Blockchain-based subscription startup Revuto is expanding its staking pools to eight, allowing Cardano users to have an opportunity to participate in the newly launched ISPO, a fundraising mechanism that allows delegators of a Proof-of-Stake (PoS) network to divert staking rewards towards a project of their choice and get project tokens in return. According to a statement from Revuto, the new staking capabilities allow users to stake the Revuto token, $REVU, in order to receive the initial distribution for a new Cardano-native token.
Announced early in the month, all Revuto users and token holders have an opportunity to participate in staking $REVU. Simply, the new Revuto staking pools offer users competitive yields and unique rewards in the form of other Cardano-native tokens, a first-of-its-kind staking protocol. Since the launch of $REVU staking pools back in February, Revuto has already launched a number of yield farming pools including VyFinance and SundaeSwap, whereby Revuto users earn $SUNDAE and $VYFI tokens by staking the $REVU token.
So far, the staking pools have drawn large crowds of investors due to the competitive yields offered on the pools. Once the $REVU staking pools opened the hard cap was filled for both VyFinance and SundaeSwap in record times, seeing nearly half the circulation supply of $REVU tokens (24 million) already locked on the Revuto app.
“After being the first public ICO on Cardano, publishing the first native mobile wallet on Cardano, and breaking records with our growth, listing on several Tier-1 CEXs – we are proud to make history again,” Revuto’s CEO and co-founder Vedran Vukman commented. “With Revuto Staking pools, we are now the first available staking pools to offer staking and rewards in Cardano Native Tokens.”
Notwithstanding, the Revuto team announced a partnership with COTI, the issuer of Cardano’s algorithmic stablecoin DJED, adding it to the list of farming pools last week.
Opening up the Cardano ecosystem to staking
Following the launch of the farming pools, Revuto announced plans to expand its staking pools to newer Cardano projects to boost adoption and rewards for its holders. Recently, Revuto announced its partnership with Genius Yield, a Cardano-based yield optimizer, giving users a unique opportunity to earn the $GENS token. Within the Revuto APP, users will be able to stake $REVU tokens to earn $GENS tokens and rewards will be distributed as a part of the initial distribution of GENS tokens.
Notwithstanding, the Genius Yield ISPO rewards from the $REVU staking pools will also be boosted meaning staking investors will earn significantly higher rewards in comparison with regular Genius Yield ISPO rewards. The $GENS token rewards will be distributed to the staking investors at the end of 90 days staking period. However, investors who delegate ADA in the standard ISPO will need to wait for the distribution of GENS tokens for 6-12 months after the Genius Yield TGE.
“This is a huge milestone for the entire Cardano community of builders and supporters. To ensure our users and investors enjoy the most competitive returns, we selected the best and most promising projects along with exclusive deals. We are excited and proud to see our community go from strength to strength in making our product and service better “, Vukman added on the announcement of the Genius Yield program launch.
A bright future for Revuto users?
The latest staking pools launch follows a successful nine-month period by the Revuto app, both in user adoption and value growth. During its initial token offering in 2021, the company raised close to $10 million in a couple of minutes and has since seen its userbase grow to 3 million sign-ups today. Moreover, the company boasts 350,000 active users and over 60,000 unique Cardano-based wallets created.
In the near future, Revuto plans to launch its virtual debit cards to help users manage their subscriptions effectively and allow users to pay for their subscriptions with Cardano native tokens. Revuto will also introduce a fiat-to-crypto exchange within the Revuto app and decentralized finance (DeFi) capabilities to help people pay for their subscriptions for less than they would pay for them with FIAT money.
Finally, Revuto will introduce a novelty micro-lending feature within the crypto market that will allow users to get uncollateralized micro-loans in crypto and use them to cover their subscription payments. The setup will allow Revuto users to provide liquidity to other Revuto users and earn yield.