Revest Protocol Launches on Polygon
Today, we are pleased to announce the deployment of the Revest Protocol to the Polygon network! Thanks to Polygon’s low transaction fees, the Revest Protocol is now more accessible than ever before.
What you can do on Polygon
You are now in a position to mint FNFTs on the Polygon network. To use Polygon, you will first need some MATIC tokens, which may be acquired from Uniswap or the automated market-maker (AMM) of your choice. Unlesss you are already present on Polygon, you will need to bridge your MATIC tokens to the Polygon network, using the bridge of your choice. Once you have completed this step, you will need to configure your wallet. If you are using Metamask, Polygon has published articles explaining how to configure your wallet properly. Multiple other resources are available on the web for your consideration.
Once your tokens are on Polygon, 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 Polygon. Happy minting!
Fees, Staking, and the RVST Token
Although the Revest Protocol is now live on Polygon, the Revest token ($RVST) and the Revest Staking System remain on the Ethereum blockchain. However, we are taking advantage of our deployment on the Polygon blockchain to rollout an early version of our fee engine to gauge the effectiveness of fee mechanics. For the time being, we will charge a flat fee of 5 MATIC tokens to mint an FNFT on Polygon, plus an additional 0.1% of the total value of ERC-20 tokens that are locked into the FNFT.
Example: If you were to lock 1,000 ERC-20 tokens on Polygon, the fee would be 1 ERC-20 and 5 MATIC 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 hope to see exciting results for our stakers from this new deployment, and we plan to continue fine-tuning our fee mechanics as we work towards additional deployments, and a permanent implementation of our fee engine.