# xRAM

Stake xRAM to direct emissions and earn fees, or mint r33 (known as hyperRAM on HyperEVM) to automate voting and compound rewards.

Source: https://www.ramses.xyz/docs/xram

## What is xRAM?

![xRAM](https://www.ramses.xyz/docs-assets/xRAM.png)

xRAM is a token developed by the Ramses team to address the sustainability challenge associated with earlier ve(3,3) models. xRAM combines the best of vote-escrow models with the flexibility of traditional escrow incentive systems.

**No more lengthy lock-ups to participate fairly.**

### [Incentives](https://www.ramses.xyz/docs/xram#voting)

Vote to direct rewards and earn 100% of swap fees from gauged pools you vote for, plus vote incentives.

### [Instant Exit](https://www.ramses.xyz/docs/xram#how-to-exit-x-ram)

Exit anytime with immediate liquidity when needed.

### [AutoVaults](https://www.ramses.xyz/docs/xram#auto-vaults-relays)

Delegate voting automatically, receive rewards in a supported output token, and claim them when ready.

### [Vote Incentives](https://www.ramses.xyz/docs/xram#voting)

Earn a % of the voting incentives for pairs you vote on, claimable immediately after epoch flip.

### [r33 Liquid Staking](https://www.ramses.xyz/docs/xram#x-ram-liquid-staking)

Automate voting and compound rewards with r33, the liquid staked version of xRAM known as hyperRAM on HyperEVM.

### [Conversion Burn](https://www.ramses.xyz/docs/xram#conversion-burn)

50% of RAM is burned when xRAM is minted; deflationary dilution protection (not distributed).

---

### What can I do with xRAM?

xRAM stakers can vote to direct emissions to their favorite LP pairs and earn **100% of swap fees from gauged pools they vote for, plus vote incentives.** Stake to earn HYPE from buybacks, or mint **r33 (hyperRAM on HyperEVM)**, the liquid staked version of xRAM, to auto-compound rewards.

- **Voting & incentives:** Vote to direct emissions and earn 100% of protocol fees and vote incentives.
- **Earn HYPE:** Earn HYPE from buybacks funded by fees and vote incentives.
- **Mint r33 (LST):** Mint r33 (hyperRAM on HyperEVM), the liquid-staked xRAM that auto-compounds rewards via fees and incentives.

---

![xRAM](https://www.ramses.xyz/docs-assets/ramsesflywheel.png)

---

## **Token**

xRAM is a non-transferable token minted 1:1 from RAM input. For every RAM amount converted, **50% is burned** and the remaining 50% stays in the xRAM smart contract to fund direct redemption at a 1:0.5 ratio. Only holders of xRAM have voting rights on Ramses. While xRAM itself is **non-transferable**, it offers users the ability to exit their position when needed.

---

### How is xRAM obtained?

Users can acquire xRAM through vote incentives, token emissions, or by converting RAM.

![Conversion](https://www.ramses.xyz/docs-assets/convert.png)

### **RAM > xRAM conversion**

RAM can be freely converted into xRAM at any time. **The process is instant: the full RAM input amount is minted as xRAM, 50% of that RAM input is burned, and the remaining 50% backs direct redemption.**

---

### How to exit xRAM?

![Exit](https://www.ramses.xyz/docs-assets/exit.png)

### **xRAM > RAM redemption**

Users can exit their xRAM position in two ways:

1. **Direct redemption**: Convert xRAM back to RAM instantly for the underlying (1:0.5 ratio)
2. **Liquidity exit**: Use r33 (hyperRAM on HyperEVM), the liquid staked version of xRAM, to trade your position on the open market

> **Burn on Mint**
>
> The 50% burn occurs when xRAM is minted, not when exiting.

---

## AutoVaults (Relays)

![Hype Buybacks](https://www.ramses.xyz/docs-assets/hypebuyback.png)

Users can choose to **stake xRAM in AutoVaults** to receive rewards in a supported output token without voting manually or minting r33. The available output tokens are maintained on-chain and shown in the application.

After each epoch flip, the AutoVault operator collects the allocated fees and vote incentives, converts them to each user's selected output token, and credits claimable rewards. **Users claim those rewards manually.**

> **Stake and Chill**
>
> AutoVaults use the same x33 voting methodology as r33. The operator submits votes automatically each epoch, so users do not vote manually. [Learn more about AutoVaults →](https://www.ramses.xyz/docs/autovaults)

| Source | Conversion | Distribution |
| --- | --- | --- |
| Fees & Vote incentives | Converted to the selected output token after epoch flip | Credited to stakers pro-rata for manual claiming |

Stakers accrue their selected output token pro-rata based on stake; unstaked xRAM does not earn AutoVault rewards. Accrued rewards become claimable after processing and must be claimed by the user.

---

## xRAM Liquid Staking

**r33 is the liquid staked version of xRAM. It is known as hyperRAM on HyperEVM and r33 on other chains; both names refer to the same product.** r33 is the name used throughout these docs, with hyperRAM retained where it identifies the HyperEVM token or existing integrations.

![Mint r33 (hyperRAM on HyperEVM)](https://www.ramses.xyz/docs-assets/xRAMconvert.png)

Ramses was designed to eliminate friction from the ve(3,3) model, and managing voting positions is one of the biggest sources of this friction. The liquid staked version of xRAM simplifies this process by **automating voting and compounding rewards** without disrupting xRAM's core mechanics.

