On Friday, traders saw some value to Bitcoin and pushed it to currently trade at $37,221 as per data from TradingView. A day before, Fed Chairman Jerome Powell indicated faster interest rate hikes from the Federal Reserve, which led to crypto investors stepping up their accumulation of BTC.
As per Glassnode, around $670 million in Bitcoin left centralized exchanges. Most investors want direct custody of coins before the interest rates hike. This accumulation might infuse some strength in the market in the coming days.
However, the fluctuating crypto market does not affect the demand for digital products on the Ravendex. Ravendex is a Cardano-based decentralized exchange that allows crypto investors to stake on any native Cardano (ADA) token.
It is also the first exchange to utilize the Alonzo Hard Fork update on the Cardano Ecosystem. It smart contracts to deposit assets and collect interest as per rules.
Ravendex has launched its NFT project, and its sale is currently live on their NFT minting page. You can buy a single $RAVE NFT for as low as 50 ADA. Ten thousand uniquely pixelated $Rave NFTs will have real utility in the Ravendex ecosystem unlike many other projects. Staking tokens will be one of the highlighting features of this NFT project. Holders can stake $RAVE NFTs to endorse a project launching through their IDO. They can also list & sell their assets on other marketplaces.
Ravendex also had a blast with its $RAVE token sales, where they offered 200 million $RAVE tokens for sale— out of which 100,000,000 were exclusive for Team, Stake & Yield farming, Locked Ecosystem Reserve, and their ISPO.
The remaining 100 million tokens were up for Public sale, which commenced on 5th December | 9 AM UTC. Its seed sale filled up 90% within hours. $Rave token holders can stake their tokens and receive $Rave rewards.
The staking platform can be used by $RAVE token holders to earn up to 25% and more in interest. Investors will have the ability to provide liquidity to DEX projects. This will help them make a share of the fees charged by the DEX once the project is completed (very similar to staking).
The staking ability to earn fees or interest makes the Cardano ecosystem attractive to investors. Cardano is a mined by a proof-of-stake method, that is considered to be environmentally friendly and scalable compared to proof-of-work mined coins like Bitcoin and Ethereum.
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