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January 18, 2023

SKALE Partner + dApp Spotlight with Ruby.Exchange

Sydney Jacobs
Content and Comms Manager

1. How did you come up with Ruby.Exchange’s concept? 

We’re DeFi natives who have been active in the crypto world since the beginning! Before starting Ruby.Exchange, we worked for well-known DeFi initiatives in the past, including a major CeDeFi earning app, where we managed a nine-figure portfolio.

We were familiar with many AMMs and other protocols through this work, but none offered the UX or features we thought they should. Our knowledge and experience in the space allowed us to build a DEX with more consumer offerings than other AMMs and protocols in the market. 

That was the foundation of Ruby.Exchange. Over time, the DeFi space has evolved, and we have adapted to industry trends and opportunities to optimize Ruby’s offerings. 

2. What differentiates Ruby.Exchange from other competitors? 

Numerous features set us apart, which could be categorized into product, infrastructure, and opportunities.

We built Ruby as a dual DEX, with regular XY=K pools for tokens like WBTC, ETH, and SKL, linked to a StableSwap 4Pool (USDC, USDP, USDT, and DAI). We use USDP - the most regulated and trustworthy stablecoin - as a default base pair for our XY=K pools. Structuring the AMM like this concentrates liquidity, minimizing slippage and enabling users to swap to any token they want as efficiently as possible.

We also use NFTs to enhance the user experience and help make the platform more “sticky.” From launch, we offered zero-trading-fee gemstone NFTs, which users can win in raffles, with more permissioned rewards and premium functionality on the way.

Then there are the inherent benefits of working with the SKALE Network (see below). As well as offering some great functionality, we also have access to a whole raft of other SKALE-based projects!

3. Why did your team decide to partner with SKALE? 

There are two main reasons: functionality and opportunities.

First, SKALE’s unique features allow us to do things that no other network allows. Zero-gas transactions are a game-changer. It removes user friction and provides a more familiar, Web2-style experience. Our users don’t have to constantly top their wallets off with gas tokens or worry about delays, unpredictable, or astronomical transaction fees. SKALE is a high-throughput platform with unlimited scalability, which is vital given the large number of users Web3 will onboard in the coming years. 

There are also some neat built-in features like on-chain storage, which allow us to fully decentralize NFT metadata (ensuring 100% data sovereignty and availability) and MEV protection. It removes the problems of front-running that are endemic on Ethereum mainnet and other chains.

The second reason is that while SKALE launched in 2018, the SKALE V2 network - the whole, high-scale, interconnected system of dApps and chains - is relatively new. SKALE is a greenfield site for a critical DeFi service like an AMM. We know from experience that the dominant AMM on any chain builds strong network effect, as it hosts liquidity for the entire ecosystem. As first movers, we get to be that AMM.

Additionally, SKALE gave us an oppportunity, not only to become a critical network partner, but to shape the SKALE ecosystem from day one! We have benefited greatly from a close relationship with the core SKALE team.

4. What is your team looking forward to in 2023?

The SKALEVERSE is taking off with many new projects in the pipeline and launching on the network in the coming months. Many of their tokens will be listed on Ruby, which will become a hub for liquidity.

The crypto space has been turbulent over the past year. However, we’re looking forward to seeing the industry stabilize after some players collapse's. We believe this next wave of the crypto space will be heavily influenced by new technologies and narratives, shaping the industry for the better.

5. Do you have any major projects or initiatives coming soon?

With our core functionality now in place, our main priorities at this stage, are focused on marketing and community engagement. Building our Discord community will be crucial for promoting brand awareness and interacting with our users (Join our Ruby.Exchange Discord here!). Discord is far better suited for ongoing discussions and essential as we look to begin to inform the community about governance and work towards decentralizing the protocol.

6. Where do you see the DeFi space evolving over the next 3-5 years?

3-5 years is a long time in DeFi! Over that span of time, we expect UX and functionality to improve dramatically, helping increase adoption to the point where DeFi becomes a popular option for the average person rather than being a specialist or “degen” tech.

One of the things that will drive that is real-world assets being tokenized. We’re already seeing the first of these, but as the trickle becomes a flood, trillions of dollars of liquidity will come onto the blockchain.

That will bring the option of real and meaningful utility for regular users. For example, you’ll be able to borrow against the S&P500 tracker shares you hold to pay for a new car or fund a new business, so you won’t need to sell them or ask for a loan from a third party. It will also be easier to access the best opportunities; for example, instead of being forced to switch bank accounts to get the best interest rates, the whole market will be available to you by default because of DeFi’s openness and composability. Those are just a couple of the more obvious use cases.

We’ll also start to see NFTs delivering new utility, both in DeFi, as financialized assets, and more widely. NFTs will be one of the core technologies of Web3, and SKALE’s tech - especially gasless transactions and on-chain storage - makes it well-suited to host and use NFTs.

7. What other projects do you admire and/or enjoy in the SKALEverse?

We like CryptoBlades a lot! They’re one of the first major projects on SKALE, and their SKILL token is set to be Ruby’s first listing. It’s great to see such a popular game (with a user base of over 1 million) recognize the benefits of a fast, gas-free network.

Alongside real-world assets and what we might call “DeFi 2.0”, GameFi will be a big part of the next bull run narrative, as well as the metaverse and NFTs. So it’s good to know there’s a successful game app already on the SKALE network as that trend takes shape.

There are lots of others, of course. As an AMM, we’re particularly interested in some of the other DeFi projects on the way, some of which will be hosted on the Europa Chain, like Ruby.

To learn more about Ruby.Exchange:

For more information on SKALE

View SKALE’s Network Stats
‍Join Discord

‍Documentation on deploying a Dapp to SKALE

Learn more about SKALE $SKL token

About SKALE

SKALE is an Ethereum native, modular blockchain network composed of high-throughput, low-latency blockchains that are optimized for Web3 user experience. SKALE chains offer zero gas fees to end-users and have advanced features such as on-chain file storage, interchain messaging, zero-cost minting, ML/AI smart contracts, and enhanced security features.

The SKALE network enables developers to deploy their own EVM blockchain in minutes without sacrificing speed, security, or decentralization. Welcome to the SKALEverse.

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