TomoChain joins a partnership to offer cross-chain staking derivatives
By Inkarias - 2021-01-20
TomoChain today announced a new initiative to introduce and actively develop all the functionality of cross-chain staking derivatives by working in partnership with the two Ramp DeFi and Injective Protocol projects. To introduce it simply, staking derivatives allow all investors to earn a passive income via staking rewards while still being able to unlock the previously locked liquidity using a collateralization mechanism.
Eric Chen, Injective CEO stated that “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,”
In this perspective, the experience and technology offered by Ramp Defi will allow this function to be carried out into a stablecoin, “rUSD”, a token based on the Ethereum Blockchain. rUSD holders can directly deploy rUSD into DeFi protocols to earn multiple income streams or even creating a seamless liquidity with capital locked into staking arrangements. By introducing this technical vision, investors will have the keys to stake and generate wTOMO with rewards claimable per epoch via the first click. Finally, a second click will be required to send wTOMO to Injective. In the same manner , Long Vuong, TomoChain CEO shared: “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”
More details about this partnership at https://tomochain.com/