New Year 2023
2022 was a very difficult year for us, it was a forced relocation with the accompanying stress that during the year led to heavy pressure on the motivation of our developers, the RayStake hack via Franken attack also hit our ecosystem. Unfortunately, we have to admit that our efficiency in 2022 was no more than half of what we could have done…
But we recovered!
We’ve added talented people with great expertise in web and blockchain development to our dev team. Our team remains compact and fast, so we allow ourselves to remove some of the typical processes in development. At this stage, it’s a full agile approach, with hard brainstorming and shuffling of the functionality of our ecosystem. Decentralized finance is growing fast and we need to keep the pace: boosters, NFT keys for premium features, fast L2 solutions, concentrated liquidity, and all this needs to be managed in the eUTXO model.
We’ve completed ISPO — XRAY token distribution has been completed. Nearly 23,000 wallets participated in the giveaway, with a total of 185M XRAY distributed to participants. More than 30,000 ADA from the dev fund was spent for fees on the final drop.
We have entered into our first partnership with WingRiders to collaborate on blockchain solutions for Cardano. We also opened our first Stage 2 pool on Wingriders DEX — before RayStake releases, you can stake XRAY with 30% APR, providing liquidity for the XRAY/ADA pair. As you know, we intentionally didn’t contract with everyone, so we still have all the high-profile partnerships ahead of us!
Also XRAY tokenomics was finalized — Buy Back round was removed and Total Cap was lowered by ~30%. XRAY token has been locked, so now the number of tokens in circulation will remain unchanged forever — no one can print new XRAY.
We have created a code base for all of our future Cardano validators (smart contracts), we have also implemented workarounds around Hydra, and we have a lot to show for 2023!
2023: Plans and hopes
We hope that 2023 will be a breakthrough year for us as we launch most of our planned projects such as RayStake, RaySwap and more. We will breathe a second life into Minterr.io and CardanoList.io.
We made a UI library with an updated design: now we can assemble more than 100 components as a constructor to quickly build the interfaces of modern PWA apps. The implementation of the new functionality will be almost instantaneous!
Towards the end of the year we will launch our NFT metaverse Pigz.io — a kind of turn-based strategy game with a unique combat system and interaction between players. And it will all work on Hydra!
We also believe that the cryptocurrency market will recover and in the new iteration the Ray Network will take its place among the best products in the Cardano ecosystem.
Completing the Swap Event
In total, about 86% of the 97,914,504 old XRAYs were exchanged for new XRAY tokens in two months. We will also extend this event for six months until July 1, 2023. After that date, the remaining unswapped tokens will be transferred to the Stage 2 rewards fund and gradually distributed as rewards to our project users.
This year, the concept for RayStake, the most advanced native token and ADA staking center, has been fully finalized. RayStake will feature regular ADA staking with an explorer of all pools in Cardano, and three types of pools for staking native tokens: APR, DROP, ADA. Any projects will be able to create pools for native tokens staking and distribute their tokens as rewards with set parameters. In the case of ADA pool, all of the delegated ADA tokens will be re-delegated to the Cardano pool, so it will be possible to create completely decentralized ISPOs in few clicks.
RayStake will unlock premium features for pool creators for the first time: locking XRAY/XDIAMOND into the pool will remove service fees and set it apart with a premium tag among others. For stakers, owning XDIAMOND will remove service commissions for all pools.
In January 2023, we’ll be releasing a RayStake Static Demo (and then a testnet) and a detailed feature article so
you’ll have a better understanding of what RayStake is and how it works.
And now the final version of the RayStake interface: