RAMP DeFi, a liquidity on-ramp solution to unlock liquid capital from staked digital assets, has integrated Chainlink price feeds to its Ethereum and Binance Smart Chain (BSC) mainnet to power the RAMP V2 app.
According to an announcement by RAMP DeFi, the integrated Chainlink oracles also included a newly launched RAMP/USD Price Feed. The high-quality price data gained through Chainlink price feeds will be used within the RAMP V2 App, as well as to support other DeFi protocols wanting to offer support for RAMP assets.
RAMP DeFi is a cross-chain DeFi focused platform. RAMP focuses on developing a suite of products that act as the “building blocks” to power the RAMP ecosystem and cross-chain liquidity transfer. RAMP is a yield aggregator platform and also features an rUSD stablecoin. According to its website, RAMP DeFi enables users to earn staking rewards unlock liquidity from staked assets, and stack multiple yield streams at the same time. The protocol aims to boost defi adoption by allowing non-Ethereum (ETH) users to stake tokens on ETH platforms.
RAMP is the native token of the protocol with a maximum supply of 1,000,000,000. Currently, the project is available on Ethereum and BSC and the team has plans to expand to more chains. The team has recently launched the V2 of the RAMP App. The Chainlink oracles will power this RAMP V2 app and support upcoming multi-chain expansion by enabling access to high-quality price data, which is made available on-chain using the tamper-proof and highly available infrastructure.
According to the announcement, Chainlink has recently added mainnet support for a RAMP-USD Price Oracle on both Ethereum and BSC. This will help the RAMP token to grow as the token can now seamlessly integrated into other DeFi applications, whether as a form of collateral, loanable asset, or synthetic asset.
With DeFi and NFT markets on the surge, Chainlink’s battle-tested price oracles and VRF services are becoming a necessity for every DeFi and NFT project. Lawrence Lim, Project Lead of RAMP, commented:
“By using Chainlink Price Feeds, we’re extending the security and reliability guarantees provided to users locking up their funds in the RAMP platform, as well as ensuring that the DeFi industry as a whole is more secure and decentralized when integrating RAMP assets. Chainlink Price Feeds have a long track record of closely following global market prices while mitigating unexpected vulnerabilities, and we look forward to adding more price feeds in the future to expand our lending platform cross-chain.”
On Tuesday, May 11, Bancor also announced the integration of Chainlink VRF to securely award limited edition NFTs to top users for the network’s new incentive program. Chainlink VRF ensures the fair distribution of provably rare NFTs to 1 of the top 20 users across 5 unique categories.