> **Minting Lock**
>
> Before each epoch flip, there is a **1-hour period** where liquid staking tokens cannot be minted so votes can be calculated.

### r33 (hyperRAM) 

![r33, known as hyperRAM on HyperEVM](https://www.ramses.xyz/docs-assets/hyperRAM.png)

**r33** can be minted with xRAM. The **r33:xRAM ratio** (also called the **hyperRAM:xRAM ratio** on HyperEVM) starts at 1.00:1.00 and increases in **r33's** favor as rewards accrue from fees and vote incentives.

| Feature | Benefit |
| --- | --- |
| **Automated Voting** | Strategy-based automated voting |
| **RAM Buybacks** | Converts rewards through integrated aggregators |
| **Auto-compounding** | All vote incentives and fees increase the **r33:xRAM ratio** |
| **No Protocol Fees** | No protocol fee for deposits, withdrawals, or compounding; network gas still applies |
| **Tradable Token** | Can trade on available open markets, subject to market liquidity |
| **Redemption Reference** | Redemption value can create arbitrage opportunities when redemption is available |
| **Redemption ratio (`ratio()` on the hyperRAM contract)** | Designed to increase as compounded rewards accrue |

After every weekly epoch flip, rewards from fees and vote incentives are automatically sold to increase the **r33:xRAM ratio**. The example below illustrates how the ratio may increase as rewards accrue.

[r33:xRAM redemption ratio — interactive visualization](https://www.ramses.xyz/docs/xram#hyper-ram)

Illustrative r33:xRAM redemption ratio rising from 1.000 to 1.352 over ten epochs. r33 is called hyperRAM on HyperEVM. This example is not a forecast or a guaranteed return.

#### Does not bypass exit fee

While **r33** can trade on available markets, it does not circumvent xRAM's exit penalty. When redemption is available, a discount to redemption value may create an arbitrage opportunity. Market price can still deviate because of liquidity, execution costs, cooldowns, and protocol risk.

> **Post-Epoch Cooldown**
>
> After each epoch flip while rewards are being sold and compounded, there is a **12-hour cooldown period** during which new r33 cannot be minted from xRAM. **Withdrawals are not affected**, so users can still withdraw their xRAM during this period.

---

## Conversion Burn

Ramses incorporates a **burn mechanism** that provides dilution protection for xRAM holders and permanently reduces circulating supply when xRAM is minted. This mechanism is **deflationary** and does not distribute burned tokens to users.

Burns occur during the conversion process, protecting remaining holders through lower circulating supply over time.

### Why?

As discussed in the [ve(3,3)](https://www.ramses.xyz/docs/hyperram#ve-3-3) section, ve(3,3) introduced important improvements to user alignment but still had fundamental limitations. xRAM builds on these improvements while addressing the core issues, moving the power balance back towards users. Instead:

- Stakers who remain in xRAM longer earn more fees and vote incentives.- Users can exit their position at any time, ensuring rewards flow to those who value it the most.

The conversion penalty creates a system where 50% of every RAM amount converted to xRAM is permanently burned and active stakers benefit from reduced supply. Positions of any size can exit, unlike wrappers whose exits depend on market liquidity or large veNFTs that may be difficult to sell. Each RAM → xRAM conversion reduces the remaining RAM supply.

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## Voting

xRAM holders are rewarded for actively participating and voting. For gauged pools, **100% of swap fees go to voters**, distributed in proportion to their votes for that liquidity, along with any additional vote incentives offered by protocols to attract emissions. Ungauged pools instead direct 95% of swap fees to liquidity providers and 5% to the protocol/Sarcophagus.

| **Swap Fees** | **Vote Incentives** |
| --- | --- |
| **100%** of swap fees from gauged liquidity you vote for | Additional rewards offered by protocols to attract votes to their pairs |

> **Claiming Rewards**
>
> - Both fees and vote incentives are claimable immediately after the epoch flip.
> - Vote incentives can be in any whitelisted token, [learn more](https://www.ramses.xyz/docs/voting).

---

### Voting Breakdown

The main purpose of the xRAM token is to vote to direct emissions to liquidity. This is achieved through weekly voting for gauged liquidity. Emissions are distributed proportionally to each pool's share of votes in the epoch.

### Emission Calculation

The expected emissions can be calculated by multiplying total epoch emissions by the pair's share of all votes:

- **Pair emissions = total epoch emissions × (pair votes / total votes)**

For example, **100,000 RAM** is distributed in a single epoch. If **10%** of all votes are allocated to the **RAM / USDC** pair, that pair will receive **10,000 RAM** tokens distributed linearly to liquidity providers of the relevant LP pair throughout the epoch.

### Vote Weight Calculation

Voting power is based on the user's xRAM voting balance in the VoteModule. Users allocate that voting power proportionally across their selected pools:

**Pool vote weight = xRAM voting balance × (submitted pool weight / sum of submitted weights)**

> **Weekly Epochs**
>
> - Epochs reset every Thursday at **00:00 UTC**
> - Votes determine emission distribution for the following week
> - Emissions are distributed linearly throughout the epoch