RavenDex – Pioneering Non-Custodial Decentralized Exchange Supporting Cardano Ecosystem

By Stan Peterson
Published October 25, 2021 Updated October 27, 2021

RavenDex – Pioneering Non-Custodial Decentralized Exchange Supporting Cardano Ecosystem

By Stan Peterson
Published October 25, 2021 Updated October 27, 2021

For those who haven’t heard of it, Raven is the world’s first Cardanoblockchain-based decentralized exchange that facilitates seamless asset and liquidity transfers between ADA and other Cardano tokens. This way RavenDex acts as a cross chain exchange that utilizes eUTXO model which is capable of sharing liquidity by splitting assets on the Cardano ecosystem.

What makes RavenDex different from all other projects by Cardano is the fact that users can earn interest on RavenDex by lending assets to a pool and even by borrowing, while their assets are collateralized. RavenDex paves the way to introduce the concept of asset lending and borrowing platform on Cardanoblockchain with the help of Alonzo Hard Fork.

Overview of Whitepaper

The whitepaper of Whitepaper serves as a detailed insight into the project and it shows RavenDex in a new light where it is a Uniswap protocol-based product customized for Cardanoblockchain through many unique modifications. Basically, RavenDex would allow participants of the blockchain to create a market by sharing liquidity with others and swap native tokens effortlessly. Swap will cost a fee in exchange for the quick service which is returned to liquidity providers.

RavenDex is going to be completely P2P where no middlemen are present to capitalize on participants’ transactions. Like other decentralized exchanges, RavenDex will be more independent, free from restrictions, and compatible with different types of Cardano-based tokens including its own utility token $RAVE. Several companies are preferring the Cardano network creating a demand for it in financial services that keeps growing.

The best thing about RavenDex is that it will utilize Cardanoblockchain rather than Binance or Ethereumchain which are considered the most popular choice for building a decentralized exchange. The reason for this decision is quite simple because Cardano is a 3rd gen blockchain that prioritizes energy efficiency. Being a PoSblockchain, Cardano has been found to be 1.6 million times more efficient than Bitcoin.

Distinctive aspects of RavenDex

Though there are hundreds of highly professional decentralized exchanges in the crypto world, RavenDex is going to be the first one based on the Cardanoblockchain. But that is not the only thing that makes this project worthy of attention. Some features are as follows:

  • Lending protocol

After the planned release of the RavenDex smart contract happens, it would enable DEX participants to benefit from native assets lending features of the platform. Users would have to connect their wallets with the Yoroi Nightly extension in order to deposit assets and then earn interest securely from the DEX platform.

  • ERC-20 to Cardano Converter

A cross-chain bridge is in the works and it will be an important part of the RavenDex model. This gateway will seamlessly migrate ERC-20 tokens belonging to the Ethereumblockchain to Cardano and suffer low transaction fees.

  • Swap protocol

As a decentralized automated market maker protocol, the speciality of RavenDex lies in the fact that every platform user will be able to swap and trade native Cardano tokens seamlessly without restrictions. Different exchanges that become a part of Cardano’seUTXO architecture are capable of pooling their individual liquidity to provide more benefits to their users.

  • Transparency benefits

Being a decentralized exchange platform is a massive feat in itself, especially nowadays when top-tier centralized crypto exchanges around the globe are being hacked or attacked. The secure platform of RavenDex would also reward its users with $RAVE for their services. The team has allotted 50% of its utility token’s total supply for the public.

  • Multifunction liquidity pool

RavenDex will enable liquidity providers to choose the most profitable pools for any particular pair to obtain the highest returns making the whole experience most capital efficient. To achieve this, the team is working on implementing several pricing algorithms for each of the liquidity pools available on RavenDex. Though you might think that this strategy would lead to unbalanced liquidity, it simply directs money to the most efficient pool allowing for smooth incorporation.

Recent Developments

RavenDex released an exclusive demo of their product featuring its front-end design that is both user-friendly and made to work as a solution to Cardano’s concurrency issue. It is fascinating to see how quickly the project is progressing. A few days ago, the developers of RavenDex successfully added “dark mode” on its swap interface to make it less eye-straining for users that have highly sensitive retinas.

Other than the front-end demo, RavenDex shows some impressive news about the recent private sale round for the utility token of the decentralized exchange platform called $RAVE. It goes without saying that the entire infrastructure of RavenDex would be powered by $RAVE

According to several news outlets, the private sale was oversubscribed by participants who would become the early adopters of RavenDex. As of now the only way to get your hands on the RavenDex utility token is to invest in the project and thus become an early adopter. The team has decided that contributions to the RavenDex ecosystem will earn early adopters $RAVE tokens.

The brilliant minds working behind RavenDex and its unique and customized Cardano-based decentralized finance (DeFi) ecosystem are a part of Ravendexlabs. The project is working on including more talented individuals like ex-developers from Plutus Pioneer to join their mission in order to accelerate the development pace. Updates regarding their accomplishments can be found on the official telegram channel and on Github.

$RAVE Token Pre Sale

Earlier, RavenDex announced that the Pre sale for $RAVE token will be held on 26th October to allow potential investors who missed the chance to join the private sale round can still make it to the list of early adopters of RavenDex and obtain $RAVE. Updates regarding the private sale round are available on RavenDex social media.

The next stage

Stage 1 of RavenDex developments began during Q3 of 2021 which included the following milestones that the team completed successfully;

  • Making the project known
  • Release of RavenDex website
  • Rave token deployed on Cardano
  • Creating whitepaper
  • Building social media presence
  • Release of tokenomics

This project is currently in stage 2 which is expected to complete by the end of Q4. Aims to fulfil in this stage are;

  • Release of MVP
  • Token sale specifically for early adopters
  • Rave token distribution
  • A thorough security audit
  • Release of staking platform
  • Project ambassador and bug bounty program for the community
  • Adding support for Yoroi Nightly Extension as well as Nami
  • Announcement of Ravenlabsstablecoins pegged to US dollar
  • Announcement of Raven mAssets (three variants rBTC, rETH, and rBNB)

Keep up with Ravendex by following them on their social media below.

Twitter: https://twitter.com/Ravendexlabs

Telegram: http://t.me/ravendexlabs

Github: https://github.com/Ravendexlabs

Media contact

Company: Ravendex Labs

Contact Name: Raven

E-mail: [email protected]

Website: https://ravendex.io/

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Stan Peterson
558 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.