Why is RAMP (RAMP) crypto grabbing attention?

Follow us on Google News:
 Why is RAMP (RAMP) crypto grabbing attention?
Image source: © Alexanderushkevich | Megapixl.com

Highlights

  • RAMP is a decentralized protocol that aims to empower users by providing a blockchain agnostic liquidity network.
  • RAMP is launching Lever Finance, a new leveraged trading platform, and will carry out a token swap from RAMP to LEVER.
  • RAMP currently has 11,337 token holders. 

The RAMP (RAMP) token has been drawing investors’ attention after announcing its transition to Lever Finance on March 31. Its trading volume surged 139.06% to US$15.68 million in the trailing 24 hours to Monday afternoon, showing investors’ interest in the token.

RAMP said it would launch a new leveraged trading platform Lever Finance and will carry out a token swap from RAMP to LEVER this year. The company also shared a tentative timeline for the transition between April and June this year. 

RAMP has set a zero-emissions target by May-end besides preparing for a token swap from RAMP to LEVER contract. It also plans to launch a website for Lever Finance and a community channel and release its product design and documentation. By June end, it plans to open a swap contract for deposits, and complete an audit and bug bounty.   

Following these updates, the token jumped 15.24% to US$0.1211 at 10:42 am ET, raising its market capitalization to US$55.18 million.

Also Read: Why is DeFi Kingdoms (Jewel) crypto rising?

What Is RAMP (RAMP) crypto?

RAMP is a decentralized protocol that aims to empower users by providing a blockchain agnostic liquidity network. The protocol aims to enhance DeFi adoption by allowing non-Ethereum users to stake tokens on Ethereum platforms. It will enable users to interact with the RAMP protocol and increase their yields.

The multi-chain DeFi protocol helps users earn high yields from their assets and collateralized stablecoins called rUSD, issued on the Ethereum blockchain. It offers extra liquidity through various investment opportunities and higher accessibility across blockchain networks.

Also Read: Why is STEPN (GMT) crypto gaining attention?

Tokens that use non-Ethereum standards are first converted into stablecoins called rUSD before applying them on the Ethereum blockchain. The rUSD token can also be minted on Binance Smart Chain and Polygon. RAMP hopes to add more chains in the future.

In addition, Ethereum blockchain users can easily mint eUSD by depositing ERC20 stablecoins in the RAMP eUSD liquidity pool. Consequently, rUSD and eUSD holders can exchange, borrow, and lend tokens and simultaneously create liquidity while staking these tokens.  

Also Read: Why is Kava (KAVA) crypto gaining attention?

Why is RAMP (RAMP) crypto grabbing attention?
Data Source: coinmarketcap.com

Also Read: What is Neo (NEO) crypto?

RAMP token price and performance:

RAMP currently has 11,337 token holders, with the top 100 holding around 98% of the total supply. Of the total supply of one billion RAMPs, 452 million tokens are in circulation, nearly half of the total supply. The token can be purchased on Binance, Gate.io, FTX, BingX, and HitBTC crypto exchanges.

Also Read: What is Sologenic (SOLO) crypto? Know price and performance

Bottom line:

The growing staking economy has prompted RAMP to offer collateralized stablecoins to maximize yields. However, many crypto products are complex and prone to scams and hacking. Given the high volatility in the market, investors should exercise due diligence before investing in digital assets. 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Featured Articles