The idea of distributing initial token supply by airdrop started back in September 2020, when Uniswap, the world’s largest decentralized exchange (DEX), began the process of decentralizing itself by setting up new standards for DeFi protocols. The firm behind the token-swap site decided to airdrop 150 million UNI tokens to a bunch of Ethereum users who had been involved with Uniswap in one way or another over the years. The most notable part of this airdrop was its magnanimity. Every wallet that had tried to use Uniswap since its inception was able to claim 400 UNI tokens — worth well over $1,000 at the time, and $17,000 when the price of UNI token reached its all-time high in 2021.
Revudex — the first DEX on Cardano with fair launch and distribution of initial supply by airdrop
The REVU token sale was the first token sale in history that was done using the Cardano infrastructure and Revuto was the first project ever to raise $10 million through the Cardano blockchain. Now Revuto has decided to launch the first native mobile DEX on the Cardano blockchain for which we will create a brand new governance token called the R token. After months of research, the dual token model was the best setup we could integrate to bring back buy-back and governance mechanisms that we had to remove due to legal barriers. With this second token, we will successfully prevent the inflation of REVU token while, at the same time, rewarding our amazing community and REVU holders with an airdrop and additional rewards.
As you probably already know, we had to remove the buy-back and governance mechanisms for the REVU token in order to avoid the REVU token being marked as a security. Since REVU is already listed on centralized exchanges, this would be too much of a risk to play with and, because of that, we had to come up with a different approach. To bring back those mechanisms, the Revuto team is introducing a second layer of liquidity to the Revuto ecosystem by adding a new token called the R token. The R token will be the first Cardano native token ever whose supply will be entirely distributed to the community. With that being said, it is important to highlight that the R token is the first token ever in the Cardano ecosystem without token allocation for a token sale, private investors, or any tokens reserved for team members.
Revuto will mint 3 billion R tokens on the Cardano blockchain. Some of the goals of adding R tokens to the ecosystem are to reward our amazing community and our investors, incentivize the user base to hold REVU tokens, and to create additional buying pressure on REVU to become eligible for the R token airdrop. R token is designed to serve as a governance token and a revenue-earning token with a buy-back mechanism to create additional buying pressure on the REVU token through the R / REVU trading pair on Revudex. Using the R token we will introduce Yield Farming setups and other rewards for liquidity providers while at the same time we will protect the REVU token from inflation. The R token will also be used to partially cover batching fees on Revudex.
Tokenomics and Token Distribution
With 35% of the total supply allocated for the airdrop to REVU holders, 45% allocated for Yield Farming and other initiatives to incentivize liquidity and utilization of Revudex, tokenomics are set so that REVU token holders and Revuto users will profit the most from this kind of distribution.
As one of the biggest builders on Cardano, 6% of the total supply is allocated for the ISPO in order to reward Cardano community members and ADA holders. An additional 1% of the total supply or 30,000,000 R tokens will be used for IFO (Initial Farm Offering) in the Revuto Staking Center within the Revuto app where users will be able to stake REVU and ADA to farm R tokens. The DAO Treasury has an initial allocation of 5% of the total supply which is 150,000,000 R tokens. All unused and/or unclaimed tokens from the Airdrop allocation will be returned to the DAO Treasury, which will later be governed by a community using governance mechanisms.
With 2.5% of the total supply or 75,000,000 R tokens allocated for future partnerships and marketing activities, only 5% of the total supply is reserved for the development fund. The remaining 0.5% of the total supply or 15,000,000 R tokens will be allocated for the initial liquidity on the Revudex. The stated amount of 15,000,000 R tokens will be used for initial liquidity for the R / REVU token trading pair with a 10:1 ratio, meaning we will also add 1,500,000 REVU tokens as liquidity for the mentioned pair. That being said, the starting price for the R token on the Revudex will be 0.1 REVU or $0.0075 based on the current price of the REVU token.
More than $8,000,000.00 worth of R tokens allocated for the airdrop
Starting from June 1, 2022 until July 15, 2022, Revuto will take several snapshots of Revuto wallets within the Revuto app to register the balance of REVU tokens. The goal is to track and calculate how many REVU tokens Revuto users and/or investors hold within the Revuto app (Revuto wallet, Staking Center, and all locked or unclaimed tokens from the Token Sale rounds) in order to airdrop them R tokens. The average amount of REVU tokens the user will hold on the day of snapshots (Revuto will later disclose when it took snapshots during the 45-day period) will decide how many R tokens the user will get. The ratio to get an R token based on the average REVU token wallet balance is 10:1, meaning that you will receive 10 R tokens for each REVU token you hold through the mentioned period. Users who hold REVU tokens through the entire 45-day period and all snapshot events will become eligible for the maximum airdrop amount.
The vesting period for the R token airdrop will last 24 months with 25% of tokens unlocked and sent to the user’s wallet every six months. The counting period will start on June 1, 2022. To become eligible for the R token Airdrop you must hold your REVU tokens exclusively within the Revuto app. REVU tokens that will remain on the exchanges or stored on any other Cardano wallet (Nami, Yoroi, Eternel, etc.) will not be included and counted for the airdrop. Be sure to withdraw your REVU tokens in the Revuto app by June 1st to catch the first snapshot.
If you still don’t hold any REVU tokens, now could be the good time to grab them to become eligible for the R token airdrop. REVU tokens are listed on Kucoin, Gate.io, Bitmart, and Cardano DEXes like Minswap, Muesliswap, Sundaeswap, and Wingriders.
We have many things coming out in the next few weeks. From the Revudex launch on August 1st and the start of our subscription management service starting with the UK market. We will also have other great news including updates regarding our physical debit cards and the introduction of new Revulutionary NFTs. We also started negotiations with Polygon to add support for MATIC and AAVE to the Revuto Custodial Wallet with the end goal of expanding support for other chains and to build together the micro-lending and borrowing setup in the Revuto app, so be sure to keep up to date on the latest news by following Revuto’s official channels.
In case you missed:
📣Revuto’s First ICO Anniversary in Numbers—Read now
🚀 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
📽 Our first ever Live AMA — Watch on YouTube
📻 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
🧗♀️ Our first teambuilding — See our TB video
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