Revenant: January Review
Almost a month had passed since our launch on January 8th and we thought it would be a good idea to detail an overview of everything we have accomplished and everything we have planned for next month.
All the support from both our new and old users has gone far beyond our expectations. When we were Stake Steak and Fantom was a lot smaller, we couldn’t have even imagined all the support we have received and how much our community has grown. However, our products are still young, and we believe that there is still a lot of unrealized potential for what Revenant can become. There are plenty of new improvements that we are planning to implement over the course of the next couple months, and we would like to share all what’s in store with us.
Let’s start with the launch. The RVNT token has worked extremely well in securing funds back for users from the StakeSteak exploit, while also rewarding those who choose to stick with RVNT in the long run. We’re glad that we were able to make many people whole again after all this time waiting. Along with RVNT, we launched our first project Creditum, which after a few weeks has held up relatively well in maintaining a pegged stable coin cUSD.
After listening to the suggestions channel on our discord, we are completely redoing the UX component of both the Revenant home page and Creditum website as a whole. Our initial goal when launching Creditum was making sure that the model works, and the next phase is polishing up our designs and focusing on integrations with other projects. For example, we’ve made partnerships with ANGLE to create a co-incentivized pool with cUSD and agEUR, which has also helped bring the first euro stablecoin to Fantom.
Along with our initial collaterals, we’ve also added interest-bearing versions of our collaterals from Yearn and Robovault to provide users with yield when they borrow cUSD. We do need to be careful with how much we allow, as our main priority for Creditum is securing and maintaining the peg of cUSD, so we’re taking a conservative approach to the amount of cUSD that can be minted into the future.
- xCREDIT holders have so far received a total of 47,000 CREDIT tokens
- cUSD fees has accrued to about $185,000 from interest and minting
What can be expected for the month of February?
Another priority for Revenant is to set up sustainable tokenomics. This is why the next step for Revenant’s tokenomics is transitioning from a xCREDIT model to a veCREDIT model. At first the veCREDIT model will just use the locking mechanism for users to receive fees generated by the protocol, but in time veCREDIT will expand to having on-chain governance over interest rates and the addition of new collaterals. The new model will be released at the same time as the new UI. Additionally, to make it clear that Revenant is the team rather than the products, we are making a slight change to the name from Revenant to Revenant Labs. This name change will also occur with the launch of the new token model and UI. We are targeting a 2/19 at 8:00 PM UTC to release all these new changes!
Now for the topic that we know many users are eager to hear about, Singularity. Although we still cannot detail the exact mechanisms and intricacies of Singularity, it will be a central piece within the Revenant Labs ecosystem. The goal with Singularity is to minimize the amount of slippage with each trade, and we are continuing to make these processes more efficient. As some may know, Singularity has already been audited, but since the audit we have made additional changes that we believe makes the product better. As a result, these changes have extended the development process a bit longer. Taking advantage of our relationship with Byte Masons, we are emphasizing security with these changes, and want to avoid any potential security breaches in the future.
For this monthly catch-up, we have detailed the plans that we are pretty confident we will be delivering in the near future. Along with these plans, there are other potential ideas that we are considering implementing that are not mentioned in this article. We do not want to reveal anything that is not set in stone, but expect more to come beyond the changes in this article.
Lastly, we want to give you a reminder that one of our favorite mods and key members of our team, Shien110, will be on video with FTM Alerts on the 9th of February talking about the future of Creditum and Revenant. We hope to see a lot of you there!
We want to thank all our users again, the Byte Masons, and Scream protocol for all the help and support that has been provided throughout our journey. Without you we would not be here and have the pleasure of working on Revenant.
Until the next catch-up!