REVA acquisition AMA 02/02/2023 Speakers: Mati Greenspan (Qua | revault network Announcements

REVA acquisition AMA 02/02/2023

Speakers: Mati Greenspan (Quantum Economics CEO) and Matt Rich (Layered Cake Protocol CEO)
Summary in simple English:

Matthew Rich has been hired as the Layered Cake Protocol CEO and has published a Medium article for the Revault community to update on current plans. This AMA was based on this article: https://medium.com/quantum-economics/layer-cake-protocol-update-for-the-revault-community-b632edae46d8

Quantum Economics wanted to buy the Revault Foundation based in the Cayman Islands. One of the daughter companies (registered in the British Virgin Islands) is an NFT-based project. Because QE did not want to purchase this, they had to hire Ernst & Young, a very reputable law firm, to advise and help with how to buy what they needed from Revault. They have now finished their offer and will first buy out all of Revault's assets (including the previous team's tokens) and then establish a new company under Layered Cake Protocol in Cyprus or Israel.

Because the foundation wallet has less funds today, the buying offer is lower than initially planned. Ohad in the meantime has said that the offer will be accepted. There is no "old team" anymore. The "about us" section on the revault.network website links to Quantum Economics now.

Plan going forward:
Use foundation wallet (~$16000) to cover costs and hire a new development team and Chief Technical Officer (CTO)
Use treasury (~700,000 REVA) for the new team as equity, meaning over two years they will receive REVA as part of their pay. The team will have a direct benefit from increasing Revault's value.
Create a portfolio dashboard to let users know what they are invested in with Revault.
Create a search bar as more vaults are added, mostly on BSC and ETH.
Bridge to ETH. ETH has the biggest investors currently.
Make the platform profitable. This will be done by increasing the platform fee from 1% to 10%. 8% go to the treasury (revenue for the platform) and 2% go to the stakers. Also the buy/sell tax will be 4% (1% each to burn, treasury, LPs and stakers).
Start a funding round for $200,000 - $300,000 to develop the platform further.
Overall target both institutional investors and money managers with professional tools as well as retail with easy use.
The maximum token supply will never be increased.

Changing platform fees, tax and the use of the treasury funds requires the approval of the DAO.

You can read more about future plans and features in the Medium article linked above.

Quantum Economics is confident they can make Revault and other promising projects bought under Layered Cake Protocol profitable. A lot of these had bad management or even had rugpulls. If the technology is good and the platform valuable, QE can use their experience with creating and helping to create businesses to make them sustainable. Revault used to spend a lot on running the platform, advisory and others. QE was already able to reduce this to 10% of what it was.

The Qubit hack will be looked at again in the future to see if and when the stolen funds can be repaid. Going forward it will be important to warn about the risks of investing before allowing users to deposit money in vaults. Quantum Economics is also talking to a third party about offering an insurance service and wants users to be able to commission a professional audit on any platform at the click of a button.

If you have any further questions, please reply to this message and ask!