Dear Revutonians, last Wednesday (October 11th), our CEO held a live AMA event on YouTube from our new studio. The new studio was there to announce a new (next) chapter in our project’s lifetime, one in which we prepare Revuto for the next bull cycle in crypto. First, we want to apologize for the 30-minute delay of the AMA because of unexpected technical difficulties. The team did a “dry run”, but Murphy’s law was again stronger than everything else. Because of some sound problems, the technical team was forced to switch to different hardware, resulting in lower live-stream video quality and without the video and audio effects we had prepared. Next time, we’ll triple-check everything to provide you with the best live video AMA experience. Below is a recap of everything our CEO covered during the one-hour video session.
Short introduction with topics we prepared for the AMA
The CEO started with a short introduction about what viewers could expect to hear in Revuto’s live AMA, which was held almost three months after the previous one. The main focus for this AMA was on three crucial things for the Revuto project:
1) Revuto Staking Center relaunch
2) Introduction of Revuto Custodial Wallet
3) Launching VDCs (Virtual Debit Cards) to kickstart the core feature and Revuto’s business in general.
Understanding the importance of all three topics for Revuto’s future effectively has put everything else, especially nice-to-have features within the Revuto app, on hold. Our short introduction was closed with an announcement about the latest Revuto Newsletter sent to around 700k email addresses and the latest blog post we published on the same day. The latest blog post was very important as it was the longest and most comprehensive to date, featuring chronological information about our Debit Card Program and why we’re late with launching it.
- Revuto Staking Center
One more time, the CEO explained why we had to pause the Staking Center and, more importantly, expressed how bad the team felt about delays. Also, the CEO asked for a bit more understanding and several times said “Thank you” for supporting us through the situation. In addition to expressing gratitude for understanding the situation, the CEO explained why it was important not only to focus on the technical aspects of relaunching the Staking Center but also to choose the right strategy for how to do it. Many users have been waiting for the unpause for quite some time, so the team decided to compensate all of those affected with much higher staking rewards.
The announced schedule for the Revuto Staking Center unpause is:
R FUND Staking Pool(s):
- all due (unprocessed) unstakings will be processed on December 7th.
- during the day, all users will get their (locked) ADA plus staking rewards in ADA and REVU to their Revuto wallet
- on top of amazing APR in ADA (up to 12%) plus REVU (up to 6%), users will get 50% more rewards in REVU.
- rewards will be calculated for the initial lock-up period (one year) plus each additional day during which tokens were locked up (until December 7th).
- everyone affected by the delay will receive a Metal Card NFT in their Revuto NFT Center. The NFT will allow them to be among the first to get a Revuto Physical Metal Card (most likely in 2025.)
It’s important to understand that all R Fund stakings initiated on December 7th, 2023 and after will process on time, meaning the above incentives don’t apply to them.
REVU Basic Staking Pool(s):
- all “unstake” pending requests will be processed on December 11th.
- during the day, all users will get their (locked) REVU plus staking rewards in REVU to their Revuto wallet
- rewards (APR) will be calculated for each day that tokens were locked up
- everyone affected by the delay will get a Metal Card NFT to their Revuto NFT Center. The NFT will allow them to be among the first to get a Revuto Physical Metal Card (most likely in 2025.)
A huge Airdrop is coming!
IMPORTANT: To make new incentives possible with the goal of easing off possible selling pressure after unstaking many REVU tokens at once, Revuto will cancel all “unstake” pending requests before November 20th.
- all users that decide to keep their REVU tokens staked until June 1st, 2024 (midnight UTC) will be eligible for an additional R Token Airdrop
- for each REVU staked during the period, the user will get 30% in R Tokens.
- the Airdrop will happen two months after the completion of the R Token IDO (set for late 2024 or 2025, depending on the market situation). To maximize the opportunity for R Token Airdrop holders, the team will aim to schedule the R Token IDO during the best possible market conditions.
- Airdorp R Tokens will gradually vest for two months to ease off possible sell-off.
- to calculate the R Token Airdrop amount, the Revuto team will take snapshots of REVU tokens staked in the Revuto Staking Center once a week until June 1st.
- all eligible users for the R Token Airdrop will be able to check their expected R Token reward in the Revuto app after the next app update (January 2024.)
The math for the R Token Airdrop is as following:
- one R Token is set up to be worth 0.1 REVU, meaning 1 REVU is 10 R Tokens.
- for example, if the average amount of REVU tokens staked (until June 1st, 2024) is 3,000 REVU, the user will get 30% of that in R Tokens. 30% of 3,000 REVU is 900 REVU, meaning the user will be rewarded with the Airdrop of 9,000 R Tokens.
The R Token Airdrop reward system will affect all users whose REVU tokens were locked with the Revuto Staking Center at any time since the ICO.
If the user decides to unstake his REVU anytime between December 11, 2023 and June 1, 2024, he’ll lose the right to participate in this R Token Airdrop.
Users getting REVU rewards from the R FUND Staking Pool(s) will have three days to stake their REVU (until December 11th, midnight UTC) and become eligible for the Airdrop.
All other users who didn’t stake or would like to add more REVU for a bigger R Token Airdrop will be able to stake REVU until December 11th (midnight UTC).
The incentive with the R Token Airdrop will not apply to users who stake REVU after December 11th (midnight UTC).
