A number of our community have asked about vesting and status of locked $REVO tokens. We understand this is an important subject for any investor & therefore we thought we would write a short overview!
This article will give basic details of the $REVO token and vesting. It will also you empower you to better understand a critical question for any project listed on decentralised exchanges like Uniswap and PancakeSwap:
“how do I check if a team has locked their liquidity ?”
Although the answer to this question should be easily verifiable this is not the case in the crypto industry. Indeed, project’s locking methods are different from one to another and there is no standard to follow for a team.
Here, we are going to show you how to verify the locked liquidity for Revomon’s project.
REVO is a crosschain token, meaning it is on at least on two different blockchains. In our case, $REVO ison both Ethereum and Binance Smart Chain (BSC), (ERC-20 and BEP-20). The tokens can be interchanged at any time using our bridge at Poly Network.
$REVO tokens are all locked with different vesting periods depending on their intended use. The majority of $REVO tokens are locked on the Ethereum blockchain but a small portion has also been locked on BSC to allow easy use in the future (e.g. for minting NFTs, claim tokens feature & fees).
For complete clarity, full details of locked tokens and their vesting are detailed in our whitepaper under the “Detailed unlock schedule” tab.
Sounds great! But how do you verify what someone has written in their whitepaper?
Well, the adage in crypto is ‘don’t trust, verify’. Luckily you can easily do that through contracts.
Let’s take the example of the team’s token as this should always be a critical consideration for a project’s community.
🔒 Locked team tokens
The tokens allocated to the team have been locked in a contract with the following vesting schedule:
The first unlock of team tokens will not take place until 9th April 2022. On this date 1,844,382 REVO tokens will be unlocked and distributed among the team. Note this does not mean the team will sell their tokens, it just indicates that before this point the team has no control or access to these tokens.
No further team tokens will be unlocked until 1 year later, on the 9th April 2023, when a further 3,688,766 REVO tokens will be unlocked. By this stage Revomon will have met our turnover forecast and have succeeded in our game launch. The game will be live and the team will be focused on international expansion of our target audience and expanding the Revomon metaverse with additional content.
The tokens will only come available once Revomon is already in a strong position in the collectible monster game category and within the broader Virtual Reality industry.
How can you check the lock of team tokens in the contract?
👉Just go to Etherscan and check this contract address: 0x521436f66f297106fa0a5279e9710737e649a267
You will see 3 transactions: The first one (at the bottom) is the first amount to be unlocked and the following are the tokens locked according to the previous program.
You can note directly the Method = Lock
Learn how to read the contract:
1. Go to the contract on Etherscan and click the 1st amount to be unlocked next year. (The tx at the bottom)
2. Click on the contract tab then read contract.
In this section, you will see all the methods our developers created to commit in the locked liquidity introduced in our whitepaper.
3. Jump to the getRemainingLockDays method.
4. Enter the wallet address which deployed the contract which is 0x729AB5b95CA00CC6d6125fb5B4e0ae9913082Aa5 and the reason of the lock (check previous program: “team_1” for year 1 locked amount, “team_2” for year 2 locked amount etc). Then, you’ll get the remaining days for each stated reason.
Congratulations! You just completed a true contract verification regarding Locked liquidy.
Now, you can proceed the same steps to know all the locked tokens amount in the contract.
Instead of going to the “getRemainingLockDays” method in the current contract, you have to select the “tokensLocked” method within in the same contract.
Select the tokensLocked method and you insert the same information;
- The wallet address (0x729AB5b95CA00CC6d6125fb5B4e0ae9913082Aa5)
- The reason of the lock (team_1)
You will see a number that is represented as 18 decimals 10¹⁸ “wei format”.
You can convert that number into the real amount of $REVO locked by using a converter. For example this one for ETH: https://eth-converter.com/
You will see that 1844382000000000000000000 $REVO (wei format) becomes 1,844,382 $REVO.
In the spirit of complete and open transparency, we have just shown you, with the help of a simple tutorial, how to read the contracts and use the methods coded by a team of developers on a project. This will hopefully help you become more educated investors and allow you to independently check and verify what teams are stating about their tokens and locked liquidities.
Revomon is a new virtual game world where items and monsters are owned by its users. Community driven model. Revomon is a VR collectible game built on blockchain.
To stay tuned to the latest Revomon news, follow us on:
Telegram Announcements: https://t.me/revomonnews
Telegram General Discussion: https://t.me/revomon