RAMP V2 Launches On Polygon! Vault Migration To Start on Friday 02:00 UTC

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We are happy to announce that RAMP V2 is launching on Polygon (Matic Network), and the current Ethereum vaults will undergo migration to Polygon over the coming one-week period.

RAMP is already live on Binance Smart Chain, and is focused on helping asset owners maximize the value and returns on their yield-farming assets. When users deposit assets into RAMP vaults, these assets are redeployed to generate ultra-high yield, which is further optimized through auto-compounding functions.

BSC users can also mint rUSD, a collateralized stablecoin, and use it on PancakeSwap directly to access new token opportunities.

The launch of RAMP V2 on Polygon represents a significant milestone towards achieving RAMP’s multi-chain vision, where we help users maximize asset yields on native blockchains, even as they unlock liquid capital from these staked assets that can move freely and be used across multiple blockchain networks.

Users who wish to explore the RAMP platform can find out more on: https://appv2.rampdefi.com

Launching An Exciting DeFi Experience For Polygon Users

We are excited to bring the same experience on BSC to Polygon users, and also give the RAMP community a high-speed, low fees trading venue by migrating RAMP V2’s current Ethereum vaults over to Polygon, a Layer 2 scaling solution for Ethereum.

biswap

Users can bridge in and out seamlessly between Polygon and Ethereum, and the Polygon network is uniquely positioned to address the current congestion on Ethereum.

Users can deposit their assets on Polygon into vaults on RAMP V2 that help users to auto-compound and maximize yield returns. Users can subsequently mint rUSD against these assets, and utilize rUSD on QuickSwap, the native Polygon Automated Market Maker (AMM), to purchase tokens directly.

The RAMP and rUSD liquidity pools are expected to be launched on 15 June, and users can start their asset migrations on that very same day.

Migration Timeline and Expectations

RAMP Single Asset Vault

  • The RAMP single asset vault on Polygon shall open for deposits at 02:00 UTC Friday.
  • Users can use the “Migrate” tab on the top menu to assist in asset migration.
  • 70% of the existing vault rewards on Ethereum shall be shifted to the Polygon vault. The rewards will be fully transited across a 48 hour period.
  • Users who wish to remain on Ethereum and participate in RAMP staking (without rUSD minting capabilities) can continue to stay within the Ethereum vault, which retains 30% of the original rewards.
  • The rewards in the RAMP V1 single asset vault shall be reduced to zero — users are advised to shift their assets to RAMP V2 (Ethereum vault) or migrate to Polygon.

RAMP-ETH LP Vault (Uniswap to Quickswap)

  • This shall be done on Tuesday 15 June 2021.
  • Migration assistance will be provided for users.
  • More specific details to be announced in a follow-up article.

RAMP-rUSD LP Vault (Quickswap)

  • A new RAMP-rUSD LP vault shall be launched on Tuesday 15 June 2021.
  • More specific details to be announced in a follow-up article.

Cross-Chain rUSD Transfers Coming Soon!

Cross-chain rUSD transfer is under development, and very soon, Binance Smart Chain and Polygon users can effortlessly move rUSD between BSC and Polygon.

This means that the rUSD you have minted is no longer constrained to being used on the native chain where it was originally minted, but it can be transferred and used within both Polygon AND Binance Smart Chain.

This gives users the freedom to pursue the best token purchase opportunities available on either chain with their newly minted capital.

Cross-chain rUSD transfers are currently under development, for which we are expecting an early Q3 release.

We are excited at the new frontiers of DeFi that RAMP is empowering with our cross-chain platform and invite Polygon users to join the RAMP community for the upcoming launch!

How to Set Up Polygon (Matic) Mainnet for MetaMask

Download and set up a MetaMask wallet. If you haven’t already, you can download and configure MetaMask here.

Switch the connected blockchain by clicking on the tab “Ethereum Mainnet”, then add the Matic network.

Scroll down until you find Custom RPC.

Enter in the Matic Mainnet settings as follows:

Click Save.

You have now connected to the Matic mainnet with your Metamask Wallet.

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 400+ Dapps, ~214M txns and ~1.4M+ unique users.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

Website | Twitter | Reddit | DiscordTelegram

Join the RAMP Community

Backed by world-class investors, RAMP 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.

Users can access the RAMP token on:

Binance | FTX (Futures) | PancakeSwap | Uniswap | Gate.io | MXCBittrex

If you are interested to participate in our community and receive timely updates from the following official channels:

Twitter | Telegram | LinkedIn | Discord | Medium

For partnerships, media, or other collaboration opportunities, please email [email protected]


RAMP V2 Launches On Polygon! Vault Migration To Start on Friday 02:00 UTC was originally published in RAMP DEFI on Medium, where people are continuing the conversation by highlighting and responding to this story.

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