The Reawakening
57 days have passed since the unfortunate exploit of StakeSteak. While the team still feels terrible about our mistake, we have been hard at work to compensate those who were affected. Again, this mistake was awful, but what it did bring us was the opportunity to start over and begin the process of building a suite of products that we feel have an even brighter future than our beloved StakeSteak. It will be very hard to make up for the losses that many of our users experienced, but we are confident that Revenant is the first step to doing so…
So, what exactly is Revenant?
Revenant is our compensation solution, but it is also much much more. Revenant is a name that the entire FTM community will soon know as we will launch every one of our future products under Revenant. For now, every user that held Steak in any form, prior to the exploit (Block 18274226), will receive Revenant tokens as compensation when our site goes live on the 30th of November.
After the site goes live, and before the launch of our first product, users will be required to claim their Revenant on the website. Keep in mind that in theory Revenant is a valueless token since its sole purpose is being a placeholder for the tokens of our future products. No official projects have been launched yet, so please do not redeem the tokens until we give the formal announcement. For this reason, after claiming tokens on 11/30 DO NOT REDEEM THE TOKENS. There will be no option to redeem the Revenant tokens on the UI, but there are ways to circumvent that. Please do not do so. You will receive nothing and we will not compensate anyone who redeems Revenant before the launch of Creditum.
There will be a total of 858,457.5 Revenant (RVNT) tokens distributed to the affected users. Users may claim their RVNT until Wednesday, June 1, 2022 at 10:30:05 AM UTC, after that all unclaimed tokens will be burned for the underlying tokens and added back to the treasury.
In the future the team will launch every single one of our products under the name Revenant. Building even one product is a process that takes a very long time so we appreciate your patience with the launch of Creditum. Plus, due to our mistake with Steak we are taking extra care in reviewing and auditing all of our contracts which adds to the development time.
Looking forward, we hope that our community will remain patient with the team as we continue to develop and release projects under the Revenant name. It is vital that we develop our projects properly, and get all the audits necessary. This process takes time especially when the projects we are working on are brand new with code and concepts that have never been seen before. In order to assist us with this process, our contracts are also being reviewed by the Byte Masons, the creators of “Reaper Farms”, who are the first official partners of Revenant.
Finally, we are still unable to reveal too much information about the premise of Creditum since we do not have permission to inform the public on all the mechanisms of the protocol, but we can say that Creditum will have a maximum supply of 50M. We have debated a lot on how the Tokenomics will work, and for better long-term viability we have decided to cut the max supply in half, meaning each Revenant token will be redeemable for 10 Creditum tokens, instead of the 20 previously stated in the last medium article.
Remember that if you hold your Revenant tokens until the next protocol(s) come out you will be able to redeem your Revenant for more tokens (you can read this medium article for more information here: https://revenant-finance.medium.com/rebuilding-steak-revenant-and-singularity-83cc00d1d042)
Again, until the exact plans for Creditum are entirely set in stone we won’t detail the project publicly. However, what we can say at this time is that we have not given up on bringing a viable stable coin to the FTM community…
RVNT contract address: https://ftmscan.com/address/0x3A276b8bfb9DEC7e19E43157FC9142B95238Ab6f#code
Merkle distribution contract: https://ftmscan.com/address/0xb4bbf4369e36c924d6d018e10873f83eb447756b#code
Socials:
Twitter — https://twitter.com/RevenantFinance
Discord — https://discord.gg/tauKCXCbTa
Medium — http://revenant-finance.medium.com
Website — https://revenant.finance
