Ravendex, a Cardano-based project plans to build and develop a host of DeFi services while respecting the purpose of a decentralized system. A Ravendex decentralized exchange platform is in the works for the Cardano ecosystem.
Right now, there are a few Cardano-based projects active in the market, however, every single one of them focuses on a single service. There is none similar to Ravendex as they are the primary project making the most of the Cardano (ADA) system. It is the first project to use the Alonzo Hard Fork update on the Cardano Ecosystem, which allows smart contracts to deposit assets and collect interest as per rules.
The company aims to build a sturdy product line of DeFi-specific services, which their $RAVE token would power. Ravendex launched a token of its own to make the planned ecosystem self-sustainable. The $RAVE token was a massive success at its public and seed sale. Out of the 200 million tokens up for seed sale in October 2021, 181.4 million (more than 90%) tokens were sold.
The token has taken a huge leap this year by getting listed on top platforms like CoinMarketCap, BitMart, and Bitrue.
Coming back to NFTs, one must be wondering what is NFT staking? In fact, what are NFTs? NFTs are digital assets that represent real-world objects such as music, in-game items, pop-culture items, art/artist memorabilia, and more. They are bought and sold over the internet on certain platforms by paying the seller in crypto (in most cases). Each NFT is unique and has its set value frequently affected by market demand/popularity and rarity in the secondary market.
NFT staking is an innovative way to earn passive income by staking your NFTs on an exchange of your choice while maintaining ownership. (Note that you should check if your choice of DEX supports NFT staking. Also, check all the details of the NFTs eligible for staking and the rewards and returns you would be accruing over time.)
Now that you know how’s and what’s of an NFT and how value is generated you can conclude that most of them (especially the popular ones) don’t have real utilities. Many projects have now realized this and aim to create real value for these assets by creating real utilities.
Ravendex has also launched its line of NFTs just this month. Ten thousand (only 2000 left now) uniquely pixelated $RAVE NFTs have real utilities in the Ravendex ecosystem, unlike many other projects. Staking tokens are one of the highlighting features of this NFT project. Experienced Haskell and Plutus (both are smart contract programming languages, mainly for Cardano) engineers are on board to speed up their DEX development to guarantee that they deliver on the mainnet in the most conservative time period.
Holders can stake $RAVE NFTs to endorse a project launching through their IDO. They can also list & sell their assets on other marketplaces. Stakers will win the $RAVE tokens periodically (basically like interest on a bond).
Ravendex will welcome investors who are willing to stake their NFTs for one, two, four, and six months. Investors must hold at least 30,000 $RAVE in the same wallet and must stake at least $50 ADA in RAVEP, Ravendex’s ISPO pool. More than $9 million in ADA have been staked in the pool, and more contributors/investors are expected. You have a chance to earn up to 60% APY. The more $RAVE tokens you hold in your wallet the better your chance of earning higher returns!
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