IOST x RampDeFi Update | rStake Live on 9 Dec 2020!

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:

  1. Allow IOST holders to stake their respective tokens into smart contracts native on IOST
  2. 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.
  3. Allow wIOST holders to redeem the underlying assets (IOST) 1:1 from the smart contracts by burning the wrapped PoS tokens.
  4. Allow IOST users who have deposited their assets to claim their respective staking rewards from the RAMP smart contracts daily.
  5. Bond users’ IOST wallet addresses to their respective ETH wallet address on Ethereum.
  6. 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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