IMPORTANT: If you have any doubts about the process, don’t hesitate to get in touch with us via our Telegram Channel or email — support@revuto.com
Vex explained the process during the AMA, but with a small difference. Due to many requests to give people from the R FUND pools(s) more time to stake their REVU, the team postponed the deadline to stake REVU tokens in REVU Basic Staking Pools.
The R Token Airdrop is of huge importance for the Revuto community because it will boost engagement around the project, resulting in the launch of Revudex (the DEX within the Revuto non-custodial wallet in the Revuto app). You can read why the Revudex product is important for the Revuto ecosystem and why Revuto postponed its launch in our past blog posts. If you want to learn more about the product, its launch date, and the R Token token sale, once market conditions change for the better, please follow our social channels and official announcements.
The CEO closed the Staking Center update, announcing that this year there won’t be new staking pools and that the Staking Center product will switch to a custodial setup once the custodial wallet is introduced. The switch will allow Revuto to offer you even better staking opportunities with much more efficient staking and unstaking processing time.
2) Revuto Custodial Wallet
You can read about the importance of adding the custodial wallet to the Revuto app in our previous blog post, but the CEO explained it briefly again during the AMA. Adding the custodial wallet will improve user experience, especially for those who are not so familiar with web3 products and technology, transactions within the Revuto ecosystem will be more efficient (faster, cheaper), and it will allow Revuto to build easier (business logic on top of the setup). In short, we’ll get rid of creating a wallet, creating and possibly losing seed phrases to restore a wallet, problems with nodes, and syncing with blockchain (connectivity issues, network congestion…). Even more importantly, the setup will allow us to add more crypto assets to the Revuto ecosystem (10 most popular tokens, Revuto will allow the community to vote on which 10 tokens to add), secure faster and cheaper top-ups of VDCs with crypto, adding simple token swap within the wallet, and much more. Adding a custodial wallet to the app will not affect a non-custodial wallet within the Revuto ecosystem because the goal is to keep both and allow users to decide which one to use.
To close the topic, the CEO mentioned one big disadvantage of adding a custodial wallet to the app. Custodial setups are regulated meaning Revuto needs to get licensed by the FCA and the local regulatory body (HANFA) to launch the custodial wallet within the UK and EEA. Both of these tasks are in process, and the product should be ready in Q2 2024. Revuto will launch the product in partnership with ChainUp, which will serve as a secure platform for crypto custody. In the upcoming days, the CEO will make a video with people from ChainUp and possibly somebody from the Cardano Foundation to explain more about the setup, ChainUp, and their partnership with Revuto.
3) Revuto Debit Card Program (VDCs)
Again, launching the debit card program is the most essential component for Revuto’s business and its REVU token economics. Once launched, it will kickstart the main revenue stream (users will start paying for the Pro version of the app, and it will unlock revenue streams coming from small transaction fees) and also REVU token economics (popular: tokenomics) by creating a demand for REVU (buy REVU and stake REVU for the PRO version of the app, use REVU to top-up VDCs and pay for your subscriptions, stake REVU to use staking rewards to cover your subscription expenses and more). Modulr, a new banking and card issuing partner, is helping us to launch the product in Q1/Q2 2024. Despite not completing the compliance process, the team already received their API documentation and access to their sandbox to save time on technical integration.
The launch of the Custodial Wallet and VDCs are scheduled to go live before June 1, 2024 to get us ready for the next bull market.
Closing words
Vex mentioned he’ll attend one more Cardano Summit, this time in Dubai which is scheduled for November 2–4. Vex will be there from October 30th until November 6th so anybody who’ll be there during that time will be able to meet with him. To schedule a meeting with Vex, feel free to contact him directly or send an email to support@revuto.com. In addition to participation in the Cardano Summit, Revuto will participate in two side events, one of which is being sponsored by Revuto. You’ll be able to learn more about both events in the upcoming days.
Things to expect in the upcoming days:
- shareholder meeting after the Cardano Summit (in late November). All shareholders will receive an email invitation to participate in the meeting (live video call).
- video presenting the ChainUp service and our partnership
- TechTalk video with Vex explaining the user interface of Revuto App v.4.
Lastly, the CEO said he’s still working on closing the Revuto Seed Round for Equity with investors by the end of the year. This is not crucial for launching VDCs and the Custodial Wallet, but it would definitely help the project gain additional momentum, especially with adding more developers to the team and boosting marketing activities. The closing words were reserved for a completely new (HUGE) product within the Revuto ecosystem which the team is looking to bring to the Revuto app in 2024. The product has to do with on-ramping FIAT to crypto, something that is still not easy to do.
Hopefully, this short recap will help you understand where the team’s focus will be in the upcoming months. To make it happen, the team will need your support, Revutonians!
Thank you.
Your Revuto Team.
Join more than 370k users and download the Revuto app from the App Store, Google Play, or Huawei AppGallery to start earning today.
In case you missed:
📣Revuto VDCs: A Progress Report — Read now
💼 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
To catch up with everything, please FOLLOW OUR channels 🚀
🎥 YouTube — Take a look at our Demo
🌐 Website — Visit Site
📃 Whitepaper — Read Whitepaper
📖 GitBook — Read more
📢 Telegram — Follow our Official Announcements Channel
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