Ramen Finance is a web3 project that was launched on social media between August and November 2023. Always focused on the Berachain ecosystem, it was initially presented as a concentrated liquidity AMM + IDO launchpad.
However (and although we have signs of this change in January 2024 when it closed its agreement with THJ) on February 8 it was announced that the project will focus on being The Ecosystem (3,3) Launchpad Protocol for Berachain.
From then until the date of this report, the mission and vision of Ramen Finance has been clear: Shaping a new liquidity bootstrapping standard for Berachain.
The project is in an advanced stage of development. Currently, actions can be carried out on the testnet and more detailed information about its Core Product Features is gradually being provided.
Regarding the roadmap, although one cannot be found in the documentation, through the analysis of the documentation, its social networks and its community calls, a solid, gradual and continuous development sequence can be seen.
In recent months, the project has published important information about the different ways to participate in IDOs, as well as testing these forms of participation with the community.
On 01/24/25, they carried out the "Private Sale Registration", through which the holders of their NFT are guaranteed an allocation of the $RAMEN token for their IDO.
This registration was completed in just a few hours.
X post "Private Sale Registration" announcement - LINK
BERACHAIN INTEGRATION
SCORE = 5/5
Ramen Finance is a project by and for Berachain. Committed to the cult and lore of the ecosystem, from the first messages on their social networks it is clear that both in the vibe and in the technical development of the Launchpad they are focused on Berachain.
Their NFTs, integrations and partnerships developed since 2023 have only positioned them as one of the main projects within the ecosystem.
There are competitors in the ecosystem. The most direct one far surpasses it in number of followers on social networks (on Discord the difference is 41k to 16k and on X it is 95k to 45k).
However, the collaborations achieved, the partnership with THJ, the technological development, the potential for revaluation of the investment and the community impact, position Ramen Finance as a serious competitor within the launchpad field.
In turn, the experience in web3 of the Ramen team gives solidity to its proposal, above that of its competitors.
Sources:
Discord accounts comparative image:
X accounts comparative images:
SECTION 1 - FINAL SCORE: 20/20
SECTION 2: TOKENOMICS & IDO CONDITIONS
IDO TERMS AND CONDITIONS
SCORE = 5/5
Set date: IDO on Berachain mainnet day one.
Funding goal will be $1mm in $BERA.
The terms for participation will be as follows:
Private Sale (guaranteed allocation) for Hungrybera NFT holders.
Public sale for Gacha lottery winners on Ramen.
Funds bootstrapped from the token launch will be distributed 60% to seed liquidity pool, 40% in treasury for runway and operations.
The Ramen Finance protocol has two distinct tokens:
$RAMEN: liquid and transferable utility token of the Ramen Finance ecosystem.
$gRAMEN: illiquid by default, non-transferable governance token of the Ramen Finance Ecosystem.
In order to gain governance rights within its protocol, users can opt to lock $RAMEN, up to a period of sixteen (16) weeks, to $gRAMEN at a 1:1 conversion rate. The longer the lock the better the boost yield wise.
By locking liquidity (thus acquiring $gRAMEN tokens), users can benefit from:
Reserve allocation: Earn Gacha to reserve allocation in Curated Launches.
Governance participation : Vote on protocol policies
Potential airdrops: Potentially receive token airdrops from exciting new protocols.
According to the project's tokenomics, the distribution will be as follows:
Community Incentives Season 1: 21%.
Community Incentives Treasury: 40%.
Ecosystem Treasury: 8%.
Token sale and Genesis Pools: 10%.
Core contributors: 19%.
Advisors: 2%.
Community allocation:
61 million $RAMEN tokens will be distributed to users over 4 airdrop seasons, designed to incentivize positive actions in different phases of growth for Ramen.
In which, 16 million of $RAMEN are allocated to the Hungry Bera NFTs Holders, with additional requirements based on fidelity (diamond paw), and vision (BBC PP), and quality assurance (testnet campaign rewards).
