Ruby.Exchange Unleashes New Gemstones NFT On SKALE Blockchain

Ruby.Exchange, a decentralized exchange (DEX) built as an Automated Market Maker (AMM) on the SKALE blockchain, has successfully launched a new collection of “Gemstone” non-fungible tokens (NFTs).

The NFT and DeFi space have taken the crypto world by storm, attracting new brands, organizations, institutions, public figures, and celebrities in the past year. Sadly, amid the ongoing crypto winter, both industries have experienced downslides. However, merging the two industries could create a force for good.

Although non-fungible tokens (NFTs) have gained mainstream adoption, few people understand what they are. Ask someone what an NFT is, they will instinctively think of digital art such as CryptoPunks, Bored Ape, and Ether Rocks that have sold for mouth-watering amounts.

In some instances, other people have regarded non-fungible tokens (NFTs) as vehicles for speculation, with critics lamenting that self-interest and high greed drive the demand for such assets.

Nonetheless, that unhealthy argument does not portray the exact picture of NFTs, leaving many people scratching the surface of what such a token can achieve as more new use cases emerge.

The music industry is tentatively leveraging NFTs. Recently, Live Nation, one of the world’s biggest entertainment companies, started offering a digital version of ticket stubs that give fans a virtual memento of the gigs they have attended.

Other platforms continue leveraging NFTs to allow their customers to invest in new music and receive a share of their royalties. Moreover, many investors are funding TV shows and films through NFTs. Despite the backlash from players, the gaming brands are also increasingly adopting the NFTs technology.

Interestingly, NFTs have huge potential to improve existing crypto services such as decentralized finance (DeFi). NFT technology may be leveraged to unlock access to specific permission services or used as collateral. But before that, some hurdles need to be overcome.

High Cost Of NFT Minting

The high cost of minting is inevitably one of the factors holding non-fungible tokens (NFTs) from playing an integral role in the decentralized finance (DeFi) space, with the ecosystem now desperately needing to mitigate the cost of minting such tokens.

Many layer-2 powered networks such as Ethereum are renowned for their high transaction fees, making it uneconomical to create, distribute or even trade NFTs. The high transaction fee explains why some crypto-collectibles that rely on Layer-2 protocols are exorbitantly priced.

Although Ethereum has become unaffordable for many everyday users, it is expected to shift its consensus mechanism to a more affordable Proof-of-Stake (PoS) mechanism before the end of this year. However, in recent years, many faster, cheaper, and more scalable rival protocols have emerged, bringing their reliability into question.

The puzzle now remains on what would happen if users get a protocol that offers a gas-free experience while transacting and whether the new protocol would attract tens or hundreds of million users to the NFT space.

However, the new approach would benefit NFTs and the DeFi sector, giving crypto enthusiasts the freedom to transact the way they like without minding the cost of transactions. Again, other issues need to be taken into account.

Modernizing The DeFi

Meanwhile, the high gas fees continue making trading and minting financially impractical for smaller-scale users, with bridges that connect Ethereum mainnet to Layer-2 creating more frustrations. As a result, a lack of stickiness has emerged in the DeFi world, with users hunting platforms that offer relatively best short-term opportunities.

The bigger challenge now relies on how to enlighten more people to realize what decentralized protocol and automated market makers (AMMs) have to offer. Many centralized platforms give investors little incentive to convince them to join the DeFi space, making many consumers relinquish control over their digital assets. Ruby.Exchange has built the first NFT-powered AMM designed from the ground to solve some of the critical problems in DeFi.

Ruby.Exchange’s New Gemstone NFTs Overview

Ruby.Exchange is the next-generation exchange hosted on SKALE V2 blockchain. Ruby team describe the exchange as a powerful multi-chain solution for Ethereum. SKALE offers free gas costs, a decentralized and secure bridge to the mainnet where transfers in either direction take minutes rather than hours or even days.

Since digital collectibles can sometimes be uncertain, Ruby has successfully created beautiful, generative gemstone artworks that drive loyalty by integrating real utility and artistic value. The newly launched NFTs have a starring role within its AMM.

Ruby.Exchange provides a gamified user experience where NFTs are minted for user profiles or vouchers for trading fee rebates to ensure customers can access the premium features such as native charting and analytics.

Apart from gamified trading experience and yield farming that many DeFi currently lack, Ruby offers its users long-term engagement and rewards to prevent them from shifting their capital elsewhere, which would affect its liquidity.

As time goes, the newly created NFTs and the analytic and liquidity provider management dashboard will be the key to unlocking access. The NFTs and DeFi space has already shown so much potential to transform the worlds of art and finance. Ruby.Exchange will now determine how powerful the NFTification of decentralization finance can be.