Revest Protocol Launches on Avalanche
Today, we are pleased to announce the deployment of the Revest Protocol to the Avalanche (AVAX) network! Avalanche has recently emerged as a strong contender in the EVM ecosystem, offering high speeds and the emergence of novel DeFi protocols and Revest is excited to offer FNFTs to the new teams seeking a secure place in which to lock their team tokens, early investor tokens, and most importantly, liquidity tokens. New projects launching on AVAX can now take advantage of the most efficient and dynamic token locking service available.
What can I do on Avalanche?
You are now able to mint FNFTs on the Avalanche network. To use Avalanche, you will first need some AVAX tokens, which may only be acquired from marketplaces listed on CoinGecko. Once purchased on any of these centralized exchanges, tokens may be sent to your MetaMask address as normal. Once you have completed this step, you will need to configure your wallet. Suggested resources are available here.
Once your tokens are on Avalanche, you will be ready to use the Revest Protocol to mint FNFTs on this network. Simply change the active network in your web wallet, reload your browser (if necessary), and an icon in the upper right-hand corner of the Revest Web-App will indicate that you are now connected to Avalanche. Happy minting!
Fees, Staking, and the RVST Token
Although the Revest Protocol is now live on Avalanche, the Revest token ($RVST) and the Revest Staking System remain on the Ethereum blockchain. However, we are taking advantage of our deployment on the Avalanche blockchain to rollout an early version of our fee engine to gauge the effectiveness of fee mechanics. Currently, we will be charging a 1% fee of top of all ERC20s locked in Avalanche.
Example: If you were to lock 1,000 ERC-20 tokens on Polygon, the fee would be 10 ERC-20 tokens. This comes to a total of 1010 ERC-20 tokens.
All fees generated in this manner will be bridged back to the Ethereum blockchain on a regular basis, converted to ETH, and distributed to Revest stakers. We’re excited to see how our offerings on Avalanche develop further into the future.