As the crypto space continues to grow, it is also important that we look at existing problems and work towards improvement. Layer 2 protocols work to solve issues that are faced by major networks such as transaction fees, speed and scaling difficulties. With Layer 2 protocols, users are able to benefit from a much smoother experience. That is why we are excited to announce that our ‘Swap x New L2 Chain’ project is Ruby.Exchange!
You can learn more about Ruby.Exchange by checking out their blog. More details, insights and whitelist activities will be shared over the next few weeks across both Impossible and Ruby.Exchange channels.
- KYC Preparation Period: Rolling ongoing basis. Users can submit their information and pass KYC anytime during the entire IDO timeline. Only users that have completed KYC & are from accepted countries will be able to participate in this sale.
- Staking Period:13/05/2022 10:00AM (UTC) to 13/06/2022 10:00AM (UTC). After completing KYC, stake IDIA into Impossible’s Launchpad staking contract which will record users’ staked IDIA balances. Each user’s IDIA balance will be captured onchain, and allocation is calculated based on the amount staked and the length of time staked relative to all participating users.
- Purchase Period: 13/06/2022 2:00PM (UTC) to 15/06/2022 2:00PM(UTC). Subscription will open at this time for all eligible users for 48 hours. Users may elect to purchase any amount of RUBY up to the allocation derived from the staking period.
- Distribution Period: No earlier than 16/06/2022. Exact timing and details to be confirmed by Ruby.Exchange closer to the time. Users will be Airdropped their RUBY tokens via the SKALE Network.
Ruby.Exchange Token Sale Details:
- Token Ticker: RUBY
- Launchpad Sale Hard Cap: 550,000 USD (split into multiple pools)*
– Standard pool: 250,000
– Unlimited pool: 250,000
– Whitelist allocation: 50,000
- Token Vesting: 100% distributed on day 1
- Token Distribution: Airdropped to your wallet via the SKALE Network
- Total Token Supply: 200,000,000 RUBY
- Day 1 Circulating Market Cap: TBD
- Tokens Allocated to Impossible Launchpad: 2,200,000 RUBY
- Public Sale Token Price: 1 RUBY = 0.25 BUSD
- Listing Price: US$0.35
- Token Sale Format: Staking Subscription
- Sector: DeFi
- Supported Staking Tracks: IDIA staking only
- Learn more via RUBY blog
- KYC requirements: Residents from countries or regions such as US, Mainland China, and UN-sanctioned countries are excluded from participating.
Launchpad Pools (Sale cards)
For the Ruby.Exchange (RUBY) IDO, we will be having 2 sale cards to cater to different users:
- Standard Sale: Stake limit — Users can stake a maximum of 10,000 IDIA tokens at any one time as consideration for allocation. The maximum RUBY a user is able to purchase is capped at the user’s allocation, which is calculated after the staking period.
- Unlimited Sale: No stake limit — Users can stake any amount of IDIA at any time as consideration for allocation. The maximum RUBY a user is able to purchase is capped at the user’s allocation which is calculated after the staking period.
- Whitelist Allocation Sales: Users can participate in our upcoming whitelist marketing campaigns and complete community-oriented tasks to stand a chance of winning guaranteed RUBY allocation. Stay tuned to the Impossible Finance social media channels and for more details!
How to purchase IDIA Tokens
If users do not have IDIA tokens yet for the RUBY IDO, you can purchase it via the below venues:
- Impossible Swap (Swap Guide)
- OpenSwap (Optimal way to find the best on-chain swap options)
Token Allocation Calculation
- The token sale for RUBY will follow the standard Impossible Launchpad staking subscription format whereby users’ stakeWeight is calculated based on the proportional amount of IDIA they stake and the duration they stake relative to the total amount and staking duration of the entire pool, with users’ staked IDIA balances recorded at the start of the stake period.
- This design is currently selected to ensure that all users can have a proportionate access to the RUBY token depending on which pool they enter. As we develop the Impossible launchpad product offering, we will enable other fair, smart allocation mechanisms which will further decentralize token distribution.
- KYC Preparation Period: Rolling ongoing basis. We require 50 IDIA or 25 IF tokens to start KYC to prevent bots from spamming our KYC partner. Users can KYC anytime during the entire IDO timeline, but will not be able to stake until their KYC is completed. To maximize the staking utility of users’ IDIA, users have to pass KYC before the staking period begins. In other words:
- If users pass KYC after the end of the staking period, they will miss the opportunity to participate
- If users pass KYC during staking period, they will only be able to stake for the remaining staking period and receive a lesser allocation than if they were to start staking from the beginning of the staking period
Ruby.Exchange is the foremost AMM on SKALE V2, a zero-gas, high-throughput multichain solution for Ethereum. Ruby delivers a gamified user experience for traders and liquidity providers by integrating NFTs: Generative gemstones that embody financial and practical utility as well as artistic value.
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About Impossible Finance
Impossible Finance is the go-to crypto investment platform that empowers you with high-quality, fair and accessible crypto opportunities. We simplify DeFi so you can enjoy fairer investing, cheaper trading and better yields through our accelerator, launchpad, and swap platform.
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Terms & Conditions:
- DISCLAIMERS, TERMS, and RISKS
- Impossible reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.
- Users need to complete their KYC and also be from an eligible jurisdiction to participate in this token sale.