Liquidity plays a key role within the Ramen Finance ecosystem and is well integrated with the uniqueness of Berachain’s Proof Of Liquidity (POL) consensus:
Staking Rewards: Users who provide liquidity to these pools are rewarded in $RAMEN and potentially $gRAMEN and $BGT tokens. These incentives encourage users to lock up their assets, ensuring sufficiently persistent liquidity.
Governance Participation: The liquidity provision system is tied to governance participation, as those with more staked liquidity have more influence in making decisions that influence the long-term alignment of the protocol.
Incentive Structures: Various liquidity pairs may have different incentive schemes to encourage users to supply specific tokens. Liquidity incentives, including yield farming, will be crucial to attract liquidity providers. The incentive structure is twofold, as it was partially carried out through the NFT collection fundraising and will be carried out on the mainnet through successive liquidity mining seasons.
The project has a presence on social media such as X and Discord.
The first post on the main X account was on 08/23/23, while the first message on the Discord announcement channel was on 11/01/23.
The team is very active on both social media, getting decent engagement on each post.
It should also be noted that they have two other official accounts on X: one for specific posts about their main NFT collection @hungrybera; and another account called @ramenintern.
The average number of views on X is above 5k per post (in some cases reach more than 10k views), while on Discord the community is proud to belong to the project.
On the latter platform they have a consistent calendar of events:
Wednesday: poker tournament at 14:00 UTC.
Friday: game night at 15:30 UTC.
Saturday: movie night at 12:30 UTC.
These activities has been awarded with BBC (Bing Bong Credits), the off-chain token that can be used to buy Roles and get $Ramen airdrop.
This approach maintains the community always engaged.
They do monthly AMA recap too, on the last Wednesday of each month (in this specific Wed, the poker starts one hour later).
In the X account they are very active, bringing updates, partnerships announcements and alphas.
Being a project that has been in development for over a year in the Berachain ecosystem, growth has been organic on both platforms.
We can see that on 12/28/23 there is an announcement on Discord, celebrating having reached 1k members. Less than a year later, said server has more than 15k users, many of them active daily.
On the other hand, if we analyze the total number of unique holders of the HungryBera NFT, we can see the power of the project.
However, compared to its competitors, the growth of the community is rather slow and the engagement metrics can be considered, on average, low (2.5k views of X's post, having 36k followers, gives a somewhat low margin regarding engagement).
Total unique holder count for Hungrybera (proxy for $RAMEN airdrop recipients and therefore unique holder count on day one of token launch): 3,836.
The highest level of engagement is found on the Discord server. They are very active there.
They have an exceptional team of moderators (BlackWindow69, Llovani and Kikosome) who respond quickly to the community's demands. In turn, the Core Team is always present to welcome, answer questions and provide information.
They also have a very effective way of keeping the community engaged: they offer a points system.
Community members must perform social tasks, such as posting educational threads on Twitter, posting memes about the project and its mascot "Bing Bong".
Another way to earn these aforementioned BBC tokens is to participate in weekly server activities, raffles and special social missions.
TRANSPARENCY
SCORE = 5/5
They have a monthly AMA, where they recap all the important news that happened throughout the month, and show their vision, expectations for the next month, updating their roadmap and also talking about Berachain ecosystem partnerships and opportunities.
They communicate well in the announcement channel on their Discord service. By looking at the announcement channel feed, you will find out about the project's most important updates, showing its accurate transparency.
SECTION 3 - FINAL SCORE: 19/20
SECTION 4: SECURITY & RISK ASSESSMENT
SECURITY AUDITS
SCORE = 5/5
On 18/10/24, the project received an audit report from the company KebabSec.
The project's smart contracts were analyzed and observations were made in the following range of risks:
Informational: 17
Low: 6
Medium: 1
High: 2
Critical: 3
All of these risks found have already been remedied by Ramen Finance.
