Introducing Ruby.Exchange: The First NFT-Powered AMM
Ruby.Exchange combines cutting-edge Ethereum technologies to create a feature-rich user experience, providing more ways for traders and yield farmers to earn.
Ruby.Exchange is grabbing the exciting opportunity to become the first ever NFT-powered exchange by taking the convenience and simplicity of an AMM, the speed and gasless transactions of the SKALE network, and the flexibility and utility of NFTs—putting them all together in an UX with an integrated bridge, trader-friendly charts, LP position management dashboard, and attractive liquidity mining rewards and tokenomic model.
Built On SKALE
Ruby is built on the SKALE network, a powerful multichain solution for Ethereum, and designed from the ground up to solve a series of critical problems for DeFi. The infrastructure provided by SKALE is unparalleled in the DeFi sector, enabling functionality that would be impossible on Ethereum L1.
- Feature-rich, gamified UX powered by gemstone NFTs—beautiful, generative artworks that will increase platform "stickiness" by embodying real utility as well as artistic value. NFTs will be stored 100% on-chain and minted for user profiles; as reward vouchers for trading fee rebates and liquidity provider APY boosts; for unlocking premium features such as native charting and advanced analytics; and as affiliate links, copy-trading identifiers, and other social sharing signifiers.
- Zero gas fees, throughput of up to 2,000 tx/second, and built-in threshold encryption for front-running protection.
- Frictionless bridging. SKALE's IMA Bridge provides a fast, secure, and fully decentralized on/off-ramp between Ruby's SKALE chain and Ethereum L1, with cross-chain transactions taking just 18 seconds.
NFTs: More Than Trading JPEGs
Ruby.Exchange is helping to broaden the use cases for NFTs, expanding their role as a means of trading digital images and collectibles. SKALE's zero-gas environment allows minting and distribution of gemstones on-demand. Meanwhile, giving these NFTs real use cases within DeFi, with measurable financial utility, makes them a meaningful store of value and enables users to set their price on the secondary market.
Decentralization, DAO, And Governance
AMMs like Ruby.Exchange are the critical components of DeFi ecosystems, providing hubs for liquidity, users, and dapp developers. Their importance means that any AMM bears an especially high degree of responsibility to remain open, neutral, and secure.
Ruby.Exchange is built on the Cypherpunk principle that a widely dispersed system can't be shut down, taking into account the reality that this requires dispersal of governance and economic influence (token holdings) as well as dispersal of blockchain infrastructure.
The only way Ruby can operate securely and effectively is as a decentralized autonomous organization (DAO). Ruby DAO will govern, maintain, and safeguard the Ruby Exchange Protocol to ensure the long-term sustainability of the AMM and other vital ecosystem components.
Completed Funding Rounds
Ruby.Exchange has successfully completed Seed and Strategic funding rounds, raising a total of $2.8 million. Their backers include some of the biggest and best-respected names in the space, including NGC, Flow Ventures, Wintermute, the SKALE Ecosystem Fund, Morningstar Ventures, Yield Ventures, HashKey, CitizenX, and ZBS Capital, as well as several significant angels.
A public sale will precede the launch of Ruby.Exchange.
Building A Multichain Web3
As an AMM, Ruby.Exchange is a core piece of infrastructure for the DeFi sector and, by extension, for the emerging decentralized Web3 movement. By leveraging the latest technologies from the Ethereum space, including a powerful L2 and functional NFTs that aren't limited by the cost of gas, Ruby AMM can offer its users features unavailable anywhere else in the DeFi world. Ruby.Exchange aims to become the #1 AMM on SKALE, and major infrastructure for the wider DeFi movement.