Ravendex, a Cardano-based non-custodial DEX, has created a novel mechanism that permits customers to earn RAVE tokens with out spending their ADA.
This novel mechanism, the Ravendex ISPO, utilized the Cardano ecosystem that permits ADA holders to stake their tokens and be rewarded with Cardano each 5 days. An ISPO (Preliminary Stake Pool Providing) is a brand new fundraising mechanism that permits group members of a Proof of Stake (POS) community to divert staking rewards in the direction of a undertaking. Ravendex ISPO seeks to encourage buyers to stake their Cardano tokens to boost funds with out their belongings ever leaving their wallets and earn $RAVE tokens as rewards. Ravendex ISPO additionally goals at serving to decentralize the Cardano community.
The Ravendex workforce explains:
“With our new ISO mannequin, our group can now Stake their ADA to our RAVEP pool to earn rewards in ADA & $RAVE.”
Notably, the Ravendex ISPO has been working for some days now. ADA holders will obtain 0.0325 Rave tokens for each ADA staked per epoch. To stake to the Ravendex ISPO pool, customers must delegate to the Ravendex stake pool with the Ticker RAVEP. Customers can use their Daedalus or Yoroi wallets that permit ADA holders to delegate their belongings to a stake pool in alternate for staking rewards. Observe that the rewards shall be despatched to customers primarily based on the quantity and period of ADA staked. As well as, rewards may also be distributed primarily based on what pool margin a person delegated to.
The undertaking seeks to develop a community-driven decentralized alternate, a staking platform, and a launchpad. As a decentralized and non-custodial alternate and liquidity protocol, Ravendex allows blockchain contributors to supply liquidity which establishes a marketplace for others to swap their Cardano tokens.
On the undertaking’s coronary heart is a $RAVE token with a complete provide of 1 billion tokens. Customers who stake and maintain Rave tokens can vote for his or her favourite tasks. Rave tokens have been listed on a number of exchanges, together with Birtrue, Bitmart, and Sundaeswap. Knowledge on Coinmarketcap exhibits that the token has a day by day buying and selling quantity of over $300,000. Only in the near past, Ravendex revealed its plans of itemizing on a Tier one alternate within the coming days.