Fast-rising DeFi platform Ramp DeFi has added more buyback funds to its wallet. This time around, limit orders are set at two support levels. This move is in a bid to provide better value support on the DeFi platform.
In a previous blog post, Ramp DeFi disclosed that its 1inch limit orders were specifically for providing support levels for its tokens buyback. The rBurn upgrade (Rebasing Buyback & Burn) was designed to provide RAMP token holders with value support. It also gave them the ability to repurchase and burn outcomes simultaneously.
Ramp DeFi generates fees using its rStake application. However, instead of simply buying back and burning the tokens, a pool of “ready RAMP buyers” are made available to buy the dip on Uniswap. This is done by fixing limit orders using 1inch exchange. These limit orders absorb sell pressure, providing support for RAMP holders at major support levels. As more fees are generated and the whole process of buyback is carried out, the RAMP token is expected to increase in value.
In essence, RAMP token limit orders provide key support levels for the token buyback. Uniswap trade pairs for the token is in ETH (RAMP/ETH), so the orders are also established in ETH. The idea behind this feature is to allow RAMP token holders to trade or transact without the issue of sell pressure. Sell pressure is eliminated by the liquidity pool on Uniswap made ready to buy the dip.
Ramp DeFi Buyback for Token Holders, Not Sellers
The entire buyback process is designed to support holders, not sellers, on the platform. To eliminate sell pressure, the tokens bought by the liquidity pool will ultimately be burned.
In line with this, RAMP DeFi has added an additional limit order, bringing the total limit orders to two. The orders, as previously stated, will provide support for RAMP tokens. Apart from its additional limit order, the platform has also added more buyback funds to its wallet.
As of January 23, the total cumulative funds was standing at 23.858 ETH. which is $29,418. The repurchasable amount was 159,574 RAMP.
The first limit order (#1), according to the official blog post, was 16.388 ETH, which is approximately $20,222. The repurchase amount, if carried out, will be 111,766 RAMP. The entire process is expected to end on January 18, 2022, or whenever the limit order is completely executed or there is an upward limit order rebase.
The second limit order (#2) is 7.47 ETH ($9,218), and the repurchase amount will be 47,808 RAMP. The entire buyback process is also expected to end on January 18, 2022.
About RAMP DeFi
The DeFi solution is backed by top-notch investors. The platform is focused on “unlocking liquid capital from staked digital assets.” With RAMP, stakers can earn token rewards from their staked assets while still able to reinvest the same assets in new opportunities. RAMP DeFi also boasts of looking to unlock $1 billion for users by the end of 2021.
The platform recently entered a 3-way partnership with TomoChain and Injective Protocol. Ramp DeFi has also partnered with other top layer-one protocols like Tezos and Elrond.
At the time of publication, RAMP token was trading at $0.297355, with a market cap of $40,062,253 and a 24-hour trading volume of $19,967,750.