Cardano startup project Ravendex is pleased to announce that it will be opening up the public-testing launch for its native staking platform and also a non-fungible token (NFT) collection made up of 10,000 pixelated raven birds with proof of ownership stored on the Cardano blockchain.
The Cardano-based decentralized exchange (DEX) team said users could earn RAVE rewards from the NFTs because they hold real utility unlike most NFts existing today.
The coin was developed and launched by the team as the utility token in its ecosystem, which will be used for staking, yield farming and launchpad fees.
Users can increase their allocation weight for the project launching in its initial decentralized exchange offering (IDO) by staking their NFTs. They can also list and sell those tokens on secondary Cardano NFT marketplaces.
Ravendex’s utility token, RAVE, has maintained steady prices and avoided volatility despite recent declines in the cryptocurrency market.
The community determines the token’s price in support of its decentralization goal, which allows them to trade and provide liquidity in addition to staking and endorsing upcoming projects that Ravendex will launch on its IDO platform.
How to buy RAVE Token
Rave Token is traded on BitMart and has a market cap of more than $5 million.
BitMart also sells an array of commodities, such as Tether (USDT), Ether (ETH) and a host of other related coins with close to $1 billion worth of trade volume daily — making it one of the best-performing brands by daily volume, according to CoinMarketCap.
The team is focused on launching a functional and feature-packed DEX on the Cardano mainnet before the end of the first quarter of 2022.
Cardano’s partner company, Input Output, recently announced a promising scaling update that would potentially “increase Plutus script memory units per transaction to 12.5 million,” which would positively impact the throughput of decentralized apps operating on the proof-of-stake blockchain.
Ravendex is a Cardano blockchain DEX using an automated market maker protocol. The ecosystem facilitates asset trading on its network through the protocol at a specific price set by provided liquidity. Ravendex leverages the ecosystem’s features and low fees to facilitate fast assets and liquidity transfers between native Cardano tokens and its protocol token, ADA.