Wisconsin Senator Ron Johnson says that America’s aggressive spending could result in a total collapse of the social system.

In a new interview with Tucker Carlson, Johnson says that there may be a time when those living on social benefits will be left out to dry if the government can no longer afford to fund its extensive welfare state while also running massive deficits.

Says Johnson,

“If you’re living on different transfer payments or different types of welfare benefits, you may not get those. You can’t borrow more money, so you’re going to have to take what money we spend on other government programs, and we’ll have to service our debt. You have to pay it off, unless we want to go into full default… Which means you’ll never float more debt, so other than print more money, which creates even more hyperinflation…

We will lose our position as the world’s reserve currency, and we’ll lose our ability to print dollars that people accept. It’s a marvelous thing that we just print dollars, we can send them overseas, people will produce products and ship them over here, high-quality products at a pretty low cost. That’s one of the reasons we’ve been able to keep inflation in check, producing all these massive deficits over the last couple of decades, because we do import a lot of products. 

We’ve got billions of people that are either un or under-employed around the world, we provide the capital, they produce the factories, they produce the goods, we just give them paper. It’s fiat currency, we print it, we keep printing it, and it’s been working out pretty well. At some point in time, that gravy train might stop.”

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The Ronin Network has a new feature called Liquid RON for those who hold RON tokens, proposing a more flexible approach to staking. By allowing individuals to deposit RON and receive tradeable tokens in return, Liquid RON (LRON) makes it possible to stake while keeping assets liquid. Here is a closer look at how it works and how to get started.

What Is Liquid RON?

Liquid RON is a vault system based on the ERC-4626 token standard. This standard essentially governs how “tokenized” vaults operate, allowing people to deposit one type of token and receive another token representing their stake in a larger pool.

In this particular case, individuals deposit RON into a specialized vault, and in return, they receive what are known as “Liquid RON” tokens. These newly issued tokens signify the user’s share in the Ronin Network’s validation process.

Liquid RON stakes the deposited RON and takes care of harvesting and compounding rewards without manual interference. As a result, users can reap the benefits of staking while still maintaining the freedom to move and use their tokens.

Moreover, the vault automatically harvests rewards each day, boosting its total RON balance. As a result, your Liquid RON tokens—representing your share of the vault—gain value over time.

How Does Liquid RON Work?

1. Deposit RON: First, users transfer RON tokens into the Liquid RON vault. This can be done through the deposit function or standard ERC-4626 methods.

2. Receive Liquid RON: After depositing RON, the user receives Liquid RON tokens, confirming participation in the Ronin Network’s validation process.

3. Stake and Harvest: Behind the scenes, the vault automatically stakes the deposited RON, then gathers and compounds rewards regularly.

4. Transfer and Use: With Liquid RON in hand, a user is not bound by the usual lock-up periods. These tokens remain fully transferable and can be deployed in other DeFi protocols on the Ronin Network.

The Liquid RON protocol has undergone an audit through Code4rena, ensuring its security and reliability.

Source Liquid RON

Why Liquid RON Stands Out

• Liquidity: Unlike traditional staking programs that lock tokens away, Liquid RON supplies tokens that can be freely moved. If someone wants to trade or transfer them, they can do so without losing staking rewards.

• Automation: The vault takes care of essential tasks like harvesting, compounding, and distributing rewards removing the hassle of constantly monitoring and manually claiming returns.

• Compatibility: By embracing the ERC-4626 standard, Liquid RON can ensure smooth interaction with other DeFi platforms on the Ronin network.

• Efficient Capital Use: Individuals can keep enjoying staking rewards while potentially earning more from other DeFi opportunities that accept Liquid RON tokens.

The Liquid RON vault keeps its fees straightforward. There’s a deposit fee designed to prevent people from rushing in solely to grab rewards right before they are distributed. There is also a performance fee where 6.5% goes to the treasury when the vaults claim rewards according to the Liquid RON website.

Once you have Liquid RON, there are several ways to put it to work. You can simply hold it in your Ronin wallet to earn staking rewards automatically or trade it on decentralized exchanges like Katana to convert your position into other tokens or currencies.

Another option is to participate in DeFi by providing liquidity to LRON/RON or LRON/other token pools, opening up opportunities to earn extra yield from trading fees and rewards. And if you ever want to send your tokens elsewhere, you can transfer LRON to any other wallet without waiting for the usual staking unlock period.

Getting Started With Liquid RON

1. Acquire RON Tokens: Before using Liquid RON, you need to have RON tokens. These can be bought on various cryptocurrency exchanges, such as Binance, Coinbase, or KuCoin.

2. Connect a Ronin Wallet: Once the tokens are in a wallet, the next step is to visit the Liquid RON platform and connect that wallet.

3. Deposit the RON: Using either the deposit command or other ERC-4626 functions, the user sends RON tokens into the vault.

4. Receive Liquid RON: Immediately afterward, the user will see Liquid RON tokens appear in their wallet.

Because Liquid RON tokens reflect a stake in the network, their value tends to appreciate over time. When individuals eventually redeem Liquid RON tokens, they can typically withdraw more RON than they initially deposited, assuming the vault has accrued staking rewards during that period.