Leading decentralized blockchain ecosystem IOST announced on Wednesday that RAMP DeFi would be the first project to be a part of the recently launched Noah Oracle Fund. This will allow IOST users to access liquid capital from their staked digital assets without giving up on IOST staking rewards.
IOST had revealed the Noah Oracle Fund earlier this month, which is a $1 million fund specially allocated for the incubation and fostering of emerging DeFi projects built on the IOST blockchain network. The fund will work towards adding value to these DeFi projects, turning them into top-tier DeFi applications, and creating deliverable projects on IOST’s H2 2020 Roadmap.
RAMP DeFi is a liquidity on-ramp solutions application which allows users to unlock capital from their staked cryptocurrencies. Based on the RAMP Protocol, the project was launched earlier this year. It has already received massive investments from giants like IOST, Arrington XRP Capital, Torchlight Ventures, LayerX Capital, Alameda Research, etc., which makes it one of the hottest DeFi projects around at the moment.
Speaking on their selection for the Noah Oracle Fund, RAMP Protocol CTO, Xin Jin said that the DeFi application allows IOST users to lock their tokens and mint the iUSD stablecoin. This also enables them to use it on Ethereum for participation in more DeFi opportunities. Xin further added,
DeFi is a rapidly expanding segment in the crypto-blockchain industry, with the demand multiplying by the day. Initiatives like the Noah Oracle Fund by giants like IOST not only gives upcoming projects the necessary capital fund but also allows them to access expertise from established market players.