Ravendex, a Cardano-based non-custodial DEX, has created a novel mechanism that allows users to earn RAVE tokens without spending their ADA.
This novel mechanism, the Ravendex ISPO, utilized the Cardano ecosystem that allows ADA holders to stake their tokens and be rewarded with Cardano every five days. An ISPO (Initial Stake Pool Offering) is a new fundraising mechanism that allows community members of a Proof of Stake (POS) network to divert staking rewards towards a project. Ravendex ISPO seeks to encourage investors to stake their Cardano tokens to raise funds without their assets ever leaving their wallets and earn $RAVE tokens as rewards. Ravendex ISPO also aims at helping decentralize the Cardano network.
The Ravendex team explains:
“With our new ISO model, our community can now Stake their ADA to our RAVEP pool to earn rewards in ADA & $RAVE.”
Notably, the Ravendex ISPO has been running for some days now. ADA holders will receive 0.0325 Rave tokens for every ADA staked per epoch. To stake to the Ravendex ISPO pool, users need to delegate to the Ravendex stake pool with the Ticker RAVEP. Users can use their Daedalus or Yoroi wallets that allow ADA holders to delegate their assets to a stake pool in exchange for staking rewards. Note that the rewards will be sent to users based on the amount and duration of ADA staked. In addition, rewards will also be distributed based on what pool margin a user delegated to.
The project seeks to develop a community-driven decentralized exchange, a staking platform, and a launchpad. As a decentralized and non-custodial exchange and liquidity protocol, Ravendex enables blockchain participants to offer liquidity which establishes a market for others to swap their Cardano tokens.
At the project’s heart is a $RAVE token with a total supply of 1 billion tokens. Users who stake and hold Rave tokens can vote for their favorite projects. Rave tokens have been listed on multiple exchanges, including Birtrue, Bitmart, and Sundaeswap. Data on Coinmarketcap shows that the token has a daily trading volume of over $300,000. Just recently, Ravendex revealed its plans of listing on a Tier one exchange in the coming days.