RAM 24 hours up about +3755%, and the trading volume is almost equal to its market cap. The most easily overlooked part isn’t the surge itself, but that Ramses’s “50% burn” doesn’t automatically happen just because RAM is circulating in the market. $RAM
CoinGecko 02:00 (UTC+8) data: RAM is at $0.93, market cap is about $58.85 million, and 24-hour trading volume is about $58.29 million—ranked #1 on the trending list. This magnitude first indicates that price discovery has been extremely volatile; it doesn’t tell us how much supply has actually exited circulation.
Ramses’s official documentation states: when RAM is converted into xRAM, 50% of the input RAM is burned, and the other 50% remains in the xRAM contract to support direct redemption at a 1:0.5 ratio. Only xRAM holders have voting rights. xRAM voters can receive the fees and incentives from the liquidity pool they vote for, and weekly voting also determines the flow of RAM emissions.
There are two different actions here: the secondary-market attention to RAM, and the locking/redemption structure that comes from holders converting RAM into non-transferable xRAM. The former can push trading volume close to market cap; only the latter creates the burn, voting rights, and fee flow. Combining the two and concluding “it’s up, so deflation and revenue have already been realized” is jumping to conclusions too quickly.
Only if on-chain xRAM conversion and burn amounts, voting balances, and real fee allocations expand in parallel should this assessment be updated. Right now, the most important question isn’t the percentage on the screen—it’s whether this wave of heat has entered the xRAM path on-chain.
CoinGecko 02:00 (UTC+8) data: RAM is at $0.93, market cap is about $58.85 million, and 24-hour trading volume is about $58.29 million—ranked #1 on the trending list. This magnitude first indicates that price discovery has been extremely volatile; it doesn’t tell us how much supply has actually exited circulation.
Ramses’s official documentation states: when RAM is converted into xRAM, 50% of the input RAM is burned, and the other 50% remains in the xRAM contract to support direct redemption at a 1:0.5 ratio. Only xRAM holders have voting rights. xRAM voters can receive the fees and incentives from the liquidity pool they vote for, and weekly voting also determines the flow of RAM emissions.
There are two different actions here: the secondary-market attention to RAM, and the locking/redemption structure that comes from holders converting RAM into non-transferable xRAM. The former can push trading volume close to market cap; only the latter creates the burn, voting rights, and fee flow. Combining the two and concluding “it’s up, so deflation and revenue have already been realized” is jumping to conclusions too quickly.
Only if on-chain xRAM conversion and burn amounts, voting balances, and real fee allocations expand in parallel should this assessment be updated. Right now, the most important question isn’t the percentage on the screen—it’s whether this wave of heat has entered the xRAM path on-chain.