Intelligent Trade Router (ITR)

Ruby uses a common base pair to minimize slippage and links all pairs to the StableSwap 4Pool for easy trading across asset types.

StableSwap + XY=K Pools

Ruby.Exchange features two types of liquidity pools:

• StableSwap 4Pool (USDP, USDC, USDT, DAI), optimized for efficient stablecoin swaps. The pool is based on Saddle's code.

• XY=K pools. All crypto tokens are paired with one stablecoin, ensuring that liquidity for each token is concentrated in one pool.

Ruby's Intelligent Trade Router pairs each crypto token with a single stablecoin to maximize liquidity.

By default, at Ruby's launch the stablecoin base currency for XY=K pools is USDP. This Intelligent Trade Router (ITR) design decreases slippage when conducting crypto-to-crypto swaps (e.g. ETH to BTC; SKL to RUBY), by minimizing the number of hops required per trade. It also allows for easy trading from other stablecoins into crypto tokens, again with minimal slippage.

The maximum fee for a crypto-to-crypto trade is 0.6% (0.3% tokenA -> USDP + 0.3% USDP -> tokenB). The maximum fee for a crypto-to-stablecoin trade is 0.34% (0.3% tokenA -> USDP + 0.04% USDP -> stablecoin).

The DAO may in future vote to create new pools, with other base stablecoins.

When swapping tokens, many users will want stablecoins other than USDP. Similarly, when adding liquidity, many users will have other stablecoins but will need USDP for the pools.

Ruby's StableSwap 4Pool enables low-slippage, low-fee (0.04%) swaps between USDP, USDC, USDT, and DAI.