Rebuilding STEAK — Revenant and Singularity
This past week, the STEAK team has been coming up with plans to rebuild the project. Through a community vote, we are now in the process of transitioning to a new project name: Revenant.
Definition of revenant
“one that returns after death or a long absence” — Merriam Webster
The idea of Revenant is to provide immediate compensation for those who have suffered losses from the exploit and to present an opportunity to award long-term believers of the team.
Compensation Plan:
Snapshot on Block: 18274226 (one block prior to the exploit)
STEAK holders will receive 1 RVNT tokens per STEAK token.
xSTEAK holders will receive 1.66 RVNT tokens per xSTEAK
STEAK LPs will receive 2 RVNT tokens per STEAK in their LP tokens.
xSTEAK LPs will receive 2 * 1.66 = 3.32 RVNT tokens per xSTEAK in their LP tokens.
Purpose of Revenant and RVNT Token
Under Revenant, we will be launching multiple products with their own token/tokenomics into the foreseeable future. The RVNT token can be one-way burned to get a proportional token amount of ALL current projects launched under Revenant. To explain this further, let’s first briefly introduce Singularity.
Singularity Swap will take on the same goal of StakeSteak’s stableswap (with some cooler features 😉). The goal is to become the primary stableswap (and more) on Fantom while providing the most competitive slippage rates on trades between assets. The vision hasn’t changed, but the tokenomics and branding will change. (A full-length medium article will be dedicated to explaining Singularity at a later date).
For example, if Singularity Swap’s token (GRAV) has a maximum supply of 50 million, after the distribution of RVNT, burning 1 RVNT will return 10 GRAV token (STEAK total supply was 5 million).
However, if the RVNT receiver chooses to hold their RVNT until the launch of the second project(let’s call it Creditum 😉), the user is now able to burn their RVNT for Singularity Swap’s token AND Creditum’s token (only if they hold until Creditum’s launch). For instance, Creditum has a total supply of 100 million CRED tokens. So, after the launch of Creditum, the RVNT holder is able to burn 1 RVNT for 10 GRAV and 20 CRED.
Those who chose to burn their RVNT before the launch of Creditum will NOT receive additional CRED.
Note: The tradeoff of RVNT tokens is that you are missing out on single stake/revenue share and Pool 2 rewards.
The Revenant team has a lot of future project ideas that we will build out, and long-term holders of RVNT will be able to burn their RVNT for additional tokens as new projects are released.
Why the hell are you doing it this way?
We truly believe STEAK represents a trust in the team to produce great products in the long-term rather than a short-term synopsis of projects’ capabilities and current market sentiment. The RVNT token model provides believers of STEAK with value from each of the projects that the Revenant team will build. This model is a solution for people who just want to recoup their losses from STEAK, while also offering an alternative solution for those who want to continue supporting the ecosystem by rewarding a “call option” on all our future projects.
Outside of being a form of “compensation,” the RVNT token model also organizes or compartmentalizes these different projects into their own revenue models. For example, Singularity Swap is a completely different product than Creditum, but having both products under one token may present users with a difficult choice if they like one product but not the other. With multiple isolated tokens, users are able to decide and weigh their portfolio based on how much they believe in the potential of each product.
When will these changes happen?
It depends on when Singularity is able to launch. Right now, we are waiting on audits which may take a couple months. Audits are especially important for guaranteeing security in our contracts and increasing users’ confidence in the project. However a couple months is a long time, we want to put out a vote on the discord on whether or not we should release a limited version of Singularity Swap that has been peer reviewed by multiple dev teams. The vote will take place in our discord.
Our compensation plan is meant to benefit all those that suffered losses before the exploit occurred. We hope these plans are able to satisfy most people! You can let us know if there are anymore complaints about this plan in our discord.
