Ruby Exchange

Ruby Exchange — is the first decentralized exchange on the second level blockchain SKALE

Ruby decided to build their project on SKALE for several reasons:

• SKALE is capable of processing 2000 transactions per second (Ethereum is only capable of 20)

• SKALE offers gasless transactions while Ethereum has very high fees

• SKALE has its own bridge delivering assets of all standards (ERC-20, ERC-721, ERC-1155) to/from Ethereum in a short time

• SKALE has a decentralized file system that Ruby uses to store

SKALE is a multichain scaling solution for Ethereum, featuring zero gas fees, fast confirmation and finality, decentralized on-chain storage, MEV protection, instant bridging between SKALE Chains, and 3-5 minute mainnet bridging.

In October 2021, Ruby closed a private-seed funding round, whose participants were NGS Ventures, Flow Ventures, Wintermute, SKALE Ecosystem Fund, Morningstar Ventures, Yield Ventures, Hashkey, Citizen X and ZBS Capital . The investment amount was 2.8 million dollars. According to tokenomics, private and seed investors received 13% of all tokens out of a total supply of 200 million. On TGE, they will receive 15% and 10% respectively, the linear unlocking of the remaining tokens will stretch up to a year and a half.

• Rewards for providing liquidity

• Project management

• Buying tickets to participate in NFT draws

Two types of exchangers will be available on Ruby: regular and StableSwap, which will allow you to exchange stablecoins with minimal slippage.

The $RUBY token will have the following uses:

Exchange fees on the site are 0.3%, which will be distributed as follows:

• 0.25% - rewards to liquidity providers

• 0.04% - buyback $RUBY from the market for staking rewards

• 0.01% - buyback and burning of $RUBY

As already mentioned, Ruby will use NFT at its site. The NFT data are various gems. Each gem is unique and generated based on many parameters, some of which can be seen in this screenshot . NFTs will be used on the site for all categories of users: for traders - reduced exchange fees, and for liquidity providers - increased rewards and the possibility of early receipt of rewards. In addition, gems are used as a profile avatar.

Also, the site will host NFT ruffles, tickets for which must be purchased for the site's native token $RUBY. All NFTs will be traded on the Ruby Exchange marketplace.

The success of the Ruby Exchange will directly depend on the success of the SKALE blockchain. We hope that Ruby does not share the fate of all DeFi sites hosted on Impossible Finance.