Ruby.Exchange Closes $2.8 Million Funding For First NFT-Powered AMM
Partnerships and Supporters SKALE

Ruby.Exchange Closes $2.8 Million Funding For First NFT-Powered AMM

Ruby
Ruby

Ruby.Exchange is enormously proud and excited to announce the completion of our Seed and Strategic funding rounds, which raised a total of $2.8 million! Our 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 a number of significant angels.

Along with our upcoming $1 million public sale, this funding will enable Ruby to develop, market, maintain, and ultimately fully decentralize the first ever NFT-powered AMM. Built on SKALE, a powerful multichain solution for Ethereum, Ruby.Exchange is designed from the ground up to solve a series of critical problems for DeFi, employing a combination of cutting-edge technologies and a new tokenomic model to deliver a fun, accessible, and gamified trading experience.

Ruby.Exchange generative gemstone NFTs
Ruby integrates gemstone NFTs to gamify the user experience, increase stickiness, and provide new ways to earn.

Safeguarding The Bedrock Of DeFi

Automated Market Makers (AMMs) are decentralized applications that allow trustless trading of digital assets, using smart contracts to set the price of tokens deposited by liquidity providers to common pools. As open, composable software, they can be plugged into other dapps and have become vital infrastructure for the DeFi movement. The dominant AMM on each blockchain is a crucial hub for traders, developers, LPs, and yield farmers.

At this early point in the DeFi revolution, however, AMMs suffer from a number of issues that undermine their value and utility to their stakeholders:

  • High gas costs on Ethereum L1 make small trades uneconomical, pricing out a large portion of global users.
  • Slow or centralized bridges between Ethereum mainnet and L2 solutions introduce friction and risk when migrating assets.
  • User experience is poor, with advanced features enjoyed by CEX users generally provided by third parties, if at all.
  • Liquidity can dry up as funds are migrated to higher-paying opportunities, due to the mercenary nature of yield farming capital.
  • Front-running costs users billions of dollars every year and may soon threaten the stability of the blockchain.

All of these problems must be solved before AMMs and DeFi can become a part of the mainstream financial landscape, let alone fulfill their promise of providing accessible financial services to anyone with an internet connection.

Ruby: A New Kind Of Exchange

Building on SKALE, an emerging and exciting multichain solution for Ethereum, allows Ruby.Exchange to create a completely new kind of user experience that addresses all of these concerns. Key functionality includes:

  • Feature-rich, gamified UX powered by gemstone NFTs—beautiful, generative artworks that will drive loyalty by embodying real utility as well as artistic value. NFTs will be 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, thanks to SKALE's Elastic Sidechain architecture.
  • 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.
Ruby.Exchange user profile interface with gems.
Ruby's profile dashboard includes NFT ownership and farming positions in an intuitive user interface.

SKALE's technology and support are fundamental to Ruby's ability to deliver a product that will attract and retain traders and liquidity providers alike. In particular, SKALE's zero-gas environment enables Ruby to mint and distribute NFTs on-demand—something that would be impossible on Ethereum L1. By being the first to launch a service of this kind, Ruby will provide core infrastructure both for the fast-growing SKALE ecosystem and for the broader EVM-compatible DeFi movement of the future.

Needless to say, we're thrilled at the opportunity to shape the emerging NFT-DeFi space, spearheading new use cases and pushing the boundaries of the sector forward. We can't wait to show the community what we've been building!

Find Out More

Over the coming weeks in the run-up to launch, we're going to be publishing more details about Ruby.Exchange, its tokenomics, the forthcoming public sale, the advantages of using SKALE, and rewards for liquidity providers.

Learn more about Ruby by visiting Ruby.Exchange, following the project on Twitter and Telegram, or subscribing to the Ruby blog.