This article was first published on Stories by IOS Foundation on Medium
IOST’s latest node RampDeFi is launching- rStake, the first ecosystem product of RAMP’s core liquidity unlocking solution on IOST on 9 December 2020.
The on-going phase 2 focuses on the minting of native stablecoins on the various blockchains, which will then be bridged over to Ethereum as rUSD for exchange into USDT or USDC.
RampDeFi Phase 1 Integration Functions
The Phase 1 integration of RAMP with the IOST / TOMO / XTZ blockchains focuses on smart contract development on the native blockchains to create the following functions:
- Allow IOST holders to stake their respective tokens into smart contracts native on IOST
- Mint wrapped PoS tokens (wIOST) 1:1 with the assets deposited into the smart contracts. Wrapped PoS tokens can be collateralized into a native stablecoin for the next integration phase.
- Allow wIOST holders to redeem the underlying assets (IOST) 1:1 from the smart contracts by burning the wrapped PoS tokens.
- Allow IOST users who have deposited their assets to claim their respective staking rewards from the RAMP smart contracts daily.
- Bond users’ IOST wallet addresses to their respective ETH wallet address on Ethereum.
- Distribute RAMP token stake farming rewards to bonded ERC20 wallets at the 300% Boost Multiple using Chainlink data oracles.
The Phase 1 objective is to integrate the RAMP solution into the existing staking programs of the respective Proof-of-Stake chains, which allow IOST / TOMO / XTZ users to maintain their staking participation while using RAMP.
rStake — Cross-Chain Stake Farming Explained
What is Stake Farming?
- “Stake Farming” is a cross-chain innovation pioneered by RAMP DEFI that is designed to provide a meaningful financial incentive for users on non-ERC20 networks to start depositing their PoS tokens into RAMP smart contracts on the respective blockchains.
- When users deposit their PoS tokens (e.g. IOST, TOMO or XTZ) into RAMP smart contracts, the RAMP smart contracts acts on ...
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