The legal compliance framework for Ramen is set up appropriately across jurisdictions to minimize regulatory risks.
While users do not have to undergo KYC to participate in the launches, a geographic perimeter has been set up to prevent users from countries included in the sanctions list from participating in any token launches.
Also an industry-trusted sanctions screening service has been integrated to prevent wallets from sanctioned countries and wallets involved in known exploits, hacks, and mixers, etc. from participating in token launches.
How regulatory changes in various jurisdictions could impact Ramen’s operations has also been widely considered.
RISK IDENTIFICATION
SCORE = 4/5
Technical risks tend to be negligible, as Ramen does not hold user funds or a large amount of liquidity at any point in time.
All token contracts and mechanisms have been thoroughly audited by reputable firms.
Regarding social risks, while there is a non-zero possibility that extremist policies will be implemented to restrict the execution of token sales and/or distributions, this scenario is not expected to happen in the foreseeable future based on the regulatory and economic outlook of key jurisdictions.
Even if this could happen, it would be a bigger problem, as it would implicate the entire Web3 industry beyond Berachain.
CONTINGENCY PLANS
SCORE = 5/5
Fairness and efficiency prioritized: Blind bidding process prevents price manipulation, excessive FOMO, and frontrunning.
The above excerpt is from Ramen Finance’s official docs. The clear ideation and execution of Blind Bidding Process in place gives us enough clarity on how the team is operating in their testnet phase, and how the team has already planned to execute safeguard rails when it comes to active participation once mainnet goes live.
The team has a solid reputation built up over the years due to the individual track record of the team members.
The clear and defined vision of the project and its MVP together with the team's outstanding management of its resources is reflected in its status as a key project within the ecosystem. General projects on blockchain, DeFi, etc etc, are an excellent background that practically the whole team has, being a scarce resource in the landscape.
Core Team analysis:
POLAR - Co-Founder: A Bera OG who has previously led Departments at a Web3 Startup and contributed across multiple DeFi protocols and Investment DAOs.
NORAL - Co-Founder & Head of Growth: A Bera OG who is well known through DeFi as a consistently positive contributor. Noral has contributed to 10+ DeFi protocols.
PEPAR - Co-Founder & Head of Product: has contributed technically to multiple DeFi protocols.
WOJTEK - Head of Engineering: No public information.
BLACK WINDOW - Community Manager: No public information.
BERASEARCH - Business Development: is a Web3 Founder with years of BD experience
Daily mentions on CT by smart followers (accredited KOLS on X) about Ramen, demonstrates how valued this protocol is.
The number of smart followers that follows the project X account is quite interesting, showing how appreciated is their account.
Being a launchpad, the project has a high reputation in the ecosystem, based on the number of partnerships and projects that have chosen it as the launch platform for their token.
High-impact projects in the ecosystem will be present on this launch platform: Yeet, Henlo, Ooba Booga, Beraborrow, Beramonium, NAV, IVX, Overlay, among others.
PARTNERSHIPS AND COLLABORATIONS
SCORE = 5/5
Since the beginning of Berachain testnet, Ramen Finance has been working from the BD to establish collaborative relationships with some of the most important protocols or systems within the Berachain ecosystem, highlighting among others, influential actors such as
The Honey Jar, Kodiak, S&P, Axis, Panda Bera, etc., protocols that stand out not only for their usefulness within the system but also for their influence on all the players that are going to carry out their activities in Berachain.
The project presents a solid value proposition, excellent integration with Berachain, well-structured tokenomics, high social media activity and engagement, and robust security measures.
This report has been prepared with information provided by the S&P team of Contributors:
Executive Producer:
Assessment date: 01/02/25 - Updated: 02/05/25
Disclaimer
While S&P doesn't guarantee absolute protection against scams and rug pulls, it is a valuable tool for navigating the Berachain ecosystem with enhanced security.
