Ravendex, a Cardano-based decentralized exchange (DEX), has announced that 60% of the allocated $Rave tokens for the private sale have been sold out. The high number of ready investors in a short period indicates the level of demand for Cardano-based products. Moreover, the Cardano ecosystem offers a cheaper alternative from the leading DeFi ecosystem, Ethereum.
“Since the commencements of its Token Sale on 5th of October 2021, Ravendex has sold over 60% of its allotted tokens to early adopters for their private sale round and the sale will end in less than 48Hrs, the sales of the $Rave token has been implemented according to the team to raise funds to support its operations, the team at Ravendex will announce its next sale round in the event that the Private sale tokens are sold out,” the firm noted in a press release.
Notably, the team behind Ravendex decentralized exchange initially released a demo DEX, which has ostensibly proven successful. Consequently, the team is ready to release a fully functional product by the end of the fourth quarter of 2021.
As a decentralized exchange platform on the Cardano ecosystem, users have a wide option to make passive income. Among them, users can participate to offer liquidity for swap transactions and in turn, earn from the fees.
Additionally, $Rave token holders who have participated in the private sale and other early investments have an opportunity to earn profit should the token gain more value with time.
The Ravendex team has set out other token sales for interested parties that will not have a chance to participate in the ongoing private sale. Notably, with only 40% of the set aside tokens for the private sale remaining. Only a limited number of investors will get a chance to acquire the $Rave tokens.
However, with 1 billion $Rave tokens in total supply, Rave DEX users will have a chance to purchase before the project fully takes off.
Notably, 100 million $Rave tokens were set aside for private sale. The price for each token was set at 0.00225 ADA. The firm set a minimum purchase of 500 ADA and a maximum purchase of 5000 ADA.
50% of the total $Rave token supply has been allocated for the public sale, 12% to the team, 35% for staking and yield governance, and 3% locked ecosystem reserve.