Overview
Ramses V2 is a next-generation decentralized exchange focused on becoming Arbitrum’s liquidity hub. It merges the power of Uniswap V3’s concentrated liquidity design with innovative ve(3,3) vote-lock mechanics, dynamic fee structures, strong incentives and governance - tailored for engaged DeFi users.
Core architecture and tokenomics
Based on a ve(3,3) model inspired by Solidly and Cronje, Ramses uses vote-escrowed RAM tokens. These veRAM tokens direct emissions and fees toward voted pools.
Offers a choice of pool types: Uniswap V2-style volatile pools or correlated-stable pools with near-zero slippage.
Dynamic fees respond to LP choices and veRAM incentives, maximizing capital efficiency.
TVL, volume and liquidity
Current total value locked is approximately $10 million across Arbitrum and Hyperliquid - $6.9 million on Hyperliquid and $3.3 million on Arbitrum.
24-hour DEX volume is roughly $9 million, with $111 million over seven days and $337 million in 30-day volume.
Cumulative volume stands at $20.5 billion.
RAM liquidity pool depth is under $800k, indicating its early-stage, incentive-heavy growth phase.
Revenue, incentives and yields
Annualized fees are approximately $0.81 million, with $66k collected over 30 days - about $2.7k daily.
Total holder revenue sits near $0.58 million per year.
Average LP yields range from 38 to 54 percent APY, depending on pool type.
Around $21 million in cumulative RAM incentives have been distributed to bootstrap liquidity.
Team, governance and audits
Weekly development activity is steady - around 12 commits per month from five active contributors.
Governance is community-driven: RAM holders lock tokens into veRAM to influence emissions and earn protocol rewards.
Smart contracts have been audited, although no comprehensive audit report is publicly available.
Pros and cons
- Capital-efficient liquidity through concentrated pools
- Governance with emissions control via veRAM vote-locking
- High LP yields and strong incentives
- Dynamic fee model adjusting to market conditions
- Multi-chain access - Arbitrum and Hyperliquid
- Moderate TVL and volume can limit depth and impact
- Complexity of mechanics deters casual users
- Economic model risks inherent in vote-lock systems
- No fiat on-ramps or user-friendly interface
- Audit transparency still lacking
Who it suits - and who it doesn’t
Best for:
- DeFi-native LPs seeking yield and governance power
- Users familiar with concentrated liquidity and tokenomics
- Yield farmers interested in vote-locked emission strategies
Not for:
- Beginners or users needing a simple, fiat-friendly platform
- Traders expecting high-volume blue-chip pairs
- Investors wary of complex token models or unclear audits
Final verdict
Ramses V2 is a unique DEX experiment - combining concentrated liquidity, ve(3,3) governance, and high-yield incentives into a specialized liquidity protocol. It’s not built for everyone - but for those who understand the tokenomics and can navigate DeFi’s intricacies, it offers yield, power and multi-chain exposure.
As it grows beyond early-stage incentives and deepens adoption, Ramses may evolve into a true liquidity hub. Until then, it remains a powerful niche tool for the DeFi-savvy.