Refactoring the Revuto Staking Center
Until now, aside from the Revuto Wallet, the Revuto Staking Center was one of the most used products within the Revuto ecosystem. The main purpose of the Staking Center was to incentivize REVU holders to stay with the Revuto App and hold their REVU tokens while the team builds our core feature–a highly anticipated and unique active subscription management service supported by a debit card program supporting crypto. So far, 2.9 thousand users have been actively using our Staking Center to stake their REVU or ADA to get REVU, ADA, and other Cardano native tokens from partnering projects.
Starting with the initial idea to allow users to stake their REVU to earn more REVU, Revuto Staking Center users eventually got the opportunity to stake their ADA (R Fund), iUSD (stablecoin), farm, earn or purchase NFTs, get early access to physical Revuto Debit Cards, participate and invest in early token sales. Every new setup required changes on the backend infrastructure to support new features and staking opportunities. With time, requirements coming out from new setups outgrew what the backend infrastructure (the code) was supposed to do, resulting in many problems.
One of the problems was inefficiency in processing new stakings, sending unreliable data to the front end and causing some users not to see their stakings being processed. The other significant problem was an inability to process an increasing number of claims which made things drastically worse once the team started processing the R Fund staking pool daily payouts in two different assets. Although the process was mostly automated, to check if everything was right and to avoid mistakes, human involvement was required. Lastly, after talking with other projects and service providers about business opportunities of working together, the team saw an opportunity to reuse the Staking Center infrastructure to integrate it with external services and help them cross their paths with Web3, which could expand the utility for REVU token outside the Revuto ecosystem. Taking all of the above into account, the team made the decision to refactor the backend infrastructure to meet those new requirements. This decision, which may seem easy, was anything but easy because it meant one thing only — a lot of additional work and ways to make things worse.
Product development is never easy, especially when things move fast, and you can’t anticipate in advance in which direction exactly things may go. During that process, the ability to adapt and to develop fast is crucial. But fast often equals unreliable, causing additional problems. To avoid even bigger problems, at some point, it’s better to stop and look back to check how things can be done better (efficiently) and whether the code can change to support new features in the future.
Changing code is always tricky because it may crack holes in many interconnected products you’ve already tested and fixed over time. And it gets even worse if you must stop some processes to avoid a mess nobody could fix. In our case, that meant stopping the Staking Center from processing payouts until it’s tested and replaced with the new setup.
Proof of concept
To test what we can do with the new setup, Revuto is already talking to several 3rd party service providers, but the question was — with whom should we start? After talking to other businesses and looking at which setup could provide the best “testing playground” for the first integration, we decided to bet on integrating with a sports betting site. Alongside the opportunity to test the API and web3 infrastructure capabilities by integrating with a bit more complex external service, one of the major reasons to go with Altwin was the opportunity in which our token could find its way to a broader number of users. Talking to a team with extensive experience in the sports betting business and having the opportunity to invite them to the world of crypto, our choice was even easier.
Still, to not stop there, there are other services in the pipeline with which Revuto will boost its integration capabilities even further but more about them after Altwin.
Altwin was created to offer a simple, secure, fun, and decentralized sports betting experience while providing unique features that may help people get more REVU and possibly attract new users to the Revuto app.
When talking about simplicity and making the new user onboarding process as smooth as possible, the partnering project decided to allow Revuto users to directly deposit REVU to their service only from the Revuto wallet and, vice versa, payouts only to the Revuto wallet. In short, only Revuto users can make deposits in REVU to Altwin, meaning they’ll get an email to the email address used with Revuto containing instructions about how to log in to Altwin after they make the first deposit from the Revuto wallet.
As you read, the service is available to Revuto users outside the EU and other non-restricted countries. Altwin is available as a web app that runs on desktop and mobile devices.
Web3 and decentralized
The setup is run on the blockchain and is using the Revuto Staking Center and the Revuto wallet’s non-custodial infrastructure to decentralize the process. On top of that, the Altwin service secures the business logic on the front end, providing a sports betting experience similar to what people are used to seeing on similar but centralized setups. Still, to keep an emphasis on web3, the logic should help grow demand after REVU while allowing people to win even if they lose, meaning 10% of all funds lost through sports betting will go directly to a user’s staking center where they will be held (staked) for 12 months. The idea is to hold funds and grow REVU TVL to offer users an opportunity to get back what they lost if the token’s price goes up.
You can find more about the service, terms, opportunities, and integration with Revuto at https://altwin.com. Also, there’s a step-by-step document about how to get started with Altwin. Check it out: https://revuto.me/altwin_sbs
Revuto Referral Program
To keep things interesting, Revuto decided to expand the utility for its REVU token but also to expand its Revuto Referral Program by incentivizing people to onboard their friends to the Revuto app. As mentioned above, Revuto will provide cashback of 10% in REVU to Altwin users’ monthly losses. Still, more importantly, all Revuto users whose referred friends will be getting that cashback will get 6% of that cash back. To keep everything aligned with the already introduced logic of the Revuto Referral Program, those passive earnings can be boosted with special NFTs to double or triple those rewards. Revuto users whose referred friends use Altwin will see their monthly rewards in the Revuto app (Referral section) after August 1st, 2023.
For all those who believe they can help onboard a larger number of users to use the Revuto app and Altwin, there are additional benefits/rewards. If you’re interested to learn more about how you can get more REVU by inviting more users to Revuto, contact us via firstname.lastname@example.org or admins via https://t.me/getrevuto and https://t.me/altwin
Integrating and expanding but sticking to what’s important
Despite all upcoming integrations with the main purpose of introducing the Revuto app and REVU token to a wider audience, Revuto’s goal is to stay with our main vision, which is introducing active subscription management with debit cards supporting crypto. There’s nothing more important than this vision, and that’s why all efforts towards integrations with external services won’t go beyond setup in which our users can easily transfer funds directly from the Revuto wallet to those services and get funds back to their Revuto wallet from those services. In short, Revuto won’t get involved in developing external businesses but only in its core feature and the ecosystem of products connected to it.
You can learn more about the topic by watching our Live YouTube AMA event from June 2023.
Your Revuto Team
In case you missed:
📣Buy $REVU directly in the Revut app with Banxa — Read more
💼 Office Day — Watch some highlights
🚀 REVU listing: Trading is live on KuCoin and Gate.io 🚀
📲 Download the Revuto app now! — Available for iOS, Android, Huawei
🎥 Revuto Deep Dive — Watch the video
📻 UK Radio campaign — Listen to our slot
💫 Unique Revuto NFTs — See all NFTs
🎥 Our co-founder Jos on Cardano360 — Tune in at 38:20
🎂 Our Token Generation Event (TGE) aka REVU Token birthday — See the event
🎙 Cardano live podcast with our co-founder Jos — Listen to the podcast
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