What is the Ray token and how it works?
Most of the automated market makers do not provide on-chain liquidity to a central limit order book but with Ray everything is different. With the help of Ray, users will be provided with on-chain liquidity. All the funds that are deposited in Ray are converted into limit orders which end up sitting on Serum’s order books.
Ray is used mostly for staking to earn some protocol fees along with receiving IDO allocations. Ray is also responsible for governance votes on protocol decisions.
The first main net of Ray was launched on 21st February 2021 with a total of 555,000,000 tokens which were directly created at genesis. The company decided to release a total of 34% of all the tokens over 3 years as a liquidity mining incentive. The ecosystem partnership and expansions of Ray have been allocated with about 30% tokens. These tokens will be used especially to grant projects which are being built around Raydium. These tokens can also be used for helping out the community in general. All these allotted tokens are generally locked for one year and then unlocked linearly for the next couple of years.
Raydium Protocol was led by AlphaRay on operations, strategy, business development, and product direction. Alpha has been in the market making and liquidity providing for the cryptocurrency market for quite some time. Since 2017 he hasn’t looked back after diving into DeFi the success has gone even bigger.
Alpha saw that there was a need for an order book AMM in the market and the exact thing was provided with the help of Ray. XRay is now the Dev Team leader and Chief of Technology at Ray. XRay is known for having more than 8 years of experience as a low latency systems architect and trading for both the normal market and crypto market. All the systems and infrastructures of Ray are being designed by XRay.
Gamma Ray is responsible for the communications and marketing department of Ray. Gamma Ray is directly responsible for strategy and product direction. Gamma Ray has worked a large part of his career in data analytics and market research.
Ray Token Details
The price of Ray today is USD 6.89 which has a 24-hour trading volume of USD 128,866,028. The prices of Ray are down by 11.68% in the last 24 hours. Currently, Ray is ranked at 277 with a market cap of USD 418,740,893. Ray has a current supply of 60,768,460 RAY coins and a max supply of 555,000,000 RAY coins.
All the top exchanges globally have Ray available in them making the transactions quite simple and easy.
How to buy a Ray coin?
Blockchain technologies have become quite popular and so more people are trying to get into bookkeeping. This is the main reason why there has been a huge growth in Ray coins making people quite interested in the trade. Buyers need to decide on what exchange they want to go for before proceeding further.
Find a cryptocurrency exchange
Finding a good cryptocurrency exchange is not a hard task because there are a lot of exchanges available in the market which deals in Ray and most of them are quite reliable. Make sure to do proper research before choosing an exchange. Register on the cryptocurrency exchange and provide all the details required.
Add a payment method
This is the next step where users will have to input all their credit card, debit card, or bank account details. Bitcoin could be another mode of payment for the users when they are buying Ray. Make sure to look for the processing fee charged by the exchange before going ahead in the payment process.
Simply add the cryptocurrency you want and proceed further towards the payment page to complete the transaction.
Transfer your cryptos to an altcoin exchange
Create an account on the altcoin exchange and go through the necessary verification procedures. Transfer all the purchased cryptocurrencies to altcoin exchange so that users can trade later.
Register yourself on the altcoin exchange
The registration process is a one-time thing when it comes to altcoins. Users can simply register on altcoin exchange but will not be able to store cryptocurrencies until the profile is verified.
Deposit into your altcoin exchange account
Users will have the option of storing their cryptocurrencies in their altcoin account. After purchase, it takes some time to get verified and reflect on the altcoin account so users must be patient about it.