Revudex and the R Token
As many in the Revutonian community already know, in celebration of the launch of our DEX, the first fully-fledged decentralized exchange built for mobile devices (iOS and Android), the Revuto team prepared one of the best staking deals you have seen in the Revuto Staking Center — the R Token IFO (Initial Farm Offering). We set up this pool to grant you participation in the initial distribution of R Token supply, which has resulted in a total of 6,778,705.0 REVU tokens being staked.
The R token IFO was unique in many ways, primarily because the farming reward was a token that supports our DEX, which will have a significant role in the Revuto ecosystem, but…
Unfortunately, there’s a BUT.
In the time that has passed since we announced the Revudex, the R token, and the R Token IFO pool, things have changed. Today, we are witnessing a crypto market that has entered a bear cycle, forcing many crypto projects to reconsider their plans about releasing new products and, in short, to readjust their product roadmaps.
In the case of the Revuto project and its plans to launch Revudex and the R Token, our team has had several meetings in the last couple of days to discuss what is best for the project and our community in consideration of market conditions that have changed significantly. The team came up with a conclusion that was not easy considering there were things everybody wanted to avoid
1) disappoint our community by making last-moment changes to things we already promised
2) postpone the launch of a fantastic product that the team has spent tremendous resources developing
After lengthy conversations about how to move forward, it seems that both will happen… But there’s a twist.
From the start of the project, the Revuto team has gained a lot of experience with launching a wide array of products and business events in different conditions. What we have learned from these experiences is that timing is everything. Timing plays one of the most significant roles when it comes to whether something succeeds or not. That’s why, even before setting up our ICO, Revuto’s CEO had a motto: It’s always better to go live not 100% ready but in the best market circumstances than to go live 100% ready but in the worst market circumstances. In honor of those words of wisdom, the team has decided to postpone the launch of the Revudex until a time comes when it will make much more sense. More specifically, when it makes a difference.
Revuto CEO Vedran Vukman: “We are fully aware that sometimes our decisions may disappoint our community members, but our priority has always been to make sure Revuto, as an ecosystem of unique products, has the best chance to succeed. There are too many objective reasons why we shouldn’t launch such an important product at a time when the expected response from the market will fail us. Too many times we have witnessed the moment when we did all we could, but external factors changed the anticipated result. Today, we won’t make the same mistake again. In the end, people told us we rushed things in the past, so we’re pretty confident our community will understand and accept the decision. Ultimately, it is for the best of the Revuto project and consequently for them as our token holders.”
There were many objective reasons for making this decision, but the biggest ones are:
- too many DEXs fighting for the same market share in which there’s no demand
- low trading volumes on already established (top) DEXs on Cardano
- the unwillingness of top Cardano projects to provide initial liquidity to our DEX for trading pairs with ADA
- no reaction from Cardano and the Cardano community about the first mobile DEX on Cardano
- weak reaction outside the Revuto community to the R Token’s fair launch and the R Token Airdrop announcement worth more than $8,000,000
R token IFO
As a result of postponing the Revudex, there will be changes to when the R Token TGE (Token Generation Event) will occur. Additionally, we’ll adjust the R Token release schedule according to the new dates for launching the DEX, which we’ll announce in the future.
It was essential to include information about R Token IFO today because tomorrow, the 90-day staking period will end, and there is an allocation of 20,000,000 R tokens which we promised to release to your Revuto wallets. More importantly, the central promise was that we’d send R Tokens to R Token IFO stakers before anybody else will have a chance to get them. In that regard, the decision to postpone the Revudex launch and, consequently, change the R Token release schedule won’t affect our promise to release R Tokens to those who staked REVU in the R Token IFO pool first.
Also, the decision we’ve made is not to rush with the R Token TGE. In the meantime, before we do the R Token TGE and release R Tokens to user wallets within the Revuto app, staking rewards in R Tokens will be shown in the Revuto Staking Center. We’re still unsure when, but new information about our DEX and the R Token launch will be part of the revised Revudex whitepaper. The team will make an official announcement about the revised whitepaper as soon as objective reasons to set up new launch dates come up.
With this announcement, the Revuto team hopes our dear Revutonians will keep supporting our project and our decisions. We thank every single token holder for staying with us. We knew it wouldn’t be easy. This was never meant to be a sprint because Revuto is here to stay for a long time.
For any additional information, feel free to ask questions via our social media, Telegram, Discord, or you can write to us at firstname.lastname@example.org, and our team will answer promptly.
Your Revuto Team
In case you missed:
📣Revuto’s Weekly Progress Report #35— 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
🗣 Telegram — Join our General Discussion
🕊 Twitter — Follow our Tweets
🔥 Reddit — View Reddit Account
🚀 Discord — View Discord Account
🗂 YouTube — See Cardano 360 Roadshow
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