Cowrie Research

ramses

3 min read

Ramses

  • Name: Ramses
  • URL: https://ramses.exchange/
  • Category: concentrated-liquidity DEX / x(3,3) governance market / MEV-capture routing layer
  • Tags: ethereum-ecosystem
  • Summary: Ramses is a smaller Solidly-descended venue, not a new anchor. The point is the operator-heavy mutation: xRAM, the hyperRAM wrapper, elastic emissions, and permissioned MEV routing all push value and control back toward whoever steers the governance stack.
  • What it does:
    • Runs concentrated-liquidity and legacy liquidity markets whose emissions are directed by governance voting
    • Lets users convert RAM into non-transferable xRAM, which votes on gauge emissions and earns fees plus vote incentives
    • Offers hyperRAM as a liquid-staked version of xRAM that automates voting, compounds rewards, and trades on the open market
    • Applies dynamic fees, competitive farming logic, and active-liquidity accounting to reward LP positions it considers more productive
    • Uses elastic emissions tied partly to protocol revenue, with all emissions routed to gauges rather than separate team unlock buckets
    • Operates permissioned MEV and arbitrage systems that claim to capture backrun, redeem-floor, and later cross-chain/cross-venue value for protocol participants
  • Key claims:
    • The docs describe Ramses as a concentrated-liquidity layer and DEX on HyperEVM powered by x(3,3), explicitly framing it as an iteration on ve(3,3) rather than a fresh primitive
    • The tokenomics docs say initial supply is 350M, weekly emissions start at 7M and decay rapidly before settling into a long 1% epoch decay, with later elastic emissions adjustable by up to ±25% depending on revenue conditions
    • Those same docs say 100% of all emissions go to gauges, which makes governance-controlled liquidity routing the core monetary-policy surface
    • The xRAM docs say converting RAM into xRAM burns 50% of the RAM during minting, while direct redemption returns RAM at a 1:0.5 ratio; this is analytically important because the system turns exit liquidity and governance participation into a deflationary filter
    • The xRAM and concentrated-liquidity docs say voters earn 100% of protocol fees and vote incentives, while concentrated-liquidity fee distribution defaults entirely to xRAM voters, reinforcing that lockers rather than LPs sit closest to the fee sink
    • The hyperRAM docs describe a liquid-staked wrapper that auto-votes and auto-compounds rewards, suggesting governance participation can pool under a default wrapper rather than staying fragmented across many direct voters
    • The MEV docs say Ramses runs permissioned engines for backrun arbitrage and hyperRAM redeem-floor arbitrage, with captured value routed back to protocol participants instead of outside searchers; this means part of the economic design depends on operator-controlled execution privileges, not just open-market competition
    • The audits docs say pools remain immutable and permissionless, but also show explicit protocol operator and fee-setter roles that can kill or revive gauges, whitelist governance tokens, and set swap fees, so the system still carries meaningful administrative control surfaces around the governance market
  • Whitepaper: No canonical standalone Ramses whitepaper surfaced in this pass. The strongest primary materials were the official docs, especially the tokenomics, xRAM, MEV, concentrated-liquidity, and audits pages; see ../whitepapers/ramses-primary-sources-2026-05-07.md.
  • Sources:

Internal linkages

  • Keep this note pointed upward: velodrome, aerodrome, and curve.

  • Useful cut: Ramses matters as a secondary x(3,3) venue where wrapper defaults and permissioned MEV matter more than the base CLMM itself.

  • Control risk sits around gauge-kill powers, fee-setter roles, and whichever wrapper or operator path becomes the default route into xRAM.

  • Last reviewed: 2026-05-31 UTC

Graph View