introducing-ruby.exchange:-the-first-nft-powered-amm-–-cointelegraph

Ruby.Exchange combines cutting-edge Ethereum technologies to create a feature-rich user experience, providing more ways for traders and yield farmers to earn.

Automated Market Makers (AMM) are decentralized finance’s (DeFi) answer to the problems of centralized crypto exchanges. By providing secure, trustless, user-friendly token trading, AMMs have established themselves as foundational components of the DeFi movement and ecosystem. However, AMMs typically suffer from a lack of “stickiness” and poor user experience.

Ruby.Exchange is taking the exciting opportunity to become the first-ever nonfungible token-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 nonfungible tokens (NFT) and putting them all together in a beautiful, elegant UX with an integrated bridge, trader-friendly charts, a liquidity-provider position-management dashboard, and attractive liquidity mining rewards.

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 layer one.

  • 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, a throughput of up to 2,000 transactions per second, and built-in threshold encryption for front-running protection.
  • Frictionless bridging. Skale’s IMA Bridge provides a fast, secure and fully decentralized on- and off-ramp between Ruby’s Skale chain and Ethereum layer one, with cross-chain transactions taking just 18 seconds. 

NFTs: More than trading JPGs

Ruby.Exchange is helping to broaden NFT use cases, 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 critical components of DeFi ecosystems, providing hubs for liquidity, users, and decentralized application 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 cannot be shut down, taking into account the reality that this requires the dispersal of governance and economic influence (token holdings) as well as the dispersal of blockchain infrastructure.

The only way Ruby can operate securely and effectively is as a decentralized autonomous organization, or a 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. Its backers include some of the biggest and highly 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 Web 3.0

As an AMM, Ruby.Exchange is a core piece of infrastructure for the DeFi sector and, by extension, for the emerging decentralized Web 3.0 movement. By leveraging the latest technologies from the Ethereum ecosystem, including a powerful layer two and functional NFTs that aren’t limited by the rising cost of gas fees, Ruby AMM can offer its users features unavailable anywhere else in the DeFi world. Ruby.Exchange aims to become the No. 1 AMM on Skale and major infrastructure for the wider DeFi movement.

Learn more about Ruby.Exchange:

https://blog.ruby.exchange

This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.