Will RAMP crypto come out of its bearish trend now?

Highlights

• Ramp (RAMP) is primarily a multi-chain DeFi lending platform that allows users to deposit collateral assets for high yields.

• Built on top of the Ethereum blockchain before moving on to Binance Smart Chain, the RAMP aims at maximising capital efficiency in which users get an opportunity to earn extra income by staking the RAMP crypto.

• On Wednesday (4 May), RAMP was trading at US$0.071676 with a volume of US$1,732,912 over a day, as per CoinMarketCap updates. 

Ramp (RAMP) is primarily a multi-chain DeFi lending platform that allows users to deposit collateral assets for high yields. Built on top of the Ethereum blockchain before moving on to Binance Smart Chain, the RAMP aims at maximising capital efficiency with users getting the opportunity to earn extra income by staking the RAMP crypto.

Co-Founded by Lawrence Lim and Loh Zheng Rong, with RAMP, the users make seamless token changes between different blockchain networks. For this, the tokens that are non-Ethereum based are first converted into a stablecoin and then used on the ETH platform.

Also read: Will the EU Commission reconsider its DeFi regulation stance?

Following this, the users can borrow this rUSD liquidity, and generate high yields on deposited collateral with a low-interest rate of 1%.

On 4 May, the RAMP crypto was witnessing a downtrend, despite a few latest developments on the protocol’s side. The token was down by 0.23% and volume too significantly suffered as well as it was down by 15.17%. 

Why is RAMP trailing?

RAMP crypto has had a rough patch past few weeks. It has been consistently witnessing losses and today’s slump was in continuation of that trend.

On 3 May, the loss was significantly reduced following the announcement of its roadmap for the year. As per the roadmap, RAMP intends to rebrand itself into Lever Finance later this year. Ramp’s token swap to LEVER is expected to take place anytime between April and June. RAMP protocol feels that Lever Finance would be a better fit in its plan for delivering high capital efficiency and maximising yield opportunities.

Also read: Why are DeFi attacks increasing by the day?

The RAMP crypto has been struggling for some momentum as it was down by 33.7% in the past 30 days. But the news of Binance’s rewards program announcement seems to have reversed some of its losses.

How is RAMP faring?

On Wednesday, RAMP is currently trading at US$0.071676 with a volume of US$1,732,912 over a day, according to CoinMarketCap data. The 603rd ranked token had a live market cap of US $34,248,525 and 477,822,027 RAMP coins in circulation. 

The RAMP investors will be hoping that the token can soon buck the series of losses and get back in the green zone. Just a month back, it had seen a rally of over 15% and a volume rally of over 139%.

Rallies like this show the volatility of cryptocurrencies and why one should be wary of such varied price movements and the need for a thorough market research before entering the market.

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