CAPITALB AMA Recapitulation- Ruby Exchange

Guest : Mr DoloMite - From Ruby Exchange
Host : Sabith CM of CapitalB

Introduction

The core members of Ruby worked together managing a fund of $150 million for a large crypto project. Our job was to maximize profitability for customers and exceed our ROI targets, while optimizing for safety, which we did using a mix of DeFi strategies, primarily focused around yield-farming.

All team members have worked for category-leading DeFi/CeFi projects as Full Stack Devs, Marketing Directors, Branding and Content Creators, Portfolio Managers, Biz Dev, Algorithmic Traders, and Market Makers. Our core team has strong foundations in Trade Bot Automation and DEX Arbitrage. So it's safe to say we're DeFi natives.

Questions From Community!

  • Answer : Users are tired of paying $150 in gas just to make a swap, but low cost, speed, and ease of use are only part of the solution when it comes to what they really want in DeFi. As DeFi users first and foremost, we've seen what all the other DEXs are offering and there's always something missing. When you trade on CEXs there are always different incentive mechanisms in place (trade-sharing, leaderboards, referral links, etc) that drive user interaction and loyalty. AMMs simply don't see that level of engagement. They're not "sticky". Users move around, chasing the highest yields and looking for the lowest fees.

No other AMM has advanced analytics, charting, and portfolio management tools built right into the platform itself. Imagine you're farming a pool that has a risk of Impermanent Loss. Does any AMM offer you detailed analytics showing your actual LP position as the values change?

We're fixing all of that. And more.

Q2) Nft powered AMM what’s actually the use of integrating nft into the AMM and how will it benefit the users ?

  • Answer : Dolomite:
    Think about how Robinhood appeals to its users compared to, say, Vanguard.

We want to reimagine and gamify the user experience to inspire loyalty and offer users something exciting and rewarding. We're doing that by integrating NFTs that have real financial utility into the platform from day one. Not as an after thought, but as a fundamental use case.

For example, we'll have reward gems (ERC-1155) that provide APY boosts for yield farmers, and trading fee rebates. Unique user Profile NFTs (ERC-721) are generative gemstone artwork (each one 100% unique, no two will ever be the same) that also allow users to create "referral links", with successful referrals earning them tickets for a regular NFT lottery. Prizes might include qualification for future airdrops, a share of protocol fees, or special APY boosts. We're constantly expanding on what these benefits might include down the line. So these examples are just the beginning of what we have in store for the community.

Q3) Why you chosen scale network to build your product , also you are going against the traditional way many exchange are build so do you really think it’s worth it ?

  • Answer : Dolomite:
    Basically, SKALE technology is the best we've seen so far. And we've been around for a long time.

For example, NFTs have incredible potential for DeFi but both AMMs and NFTs in their current form are broken. A lot of people don't realize that most NFTs use centralized hosted storage for images (things like AWS). They also might not know that every trade they make on Ethereum L1 can be front-run by bots—because that's simply the reality that the current L1 infrastructure is at in this point in time. Fixing these things are only possible on the tech stack that SKALE Network offers:

- ZERO gas costs
- Fast finality for near-instant swaps
- 18 second bridge from Ethereum mainnet
- Fully on-chain NFT storage
- Encrypted mempool for front-running protection on every tx

We use SKALE because it gives us the option to dramatically lower the barriers to entry for all users and to make the AMM safer and more rewarding for everyone, not just wealthy users who can afford the gas.

Q4) What are your plans for launch and audits and testnet ? Can you share in your roadmap as well?And where you see ruby Exchange in long run ?

  • Answer : We're planning to hold a public sale immediately prior to going live and are currently in talks with multiple auditing firms. We're on a private testnet at the moment, making sure all aspects of our platform are fully operational and functioning as intended.

A roadmap will be published closer to launch.

As for the long run, we see ourselves as quickly becoming the dominant AMM on SKALE. Once we're live and users have a chance to test out the exchange for themselves, we're confident the market will take notice and many more projects will choose to LP or move over to Ruby.

Q5) Since you are making a unique product you had no leader to follow and learn from there mistakes.
So mention few challenges you faced and how you tackled them ?

  • Answer : Dolomite:
    I would say the integration of NFTs that play such a critical role in the user experience and token economics of our trading platform has been the biggest hurdle. Nobody has tried to do what we're doing here, so it's uncharted territory. In terms of tackling challenges, our backers and advisors are some of the best-known VCs and brightest minds in the space so they've been extremely helpful in giving advice and helping us with any problems we might run into. Also our team has basically lived and breathed crypto and DeFi for many years now, so our extensive knowledge of the industry has definitely come in handy.

We've been in blockchain since the beginning and have watched this space evolve and change at breakneck pace, and in doing so because we've lived through the past we have a good idea for where the space is moving and how to solve many of the problems that might pop up. Other than that, it's really just a lot of sleepless nights and tons of coffee!

Sleep at this point is just a word to us. We're working 24/7 to ship this product as fast as possible without cutting any corners.

For More information

Twitter : http://twitter.com/ruby_exchange

Telegram : https://t.me/RubyExchangeOfficial

Blog : http://blog.ruby.exchange/

AMA Recap By CapitalB Team

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