IOST Watch had an interesting interview with the CEO of the much talked about RAMP DeFi Lawrence Lim on how RAMP DeFi is planning to change the Decentralized Finance scene.
Hi, Lawrence good to talk to you again, can you give us a brief introduction of you and your crypto background?
Hey Zico, yes! Great to connect again. So I started my crypto journey with IOST back in 2018 fresh off their ICO, when it was still pre-testnet. Being with IOST was a highly educational and transformative part of my crypto experience, and definitely it sets a strong foundation for me in launching RAMP DEFI today, and how I can be growing my own project.
What is RAMP DeFi exactly?
In the past two years, the staking economy has grown exponentially and ballooned to approximately USD22 billion in locked value. Users participating in the staking economy have significant capital locked into their staked positions and stand to gain from both staking rewards and capital appreciation of their portfolio. Right now, with attractive DeFi investment opportunities abound in the market, users are faced with challenging capital deployment decisions on how to best allocate capital for profit maximization.
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. rUSD holders borrow, lend or exchange rUSD with USDT and USDC freely, creating a seamless liquidity “on/off ramp” for users where users benefit from (i) additional liquid capital without needing fiat cash injections, (ii) continue receiving staking rewards, (iii) retain ownership of their staked portfolio.
RAMPDeFi team members, investors, and offices?
The RAMP DEFI team has a strong mix of crypto, financial and technical experiences across the team. Our investors are some of the leading names in space, including Alameda Research, ParaFi Capital, Arrington XRP Capital, IOST, Blockwater, Signum Capital and more. RAMP DEFI operates out of Singapore and the Philippines.
There has been a lot of buzz around DeFi, farm yielding, staking, can you pls explain and simplify these terms for users that seem not to understand?
For sure. Many decentralized financial applications are built around the concept of liquidity pools, which currently is focused around lending and borrowing. Essentially, borrowers can borrow money from these liquidity pools in an automated fashion, based on transparent, coded parameters. Yield farming is the incentive mechanism used to attract user participation and their capital deposits, where users are rewarded in tokens for sending their tokens into these liquidity pools to provide liquidity.
What solution is RAMPDeFi bringing to the already saturated DeFi space?
We are delivering an innovative solution where users in Proof of Stake networks can stake their assets and at the same time, collateralize their holdings into a stablecoin which can be used to exchange for USDT. This USDT, as liquid capital, can then be used to invest in other projects, margin trading, or even exchanged into fiat to invest in other opportunities like stocks.
You just concluded a private sale what was the reception like and what should we be expecting in the public sale?
The reception is exceptional, and we are grateful and humbled that so many investors have shown interest in our project. Since the announcement of the public sale, our community has grown by over 30%, and still adding more users fast. The public sale was launched on 10th October, and we hope interested users from various communities can participate and make this an amazing event.
There is a mention of a cross-chain solution in your lite paper, how do you intend to make that work and how many Blockchain are you working with to achieve this?
Simply put, we do the complex math and mechanisms on the various native chains themselves, which typically have high transaction speeds and low transaction costs, to create a native stablecoin, which is then moved over to Ethereum. The native chains govern the complex processes and this way we are able to ensure the entire integrity of the systems despite having assets residing across chains. We have over twenty blockchain foundations reach out and show interest in integrating our solution. Some have been announced and some have yet to be, so we will be integrating them over time.
With the resource fee (gas) on ethereum network, why do you intend to launch the token on ethereum Blockchain?
RAMP is a liquidity bridge. We bridge users with collateralized assets to where they can find USDT easily. This means Ethereum, for now.
What is RAMPDeFi relationship with IOST?
I was formerly employed as the International Growth Lead at IOST, and have left IOST to start RAMP DEFI.
RAMP DeFi was announced as the first project to be part of IOST’s Noah Oracle Fund, how did you get here?
We shared our solution to IOST, who considered the merits of the project, and chose to invest.
Was your previous relationship with IOST as an employee an influence to get this?
I believe that being a former employee of close to two years with IOST means that they have an understanding of me as an individual, which surely has helped, given that I have a good employment record with the firm.
At the same time, I would also reveal that they did not invest in the original concept developed in late 2019, which also means that I don’t exactly receive preferential treatment.
The RAMP private sale was 15 times oversubscribed, so there is no real need for us to unduly influence the IOST foundation into taking the allocation. We have other investors who are happy to take it up anytime.
What do IOST community stand to benefit from RAMPDeFi?
The ability to stake IOST and:
(i) retain ownership of these staked IOST,
(ii) continue to receive staking rewards,
(iii) farm RAMP tokens,
(iv) collateralize a stablecoin from their IOST which can be exchanged for USDT, and then reinvest this USDT into new opportunities to increase their ROI.
A recent issue of unaudited code happened with alot of DeFi tokens, how is RAMP DeFi working on avoiding this?
All our contracts are audited before we publish them. That said, audits do not mean that the contracts are 100% foolproof. Users should be aware of the risks involved in nascent, innovative solutions.
Do you think the DeFi ecosystem is just another buzz like ICO and IEO or it is finally here to stay?
DeFi is powered by useful applications and financial services, which is very different from the ICO heydays where more infrastructure is being built, rather than utility applications. We believe it is here to stay.
How can we utilize the recent DeFi craze in the traditional world?
Educate, and bridge traditional capital into a new age of digital finance 🙂
What is the roadmap of RAMP DeFi and when should we expect a full launch?
We can expect the MVP product launch in late Oct / early Nov. Development is going well, and several contracts are already in the midst of an audit.
What other info do you think we should know about especially for IOST community?
Exciting developments coming up for the IOST community! If they are looking to leverage their staked IOST for higher ROI, they should watch RAMP’s news and product launches closely 😉
RAMP DeFi already intiated its public sale with a whitelist on 10th October 2020, you can follow this medium to know the latest on RAMP DeFi