The Cardano ecosystem is now blooming since its mainnet in Sep 2021. Multiple DeFi projects have released plans to deploy their creative ideas on Cardano. However, those projects often focus on one or two DeFi projects and they will develop and nurture their projects to reach success.
Ray Network is released to connect those separate legos by building a DeFi ecosystem with over 12 satellite projects from scratch. They are also running the fair launch program similar to other DeFi projects such as MinSwap, Mirquir, and MELD, etc.
The article below will provide all detailed information about Ray Network, including:
- What is Ray Network? How does it work?
- All detailed information about XRAY Tokenomics and how to get, buy XRAY tokens.
- Roadmap, the team, investors, and partners.
- Is Ray Network a good investment?
Let’s explore Ray Network!
What is Ray Network?
Ray Network is an all-in-one DeFi platform built on Cardano that makes smart contract payments available to everyone. The platform consists of multiple DeFi applications creating a Cardano-based ecosystem.
How does Ray Network work?
Ray Network is similar to the successful scenario of PancakeSwap with various DeFi services such as trading, providing liquidity, farms, prediction/lottery, and NFTs. Therefore, if every lego of Ray Network is finished, it will capture lots of new users and value to the XRAY token. Since it’s a DeFi station, Ray Network has a wide range of DeFi products as follows:
RayWallet is a light wallet like the Yoroi Wallet that is used for interacting with DeFi services and DeFi platforms. It’s now available only on the website. However, the team plans to integrate it with web browsers and mobile platforms.
RaySwap is an AMM DEX inside Ray Network that is used for trading native tokens on Cardano. Like other DEXs, the working principle of RaySwap is a constant product formula x*y=k where x = token0 and y = token1 respectively in the liquidity pool.
RayNFT is an NFT marketplace built on Cardano that allows users to create, sell and buy NFT.
RayKickstart is an IDO launching platform helping projects with creative ideas to raise funds for development.
RayData is an on-chain storage platform where users can store various types of information such as medical records, meeting schedules, music, etc.
Other minor products such as RayStake, Minterr, NFT XDIAMOND, CardanoWeb3.js, and RayGraph are mentioned in the following Ray Network ecosystem landscape.
What is XRAY Token?
XRAY is the Cardano-based utility and governance token of the Ray Network. It can be used to pay for Ray Network services and other DeFi protocols such as tokens minting, governance voting, yield farming on RaySwap, etc.
Detailed information about XRAY Token
XRAY Key Metrics
- Token Name: Ray Token.
- Ticker: XRAY.
- Blockchain: Cardano.
- Token Standard: Updating...
- Contract: Updating...
- Token Type: Utility and governance.
- Total Supply: 406,152,800 XRAY.
- Circulating Supply: 23,538,200 XRAY.
XRAY Token Allocation
The Ray Network Token has a total max supply of 406,152,800 tokens distributed as follows:
- Community: 58%.
- Investors: 20% with a vesting schedule.
- Team: 14% with a 3-year vesting period.
- Founders and advisors: 8%.
XRAY Token Sale
RAY Network uses a fair launch to distribute 58% of all XRAY tokens to the community for about 3 years. This method allows the pool owners to take ADA rewards to develop the project while ADA delegators will receive tokens of the project in return. Therefore, it’s considered risk-free, but you should do your research before participating.
To earn XRAY, users can delegate ADA into the RAY staking pools via RayWallet, AdaLite, Yoroi, or Daedalus wallet. The estimated ROI per year is about 5% as XRAY rewards, which means delegators will receive 1 XRAY per 110 ADA staked for each epoch.
XRAY Token Release Schedule
XRAY Token Use Case
Ray Network issues XRAY as its utility and governance token, having functionalities as follows:
- Platform Utility: RayNFT and RayKickstart will use XRAY as the base token for DeFi services such as IDO allocations and NFT mintings.
- Liquidity Providing: XRAY can be used to provide liquidity on RaySwap.
- Governance: XRAY holders can participate in the voting mechanism of Ray Network governance, community treasury, protocol updates.
How to get XRAY Token
You can earn XRAY tokens by participating in the fair-launch program mentioned above. Alternatively, Ray Network plans to distribute XRAY tokens via the Liquidity Providing program and the IDO launch on its RayKickstart platform.
How to buy XRAY tokens
How to store XRAY Token
Roadmap & Updates
Team, Investors, and Partners
Nick Tabolich is the founder of Ray Network, he and the team have experience in building different web systems based on their framework - Visual Builder from Sellpixel.com. However, other members of the team and the advisors remain anonymous.
Investors and Partners
Currently, Ray Network is running a fair-launch program to distribute the XRAY token to the community. In the future, the token will be distributed via the Liquidity Providing program and the IDO launch on its RayKickstarter. Therefore, Ray Network might not have any VC or any support from big organizations.
Is Ray Network (XRAY) a good investment?
Currently, Ray Network has released the functional RayWallet for users to store ADA and XRAY tokens. RayWallet can be used to transfer ADA or stake ADA into staking pools. There are some notable highlights from Coin98 for investment considerations:
In the aforementioned products of Ray Network, you can see the big ambition of the project. The Ray Network team is trying to build an all-in-one DeFi station that has almost all DeFi components. This means Ray Network may have a prominent team to build that many products instead of focusing on one or two products.
Besides RayWallet, other products are still in the development process. The team needs time to build and assemble every component of the platform. According to the roadmap, they plan to release RaySwap and RayNFT in Q4 2021 and other products in Q1 2022. This development pace is common for Cardano-based projects as the Cardano mainnet was launched in Sep 2021.
Via the fair launch program with nearly 90M ADA staked, Ray staking pools have generated over 800,000 ADA rewards for delegators. Furthermore, they receive XRAY tokens distributed by Ray Network based on their staked amount. As a result, investors can benefit from this amazing fair launch.
Ray Network has a total of 5 Ray staking pools where investors can stake their ADA to earn XRAY. The fee margin number of the pools is set to 0%, which means Ray Network receives no ADA rewards while operating the staking pools. From my perspective, the marketing strategy of Ray Network is to use the fair launch program to attract more ADA holders and support from the community.
On the other hand, in the long term, the project might lack funds since all ADA rewards from staking pools are distributed to delegators. The Ray Network team has to build an all-in-one DeFi platform that requires lots of effort and countless hours of labor. However, Ray Network can raise funds from the IDO launch for product development.
From my point of view, Ray Network should leverage the marketing campaign to attract more ADA holders to platforms. The fair launch is a competitive marketing feature of Ray Network since some other platforms share ADA rewards with their delegators.
And as usual, whether it is worth investing or not, Do Your Own Research before investing and be responsible for your investment.
As a DeFi ecosystem, Ray Network covers different DeFi categories such as wallet, DEX, launchpad, graph/query, NFT, etc. There are other similar projects on Cardano that are categorized as DeFi stations such as VyFinance, Coinlink, dcSpark, and Paribus.
Ray Network is building a DeFi ecosystem that consists of multiple DeFi products and blockchain tools. This makes Ray Network an ambitious project with no VC or early investors. The ability of the team that affects the practicality of the project still remains unrevealed. We will continue updating more about Ray Network in the future.
And that is all you need to know about Ray Network and its XRAY token. I hope you’ve gained helpful insights to understand the potential behind Ray Network.
If you want to know further about Ray Network, please feel free to leave a comment below.