Ethergem otherwise know as Egem is certainly the most slept on Ethereum style L1 token platform in the entire crypto ecosystem, this project has been around for years, developed a novel node system and has a thriving community. The one thing that Egem doesnt have is…… DeFi.
That’s all about to change with the introduction of RubySwap. Based on popular AMM dexes like UniSwap and PancakeSwap, RubySwap allows users of the Egem network to create custom trading pairs and provide liquidity for any pair of tokens on the Egem network.
In recent months there has been a clear and huge appetite for Ethereum style projects in the cryptoverse with the booming valuations of Binance smart chain, Solana, Avalance and Fantom among others. These booms have ALL been on the back of growing DeFi platforms within those ecosystems, and now it’s Egem’s time to shine, after the recent upgrades which brings Egem full Ethereum functionality. Now it’s a race to see which DeFi projects will make the jump to Egem and revel in the decentralisation and low fees that are currently available.
But that’s not what you’re here to read about, you want to know about RubySwap…. well, the launch date has been set for October 22nd 2021 and you will immediately be able to swap, supply liquidity and farm at exchange.rubyswap.finance, there will also be a tutorial series released at 4pm E.S.T that day which will help some of you who are new to DeFi get started. Just make sure your Egem wallets are loaded up before then.
So what about the Supply, well, RubySwap uses the same supply mechanics as PancakeSwap. If you are unfamiliar, it works like this. A certain amount of Ruby is created each block and distributed equally among Liquidity providers, a smaller portion is also distributed among stakers. During IFO/ICO processes a certain amount of Ruby will be burnt, this will also happen in the future when privacy, strong hands or lottery features are enabled, the burning will all be sent to a custom ‘Burn address’ so that its easily auditable, there will be an article in the future and possibly a video to explain this in greater detail. There is also a small development fund which will fund development of RubySwap for the rest of eternity, this fund will be handed over to a DAO in the future when DAO technology has progressed such that fair and effecient DAOs are available.
RubySwap will have a pre-mine of 2,500,000 Ruby and total supply after 1 year will be around 20 Million Ruby (this is subject to change depending on Burnage and staking). The Pre-mine will be used to pay for testing, development and to provide initial liquidity and staking. Full details of the RubySwap premine expenditure will be made available in the near future for transparency.
RubySwap aims to have as fair a launch as possible, despite there being a pre-mine, RubySwap will burn ALL rewards earned by the premine. This includes BOTH LP farming and Staking. This burnage will be sent to the custom Burn address along with all the Ruby which was created during the testing phase which lasted around 2 months. The reason for this is that we do not want early adopters to gain too much of a headstart on later joining community members, when we have gained a diverse enough community of Liquidity providers and stakers we will remove the premine liquidity, burn the rewards and start discussions with the commuity on what should be funded next.
There will be a suite of Tutorials hosted on both SmartReach’s youtube channel and also RubySwaps own youtube channel, these will show people how to use the main features on RubySwap, in the future these tutorials will be available on RubySwap itself in a custom built ‘tutorials’ section.
RubySwap Roadmap will be released within 1 month of RubySwap launching at it will detail RubySwaps plans for the future as both a decentralised exchange and an ICO/IFO platform to help foster projects into the Egem DeFi ecosystem. Features such as 2fast2hodl and privacy pools are among those being discussed in RubySwap team meetings.
Finally if you wish to join discussion about RubySwap please join the Egem Discord at discord.egem.io alternatively you may join our own Telegram server which has kindly been developed by Egem community member Pegasus24 at telegram.rubyswap.finance….. please remember that this link as with all the others will go live on Friday 22nd of October.
Thanks for reading and we really look forward to you using and enjoying RubySwap.