TomoChain joins forces with Injective Protocol & Ramp DeFi to launch cross-chain staking derivatives
TomoChain is pleased to accelerate the development of cross-chain staking derivatives alongside our partners, Ramp DeFi and Injective Protocol. This joint-partnership will facilitate users’ ability to trade staking derivatives with leverage across multiple layer-one protocols in the upcoming months.
What are Staking Derivatives?
Staking derivatives allow users to earn staking rewards while simultaneously being able to unlock their liquidity. This method is done via the minting of a collateralized token. TomoChain’s recent partner, Ramp DeFi, is currently a promising case in point.
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 can directly deploy rUSD into DeFi protocols to earn multiple income streams or exchange rUSD for USDT / USDC via liquidity pools, creating a seamless liquidity “on/off ramp” for users with capital locked into staking arrangements. This of course enables the extraction of liquid capital from your staked portfolio to invest into new DeFi opportunities while you continue to earn your staking rewards.
An Introduction to Cross-Chain Staking Derivatives
Cross-chain staking derivatives can potentially be the key to expand the DeFi universe. Ramp can help to mint wrapped tokens for PoS-based chains and send those tokens to Injective for trading. Now users will be able to earn staking rewards while having access to wrapped tokens that can be used to create new markets on Injective. This can help to unlock not only new yield farming opportunities but also the ability to trade on limitless markets on Injective, thereby forming new avenues for traders to capitalize on their assets that were not possible before.
The Process: Trading Cross-Chain Staking Derivatives
This process begins with TomoChain’s wrapped assets, which will be provided by Ramp DeFi. Users will be able to put their TOMO into Ramp smart contracts on TomoChain to create wTOMO. This means that TOMO stakers will continue to receive their staking rewards while being able to send wTOMO to Injective for new trading opportunities.
Users will be able to stake and generate wTOMO with rewards claimable per epoch via the first click. A second click will be used to send wTOMO to Injective. This will then allow users to create new markets using wTOMO, whether that be a new yield farming derivative contract or even a unique index. The possibilities are truly endless for how a savvy user can capitalize on their staking derivative while continuing to earn the staking rewards from their native TOMO asset.
“I am excited about the collaboration opportunities between TomoChain, Ramp Defi, and Ịnjective Protocol. The integration of TOMO as an asset on Ramp Defi and on Injective for leveraged trading helps to illustrate the composability and effectiveness of DeFi as a whole. We should further explore other collaborations and integrations in the future to build a strong foundation for DeFi and Open Finance” said Long Vuong, TomoChain CEO.
“We are excited about the upcoming launch of cross-chain staking derivatives on Injective alongside our partners Ramp DeFi and TomoChain. This is a monumental contribution to the DeFi sector as a whole and will provide traders with innovative trading opportunities on Injective that are not available on any other exchange today. We look forward to continuing our work with our partners to further accelerate the adoption of DeFi globally,” said Eric Chen, Injective CEO.
Ramp DeFi is also working with other promising layer-one protocols such as Elrond and Tezos. So we also hope to add new cross-chain staking derivative markets in the future as well.
“This three way partnership is powering a new innovation frontier for DeFi by letting TOMO users participate in leveraged derivatives trading on Injective Protocol, while earning staking rewards at the same time. We are excited that Ramp’s liquidity wrapping solution is now used to deliver real passive yield for the TomoChain community, and are committed to working closely with our partners to make this a success,” commented Lawrence Lim, Project Lead for Ramp DeFi.
Closing Remarks: A New Age in DeFi
The upcoming launch of cross-chain staking derivatives will mark the creation of entirely new markets that were thought to be unimaginable before. The teams at Ramp DeFi, TomoChain, and Injective share a common ethos to further democratize opportunities within the financial sector. TomoChain will continue adding support for other unique derivatives to take trading experience further.
TomoChain is a scalable blockchain-powered via Proof-of-Stake voting consensus and used commercially by companies globally.
TomoChain’s mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. TomoChain’s technology and DeFi-focused flagship products include:
- Fast & Near-Zero Fees: 2000 TPS, 2-second block time, ~$0 gas fees, and EVM compatibility.
- An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.
About Ramp DeFi
Backed by world-class investors, Ramp DeFi is a global decentralized finance solution that focuses on unlocking liquid capital from staked digital assets. Using the Ramp solution, users with staked assets can continue to receive staking rewards, retain capital appreciation potential on their staked portfolio, and unlock liquid capital to invest in new opportunities at the same time.
The addressable market for staked assets today is upwards of USD25bn, and as the industry-leading solution, RAMP DEFI has a vision of unlocking USD1bn or more in “Total Value Unlocked (TVU)” for users by end 2021.
If you are interested to follow RAMP DEFI and get in touch with the project team members, you can participate and receive timely updates from the following official channels:
- Twitter: https://twitter.com/RampDefi
- Telegram: https://t.me/rampdefiofficial
- LinkedIn: https://www.linkedin.com/company/rampdefi
- Discord: https://discord.gg/WY5TU7b
- Medium: https://medium.com/rampdefi
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective enables fully decentralized trading without any restrictions, allowing individuals to trade on any market of their choosing. Injective is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
- Twitter: https://twitter.com/injectivelabs
- Telegram: https://t.me/joininjective
- Wechat: https://injectiveprotocol.com/
- Discord: https://discord.com/invite/NK4qdbv
- Medium: https://medium.com/injective-labs
TomoChain joins forces with Injective Protocol & Ramp DeFi to launch cross-chain staking… was originally published in TomoChain on Medium, where people are continuing the conversation by highlighting and responding to this story.