Revest Protocol introduces a new use for evaluating NFTs as financial tools. Individual and project level users can deposit any ERC20 into Revests interactive Financial Non-Fungible Tokens “FNFTs” and set custom unlocking conditions that can include time, value, or contract-based parameters. This high level of composability fills gaps in the crypto landscape. Ranging from something as simple as new token vesting options for launching protocols to derivative and borrowing/lending platforms. Ownership of locked assets may be traded in ways that do not affect the value of the underlying asset, leading to a new meta-layer of commerce.
Smart Contract Deposits
With Revest, fungible digital assets are deposited into a Smart Contract in exchange for their non-fungible representation. The digital assets underlying the FNFT will remain locked in the smart contract until specific criteria spelled out in the contract by the FNFT’s creator have been met. Ownership of the FNFT itself may be freely transferred at any point before the smart contract’s maturity date, without affecting the market value of its underlying fungible tokens. The FNFT may be bought, sold, and traded on any platform which supports the ERC-1155 NFT standard. When the FNFT “unlocks”, the fungible assets underlying the FNFT unlock as well. Allowing it to be liquidated by its owner in a wide variety of ways, such as spot markets. The unlocking criteria are spelled out in the smart contract by the FNFT’s creator. They may include the passage of a set period of time from the creation of the FNFT, the market value of the FNFT’s underlying assets exceeding or falling below a predetermined threshold, or any combination of the two.
Vesting & Dispersal Restrictions
The digital assets locked into the FNFT may be subject to a variety of vesting and dispersal restrictions associated with the introduction of new tokens. This makes Revest protocol useful for assembling and holding collateral pools underpinning some cryptocurrency-backed loans. Assets underlying the FNFTs may be forcefully locked to avoid spending before price increases or the passage of time. This mechanic may be used for anything from savings accounts, where more assets may be deposited but not withdrawn. To inheritances, where the beneficiaries may be entrusted with assets that will not become available until many years into the future. Decentralized finance “DeFi” standards allow for FNFTs to gain interest over time, either collected into the underlying value of the FNFT itself or deposited into the FNFT holder’s wallet. Digital assets deposited into FNFTs can also be configured to execute trades at the conclusion of a set period of time, resulting in the creation of a variety of decentralized long-term derivatives. Fees accrued through the creation of FNFTs will be distributed to Revest holders, who will be eligible for discounts when creating their own FNFTs.
Revest Finance's Token (RVST)
Revest has issued the $RVST ERC-20 token to serve three main purposes. To earn a share of the revenue generated by the fees incurred by users of the Revest platform, to receive proportional discounts on fees based on the number of tokens held, and to take part in the governance of the Revest Protocol. Clients using the Revest Protocol will pay a small up-front fee to create their FNFTs, based on the total value locked into them. This fee will be paid in $ETH and distributed among $RVST holders. The $RVST issuance process consisted of a seed round and a public reservation event. The seed round and public reservation event represent 52% of the total supply of RVST tokens. The total supply of RVST tokens is set to 100 million of which 19% of the total supply was issued during the seed round and 33% issued during the reservation event. With 10% of the total supply allocated to the team under short-term vesting conditions, an extra 10% will be locked Long-term, 15% will be allocated to Marketing and Staking, and the remaining 13% of RVST tokens will be used to seed the Revest Liquidity Pool on Uniswap immediately after the conclusion of the public reservation event. The LP tokens will be locked into Revest FNFTs for at least two years.
The Revest Finance Founders
Revest Finance launched its $RVST token in late September of 2021. Initially, the successful launch saw the token released to the market at $0.30. For the few months following TGE, $RVST remained in a channel between $0.20 and its opening price. Until the price breaks out in late November from $0.25 to $0.50 in less than 48hrs. Since this occurrence, the price of $RVST has been on a continued downtrend. Support began to form around $0.10 before falling below last month and continuing into April 2021 where $RVST now sits below $0.05 after falling over 90% from its all-time high. $RVST has a Total Market Cap shy of $3 Million and a circulating supply of 60 Million $RVST tokens equating to 60% of the total supply. Revest contracts were audited by Solidity Finance before their release. Something Solidity Finance failed to identify will be covered shortly. With social impact, Revest has gained roughly 40k community members through its Twitter, Telegram, and Discord channels. Since the protocol has been operational few updates have been made to the codebase of the project.
Concerns about Revest Finance
On March 27th, 2022 the Revest Protocol suffered an exploit in which roughly $2M worth of tokens ($BLOCKS, $ECO, and $RENA) were stolen from their Ethereum-based token vault. The Team at Revest responded immediately to the exploit. Assuring the affected communities that they are doing everything in their power to make this right. Shortly after the attack began, they took swift actions to prevent the further loss of funds amidst the ongoing attack, and successfully prevented the theft of all staked $RVST and $RVST LP tokens. This required both freezing transfers of the $RVST token and soft-locking the creation and withdrawal of FNFTs on all chains. The team’s decisive action allowed them to ensure the rest of the attacks failed, mitigating further damage and preventing another series of malicious transactions only 70 seconds later.
Following these thefts, the attacker swapped all tokens but $RENA for $ETH and transferred their funds to TornadoCash, a crypto-anonymizer that makes it impossible to trace where the stolen Ether has been taken. Revest has contacted the DEXes utilized for the swaps, but they do not keep IP logs and are unable to provide further help. It is exceedingly unlikely that direct recovery of the stolen funds from the criminal involved will ever be possible. The ability of the Team to freeze the contracts and tokens in them was pointed out in the initial Audit. So the bigger takeaway from this experience is to understand that Revest Finance is not a truly decentralized protocol.
Revest Finance has some interesting ideas to offer the space when it comes to securing assets over the long term. With variables that can be custom built to suit a variety of needs, the utility of the protocol is self-evident. Revest offers holders a unique opportunity to shoot big. As one of the lowest-ranked Market Cap projects reviewed. Revest has only $3 Million in Total Market Cap at this time meaning that even the slightest about of interest from the space could result in some incredible returns.
Until next time, remember that the only guarantee is BTC. So keep stacking that Satoshi.