above that of the staking program. The smart contract is focused on accepting token delegations and giving back to the user a wrapped token representative that can be collateralized into a stablecoin as the next phase of development.
Viriat0: What risk do i run by collateralizing my stake?
Lawrence - RAMP DEFI: Liquidation risks if the asset value drops below a certain point. This is similar to how ETH being collateralized in Maker works. On the user level is that you can either exit the collateralized position if the token value of dropping, or recollateralize with more assets. To avoid any issues, we are setting 500% over collateralization ratio at the beginning, and only start lowering after we are sure that the network is ready for a higher risk tolerance.
Giovanni Basilio: one of the biggest staking difficulties in projects is the switch from nrc20 to erc20 due to the high rates.
Lawrence - RAMP DEFI: Nerve Network is already able to do this, so we won't be reinventing the wheel, and will depend on the excellent infrastructure available on NULS :)
CryptoIsh: Any plan to make RAMP a DAO in future?
Lawrence - RAMP DEFI: Yes. The governance will opened up at a later stage once the network becomes more mature. We expect Q1 2021 to be the timing of implementing community governance.
Joao: Will ramp create more mechanisms within the Nuls network for the use of stablecoin?
Lawrence - RAMP DEFI: Yup! Depending on the expected use cases and demand, there can be a case for utilizing the stablecoin for dapps etc. The acceptance of the stablecoin within the NULS network would be key to whether more mechanisms can be implemented :)
Viriat0: can we exchange this stablecoin directly for usdc? or is there a process?
Lawrence - RAMP DEFI: We aim to make it directly exchangeable if possible, so there's less friction and fees (such as lending/borrowing fees)
Etienne: was the main reason for choosing NULS network?
Lawrence - RAMP DEFI: Solid infrastructure, great community, excellent token liquidity and a very friendly + helpful foundation team :)
b traveldijk: What makes ramp unique from other defi solutions?
Lawrence - RAMP DEFI: The ability to extract liquid capital across chains from staked PoS assets that doesn't involve you selling the asset itself.
Edipo Lima: what is the big purpose of the project for the crypto community, and how can it impact the people around it?
Lawrence - RAMP DEFI: The ability to increase investment returns on the same capital base, if utilized correctly :)
Berzeck - NULS: from chinese member: "what role will have Nerve in the project?"
Lawrence - RAMP DEFI: Nerve is the Ethereum bridge that we will use to connect up the collateralized stablecoin to USDT liquidity. Ultimately, users need to access USDT as the real liquid currency, so its a very important infrastructure in the execution chain for us.
Viriat0: Will there be swap available at launch? RAMP NRC20 to RAMP ERC20?
Lawrence - RAMP DEFI: Not for the RAMP token itself, but there has to be a swap for the stablecoin collateralized out from the staked NULS
Captain Morgan: how will you assure the liquidity to the pairs? is there any write off system or algorithm to protect our collaterized coins?
Lawrence - RAMP DEFI: So the key is that users can exit the collateralized position easily and quickly as long as he puts the USDT amount taken out. As long as it doesn't go belong the liquidation ratio you can get back your principle / underlying anytime. Otherwise, you will need to recollateralize with more NULS.
Berzeck - NULS: another question from chinese investor:"how do you see NULS / Nerve partnership in 3 years? is it a long term cmmitment?"
Lawrence - RAMP DEFI: Yes of course. Once the smart contracts are developed, it will be a part of NULS/Nerve infrastructure you can use always, and we will continue to maintain it
CryptoIsh: How RAMP(rUSD) cross chain swaps works?
Lawrence - RAMP DEFI: Simply put, you lock 1 nulsUSD up on NULS side, and issue 1 rUSD on Ethereum against it. Then take the rUSD and exchange for USDT.
gr33n: Can you expand on the difference between rUSD and eUSD?
Lawrence - RAMP DEFI: rUSD is the tokenized representation of the staked assets. eUSD represents USDT/USDC fiat-backed liquidity. RAMP is a liquidity bridge that connects these two sides.
Captain Morgan: when you said collateralize the staked coins, you mean we will still got the nuls staked and the ramp coins?
Lawrence - RAMP DEFI: Similar to SCO. You can choose to get back NULS + RAMP or 100% RAMP on your staking rewards.
JesperH: Is farming exclusive to NULS? (sorry if asked already, there’s a lot going on)
Lawrence - RAMP DEFI: We are a multi-chain global liqudity solution, so it won't be exclusive to NULS :) We also have certain mechanism to make the farming setup such that users from different blockchains won't be overly disadvantaged from joining the liqudity network, although early farmers likely still have an edge as RAMP will likely be farmed at a cheaper price earlier on, compared to later :)
gr33n: will you be able to pay back the value of your "borrowed" stablecoins with the value of your staked collateral?
Lawrence - RAMP DEFI: Interesting idea... That's like an exchange swap haha. Currently no but it's something interesting that can be explore
mdubs: What firm is auditing ramp?
Lawrence - RAMP DEFI: Depends on the timing. Currently Beosin has done some work for us. We also have contacts with Slowmist, Peckshield etc
Joao: And what wrapped token will be receive in sco? A wramp token?
Lawrence - RAMP DEFI: RAMP token, ERC20. You can bond your ERC20 and NRC20 wallets for this.
b traveldijk: What are your plans with the nuls rewards? Are you selling these for project funding or other plans?
Lawrence - RAMP DEFI: Not sure confirmed by indicatively we are thinking of tokenizing it again into a portfolio with other assets, and allowing the tokenized portfolio to be traded. Not set in stone yet though.
gr33n: will you be issuing a white paper/ litepaper that describe the process and interaction with the Nuls/Nerve ecosystem?
Lawrence - RAMP DEFI: Not specifically for NULS/Nerve, but enough details in our litepaper that it can offer sufficient clarity on how it will work for NULS/Nerve :)
Etienne: If USDT is so important, with all the rumors surrounding USDT, what measures are in place to protect investors/liquidity providers if something should happen to USDT?
Lawrence - RAMP DEFI: So that's a tough one. Regardless USDT is widely accepted, eg on exchanges its all USDT pairs. Users can also choose to exhcange into USDC if they want other use cases like project investment or even to exit to fiat. It's their choice.
Berzeck - NULS: another question from other investors in china: "RAMP token will be available in NerveNetwork and nervedex?
Lawrence - RAMP DEFI: Probably can be decided on a later stage, and can be done directly by the dex too, if there's interest and sufficient liquidity for such pairings :)
Berzeck - NULS: @lawrencelhz thank you very much for doing this AMA with us! many investors are interested so surely more questions will arise!
Lawrence - RAMP DEFI: Thanks everyone for being here today! Thanks so much for the NULS team for having me here, its a pleasure :)
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