2022-02-24 15:52:21
Dear Community!
We just released a new version of our platform, and this is a big one. We are thrilled to announce we are officially a multi-chain protocol, and this is just the beginning. While adding more and more features to the platform and the protocol, and generating more and more utility to our REVA token, we are planning to support any EVM compatible blockchain by the end of 2022.
It is important to understand this step towards Fantom because this process will repeat itself on any new chain we will expand to.
So what will happen to the emissions?
At the moment, the REVA emission is distributed as such:
0.125 REVA per block to REVA-BNB LP farming
0.1 REVA per block to stakers
0.075 REVA per block to the treasury
0.05 REVA per block to TVL incentive rewards
to a total emission of 0.35 REVA per block.
Fantom must also have REVA emissions for REVA-FTM LP farming and TVL incentive rewards on Fantom's vaults.
To begin with, we will split the rewards between BSC and Fantom 50-50, meaning this will be the new emission distribution:
0.0625 REVA per block to REVA-BNB LP farming
0.0625 REVA per block to REVA-FTM LP farming
0.025 REVA per block to BSC TVL incentive rewards
0.025 REVA per block to Fantom TVL incentive rewards
0.1 REVA per block to stakers (only on BSC)
0.075 REVA per block to the treasury (only on BSC)
to the same total emission of 0.35 REVA per block.
Since minting new REVA is only possible on BSC, we are deploying a new contract that will handle the emission for all non BSC blockchains. Until it is deployed, we will use the treasury to bridge the required REVA tokens to Fantom to jump-start the emissions there.
You can see we have transferred 50,000 REVA to the revachef and the farming contracts from the treasury:
https://bscscan.com/tx/0xd8c2988762c96753f491725160366ca6e251f15aba8d019e06bf12b859afb0b7
Fantom revaChef contract:
https://ftmscan.com/address/0x2207cbe84aabce3092ade51820495198d5602711
Fantom revaLpStakingPool contract:
https://ftmscan.com/address/0x963e93618CB699724169915B765b7A3d69abDf54
The treasury will get this 50,000 REVA back when the new contract that handles non BSC REVA emissions is deployed.
We remind you that any parameter is subject to change by a vote, including the 50-50 between BSC and Fantom or any sub-distribution of the REVA emissions as the community sees fit.
The current REVA emissions on Fantom are super low (0.000000001 REVA per block), and it will increase to its normal state once the emission decrease on BSC takes place in 48h.
We would appreciate you helping us continue the process of making sure our platform is working as expected and set up to get the farming and the TVL incentive rewards on Fantom before the real emission starts.
Happy Fantoming!
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