With rStake, the RAMP DEFI platform is currently aiming to integrate the cross-chain staking facility for three different blockchains, i.e., IOST, TOMO, and TEZOS. rStake is developed as a native smart contract on the supported blockchain.
In this article, we will mainly focus on the integration of Tezos on the RAMP DEFI platform.
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Usage Guide
To use the rStake facility, go to the RAMP DEFI platform and launch the application.
You can see two objects that are currently available. We have already explained how you can use RAMP Vaults and earn rewards.
As we have mentioned earlier, we will explore the rStake feature with Tezos in this guide.
Now click on rStake.You can see three different blockchains currently supported by the platform.
All of these three blockchains projects are in the alpha phase. You can check with any project you wish. We have selected to explore TEZOS.
Important: The projects are in the alpha phase and contain risk. So, we recommend users be careful while connecting their wallets and using the projects.
To connect with Tezos, click on Connect.
The application will ask you to install the Thanos wallet to connect with the Tezos blockchain and to carry out the wallet transaction activities.
Install Thanos Wallet
Thanos is an easy-to-use cryptocurrency wallet for the Tezos blockchain. It is installed as a web extension in your browser.
The wallet supports the following important features:
- Manage/store Tezos-based assets
- Easy account import from other Tezos wallets
- Support to multiple accounts
- Delegation to baker
- Add FA1.2/FA 2 tokens
- Multiple networks (mainnet, testnet, and localhost)
To install the Thanos wallet, go to this page.
Click on Install Now, and it will give you the option to select your browser.
We have selected Google Chrome. Click on Install, and it will redirect you to this page.
Click on Add To Chrome, and the Thanos wallet extension will be added to your browser.
Click on the Thanos extension icon. It will give you two options to set up an account:
- Import wallet
- Create a wallet
If you are a new user, you can set up a wallet by clicking on Create a New Wallet.
The application will ask you to set up a wallet password and will show you the seed phrase that you need to store safely. Once done, you can see your wallet is created.
Get the Tezos Token
If you are not holding the Tezos token, then you can get it via BINANCE with the XTZ/USDT pair.
We now have an XTZ token in our Binance account that we will transfer to our Thanos wallet for further activities.
Send XTZ Token To Thanos Wallet
Click on Receive in your Thanos wallet to get your public address and receive funds.
Now go to Binance and enter the recipient address and the amount of XTZ token you want to transfer.
Once the transaction is successful, you can see the XTZ tokens in your Thanos wallet.
Now go to the RAMP DEFI platform and try to connect with Tezos.
Restart your laptop if the Thanos wallet is not getting connected to the RAMP DEFI platform or the XTZ token is not appearing.
You can now see your tokens in the RAMP DEFI platform and use it for staking.
Stake XTZ Token
XTZ holders can earn up to 160% of the normal baking yield in a combination of XTZ and RAMP tokens when they stake their tokens through Tezos rStake.
Click on the View button (appearing in the above screenshot) and enter the amount of XTZ token you want to stake.
Confirm the process. You can now see your staked token balance.
Users will receive XTZ and RAMP tokens as rewards that can be claimed separately.
For Tezos, the XTZ rewards will be reflected within 23-30 days, and RAMP rewards will be calculated once Tezos rewards are in.
Unstake
You can unstake the XTZ token whenever you wish. The platform doesn’t have an option for partial unstaking. Hence, users have to proceed with withdrawing the entire staked amount.
Click on Unstake if you want to get your tokens back and finish the process.
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Conclusion
RAMP DEFI aims to streamline and onboard non-Ethereum users into a common platform so that they can also get the attractive benefits of DeFi platforms. Along with the facility of cross-chain staking, the project is claiming to offer 160% of normal baking yield to its users in the form of RAMP and the underlying blockchain’s token through rStake. The platform is currently in a testing phase, and a few more RAMP DEFI blocks are yet to be launched. The real potential of the platform will be unlocked completely with the launch of all building blocks of the RAMP DEFI ecosystem.
Resources: Tezos rStake Medium blog
Read More: How To Use the Guarda Wallet – Part II
