October 27, 2021
SKALE + Ruby.Exchange
NFT-Powered Automated Market Maker Ruby.Exchange Closes $2.8 Million VC Funding
NGC Ventures, Flow Ventures, and Wintermute lead round aimed at building the first AMM on the SKALE Network, closely integrating NFTs into the user experience.
October 27, 2021
Ruby.Exchange, the leading next-generation NFT-integrated AMM and decentralized exchange, has announced the completion of a combined $2.8 million Seed and Strategic funding round, backed by NGC, Flow Ventures, Wintermute, the SKALE Ecosystem Fund, Morningstar Ventures, Yield Ventures, HashKey, CitizenX, and ZBS Capital, as well as significant angels in the DeFi space.
Ruby.Exchange is a decentralized exchange (DEX) built on an Automated Market Maker (AMM), but focused on offering a better user experience through gamification and NFTs. AMMs, which are based on smart contracts that allow users to trustlessly deposit liquidity and trade tokens, are taken to the next level by offering rewards: Enhanced NFTs that include offers and uniquely programmable rights, user customization, and other gamified features. This is all made possible by the SKALE Network, which provides gasless transactions and fast block finality.
" We believe Ruby is uniquely positioned to disrupt the current AMM space by pushing the boundaries of possibility that exist at the intersection of DeFi and NFTs. The project's novel take on user experience is driven by the advantages of integrating NFTs with meaningful utility into the exchange protocol itself, as well as the benefits of building on SKALE's blockchain network. Ruby promises to engage and retain traders and liquidity providers in completely new ways, enabling it to address the sector's notorious lack of user stickiness. In doing so, it will solidify itself as a foundational building block of the DeFi landscape on SKALE and across the emerging multichain ecosystem at large." — Roger Lim, General Partner at NGC Ventures
"The next generation of AMM needs to evolve from the standard playbook of copying Uniswap and offering extra liquidity incentives. Being the first on a chain and building a moat around liquidity is a good starting point, but does not guarantee sustainable long-term success. Ruby is going above and beyond this by offering an advanced feature set and integrating functional NFTs into their AMM's design. Their product, in combination with an impressive team and roadmap, should provide them with the best chance of becoming the main liquidity hub on SKALE. Anyone who is bullish on SKALE, NFTs, and the multichain future of DeFi should be even more bullish on Ruby." — Tommy Quite, General Partner of Flow Ventures
The raise will be completed by a $1 million public sale to be announced at a later date.
Ruby.Exchange Key Features:
- NFTs. Ruby.Exchange's "gem" NFTs embody real utility as well as artistic value. NFTs will be deployed for user profiles; as reward vouchers for trading fee rebates and liquidity provider APY boosts; to unlock a suite of Premium features such as advanced analytics for charting and LP position management; and as affiliate links, copy-trading identifiers, and other social sharing signifiers.
- Zero gas fees and throughput of up to 2,000 TPS, thanks to SKALE's Ethereum-based multichain network architecture.
- Frictionless bridging. SKALE's IMA Bridge provides a fast, secure, and decentralized on/off-ramp between Ruby's SKALE chain and Ethereum, with cross-chain transactions taking just 18 seconds.
Ruby.Exchange is a next-generation AMM hosted on SKALE, a zero-gas, high-throughput multichain solution for Ethereum. Ruby provides a gamified user experience for traders and liquidity providers by integrating NFTs: Generative gemstones that embody financial and practical utility as well as artistic value. Fast, secure migration from Ethereum and other chains is supported by the SKALE IMA Bridge, allowing tokens to move frictionlessly around the wider DeFi ecosystem.
SKALE is a multichain network composed of an unlimited number of secure, decentralized, high-performance Ethereum blockchains. These SKALE Chains were purpose-built to bring Web3 to billions of consumers around the world. SKALE's advanced cryptography and pooled security model is fast, secure, and decentralized, allowing developers to deliver amazing user experiences to end users without gas fees or latency. SKALE's modular and extensible platform includes EVM functionality, file storage, interchain messaging, and machine learning capabilities, but is open sourced and designed to allow developers to easily use best of breed solutions when necessary. This architecture further allows applications to run completely on SKALE chains without centralized dependencies. The SKALE Network is an open source project with many contributors including SKALE Labs, Inc., headquartered in San Francisco, CA.
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