Ramses is an automated market maker (AMM) that has been around since first launching in 2023 on Arbitrum. It has since expanded to HyperEVM and Polygon, with a recent rollout to Robinhood's Chain to improve onchain capital efficiency. Ramses revolves around its evolution of the ve(3,3) token model, x(3,3), which replaces token lockups with dynamic incentives. Stake RAM, receive xRAM. xRAM votes on gauges, collects fees, and receives emissions. Unstaking burns half the position. Above that sit hyperRAM on HyperEVM, which is an autocompounding xRAM position, and the Robinhood equivalent, r33. 5% of DLMM fees buy it back and burn these into a contract called the Sarcophagus.
Ramses competes with other DEX’s with its permissioned MEV design to avoid value leakage and fully customizable liquidity pools to optimize against impermanent loss. Additionally, 94% of protocol fees go back to liquidity providers (LPs) and 1% go to the Market Rebate Program for the best LPs.
Over $2M spent on audits with Cantina and ConsenSys Diligence. The Legacy Ramses CL on Arbitrum did about $20.9B volume over its life, and the current Ramses X deployment has done $5.48B.
The DEX underneath
At the time of writing, Ramses X has an 8.4x volume to TVL ratio with $16.16M TVL and $136.36M daily volume. Most competitors sit around 1x to 3x for most ve(3,3) DEXs. It is what concentrated liquidity looks like when it is actually being used rather than parked to farm rewards.
185 pools across CL1 to CL100 tiers as well as DLMM, which splits liquidity into price bins so LPs can sit tight around a range. Good for volatile assets now, good for tokenized stocks if those ever reach significant volume.
They also run permissioned arbitrage pipelines and keep the MEV instead of leaking it to outside searchers. No ve(3,3) competitor does that.
The Sarcophagus is the cleanest chart in the protocol. 783,315 r33 burned lifetime, of which 146,652 burned on August 31st across 44 burials. Nineteen percent of the lifetime total in one day.
The fee ramp, in order
August 1st through 29th produced $540,169 in total fees or ~$18,600 a day.
August 30th: $79,990. Robinhood $72,947, HyperEVM $6,835, Polygon $209, Arbitrum thirty cents.
August 31st: $828,907. HyperEVM $512,729, Robinhood $315,889, Polygon $289.
Epoch 41 runs August 27th to September 3rd and is not finished. It has already done $1,065,621.
August as a whole: $1,449,066, split Robinhood $794,394 and HyperEVM $649,220.
So August produced 43% of every fee this protocol has ever collected. The unfinished epoch produced 32%. One day produced 25%.
Two honest readings of that:
- The fee base was real before the spike and it was already accelerating, so anyone quoting the July numbers is describing a different protocol.
- The spike is not a run rate. $828,907 a day annualizes to $302M which isn’t fair to say.
The chain split is the whole thesis
Each chain operates slightly differently, but, frankly, only two matter as Arbitrum is unverified and did $15 in fees last month and Polygon produces volume without fees. HyperEVM sends 100% of fees to xRAM stakers, has gauges live, and emissions running. Robinhood sends 95% to LPs and 5% to the protocol and Sarcophagus with no emissions and the gauges off.
Which means the chain generating most of the headline volume until the Robinhood integration routes almost nothing to holders. We believe people need to update their priors and understand that Ramses is producing this Robinhood volume with zero token incentives. No emissions, no gauges, no bribes and Ramses is getting the volume for free with incentive mechanisms at the ready.
There is a two phase roadmap in place for moving from giving 95% to LPs to routing 100% to holders.
- Phase 1 is fee only, with 94% for all LPs and 1% for the best performers. The protocol takes 5% to the Sarcophagus.
- Phase 2 activates governance once a deployment hits published thresholds, and for gauged pools the default flips to 100% to xRAM voters and 0% to LPs.
That is a far bigger reroute than the market is modelling. CT assumes gauge activation moves 20% to 50% of Robinhood fees to voters, but the documented default is 100%.
HyperEVM is not generous to holders by accident, it is a Phase 2 deployment. Robinhood is not shortchanging holders, it is Phase 1 doing $794,394 a month with the incentive machine switched off.
Supply: deflationary lifetime, inflating today
Lifetime: 1B hard cap, 442.95M ever minted, 206.09M burned, 236.86M live. Initial supply was 350M, so about 93M emitted against 206M burned. Deflationary across the token's history.
Epoch 41: minted 1,797,573 RAM, burned 350,126. Net plus 1,447,447 in a week.
Ramses is currently inflating at 0.61% per epoch. Run that forward with the 1% decay and you get roughly 73M minted against 18M burned over a year. Net plus 55M on a 236.86M base, so about 23% dilution.
Note the emissions are already far below the headline. The tokenomics page says 7M per epoch. Epoch 41 minted 1.8M.
Burns only happen when people unstake, and 70.26% of supply is staked. Nobody is currently leaving, so nothing is burning. The burn engine and the staking rate work against each other by design. Conviction produces inflation, capitulation produces deflation.
Float explained
Only 6.08M RAM sits in manual and unstaked positions that can be redeemed on impulse. That is 2.6% of live supply. Not 360M ready to dump.
Two thirds of the staked supply is wrapped. AutoVault depositors have to withdraw from the vault, then unstake, then eat the 50% burn. r33 holders mostly do not unstake at all, they sell r33 and hand the position to someone else. The underlying RAM never moves.
That is the answer to the one click unstake crowd. The exit is one click in theory. In practice most of it is sitting inside derivatives whose holders leave by selling the wrapper.
It’s also important to keep in mind that the project has been around since 2023 and has built a loyal community. The distribution of the tokens is more balanced than on any project that launched a few weeks ago.
Most of the holders and especially stakers are holding the project for a long time and don’t have a lot of incentive to leave early and take the 50% cut on their coins.
$10 to 14M is the tradeable float. 70.45M RAM in wallets and LPs. This is what DexScreener shows.
Most of RAM's supply is locked as xRAM and leaving burns half of it. So we count that locked supply at only 50%, plus the floating tokens in full. Result: ~153.6M RAM that could realistically hit the market, worth about $30.7M today. That's the fair number to compare against other DEX tokens.
Here is what that staked supply is doing:
What the yield looks like
Before any acceleration and before gauges on Robinhood, Ramses was yielding at the top of its sector.
Subtracting emissions, we see 1,797,573 RAM per epoch at current price is roughly $359K per epoch, about $18.7M annualized. Against the August revenue rate that is 0.43x coverage, so the protocol pays out more than it earns. Against the epoch 41 pace it clears 2x and funds itself.
What breaks it
Fee concentration in RAM's own pools. The 1.30% effective rate says the spike was largely people churning the token in its own high fee pools, and that volume goes away when the rotation does.
What the bet looks like
Borrowing a frame from @that1618guy, there are two buckets. Bucket A prints real revenue and the market shrugs, because it assumes the revenue is a fluke. Bucket B has no revenue at all and trades at ten times the multiple, because the story is cleaner.
$RAM is Bucket A.
It went from roughly $18,600 a day in fees to $828,907 in a day, and the market has decided that was a flash in the pan. For a vDEX the two inputs that determine whether it was are volume and TVL, and both have done nothing but climb on Robinhood Chain for weeks. Robinhood sits at roughly $715M TVL against Base at roughly $5.5B, an 8x gap. Uniswap hit an ATH in dex volume on RH today. Ramses comes right after uniswap in terms of volume while trading 119x lower.
Betting that Ramses fees and TVL trend down from here is not really a bet against Ramses. It is a bet that the whole Robinhood ecosystem stalls.
written by @reverse_holo @0xkioto @artofconviction
