Since announcing the successful funding of Ruby.Exchange last year, we have been busy building out the platform and working closely with the SKALE team to maximize the benefits offered by a DEX hosted on a high-throughput, gasless layer-2 blockchain solution.
The major infrastructure for the exchange is now complete, and is currently undergoing testing while we continue to develop secondary functionality and await an all-important code audit.
Let's take a look at what Ruby's devs have been working on...
Some of Ruby's core functionality is based on code adapted from other popular AMMs, while other features have been developed from scratch to provide a completely new kind of user experience. The following features are ready for launch, pending final testing and audit.
Ruby's main pools use the standard "XY=K" AMM algorithm to enable trustless swaps between popular tokens such as ETH, BTC, and USDC. The fee for regular swaps is 0.3%. This is shared between liquidity providers and RUBY stakers, with a small percentage converted to RUBY and burned.
The StableSwap Pool is designed for low-slippage swaps between multiple supported stablecoins. Since this is an important use case for Ruby, and SKALE's zero-gas transactions will facilitate high stablecoin trading volumes, the fee for this pool is just 0.04%.
Liquidity providers for both XY=K and StableSwap pools will also earn RUBY yield farming rewards.
Swap User Interface
Ruby's trading interface provides a simple but powerful way to swap between any two supported tokens, whether crypto (ETH, BTC, etc) or stablecoins. Before the transaction is approved, an additional dialog box displays information about slippage tolerance, fees, and estimated output.
DeFi User Interface
User interfaces are also complete for key DeFi activities, including:
- Personalized user profiles
- NFT display and management
- Deposit funds to liquidity pools
- Stake LP tokens in yield farming contract
- Claim farming rewards (begin vesting)
- LP position management
- Access vesting farming rewards instantly, in return for early-exit penalty
- Stake RUBY tokens, or lock for three months for potentially higher rewards
The Ruby Protocol includes a custom router that directs orders through different pools to ensure the most efficient execution. The platform is designed in such a way as to concentrate liquidity and minimize slippage for all users. This feature will be explored in more detail in a future blog post.
One of the most impressive features of the SKALE network is its approach to bridging. While most other solutions are slow and/or centralized, SKALE's IMA Bridge v1.0 enables secure, decentralized transfers between Ruby's S-Chain and Ethereum mainnet in just 18 seconds. The forthcoming IMA v2.0 will allow near-instant and free transfers between S-Chains.
One of the SKALE network's biggest benefits is its free transactions. All operations are gasless, so users can transfer and trade any amount of funds efficiently.
Because SKALE is based on Ethereum, users will need a balance of the sFuel token to execute transactions. sFuel has no market value but is required as part of SKALE's security model. A little sFuel goes a long way, and users will only need to top up their balance from the faucet infrequently, if at all.
Gems to be displayed as profile images are created using a number of randomly-generated parameters, including color, number of sides, reflectivity, and edge wear. The breadth of variables and possible combinations means that each profile gem is unique.
We've also created series of gems to be used for permissioned rewards, including reduced trading fees and LP reward boosts. Gems with the same functionality look the same.
Countdown To Launch
Ruby.Exchange is close to being launch-ready, with most key functionality now complete. The most important remaining element still to come is a code audit. While that process is ongoing, we're using the opportunity to add more features, building partnerships with other projects on the SKALE network, and lining up our public sale.