In the past, DeFi platforms thrived on the Ethereum blockchain, leveraging its functionality and Layer 1 solutions. However, the network is having its fair share of scalability issues due to the DeFi boom. The crypto space found a way out of this issue while Ethereum looks towards fully upgrading its ecosystem to sustain the Proof of Stake consensus algorithm. The Binance Smart Chain is the upcoming chain supporting DeFi while incorporating cross-chain functionality.
Among the newer projects leveraging its ecosystem is the Revival DeFi protocol, which launched in Q3 2021. This article will provide the necessary insights you need about the new platform and the advantages it holds to the DeFi space.
What of Revival DeFi?
Revival DeFi is a community protocol based on the Binance Smart Chain that went live in September 2021. The platform explains its choice to launch on the Binance Smart Chain, saying that BSC offers lower fees, higher liquidity, and fast transactions. Furthermore, Revival's current development of the Ethereum bridge is an added advantage for its community as they can comfortably swap tokens from BSC to Ethereum and vice versa.
The DeFi network aims at giving power to its community to decide on the future of its platform's token whilst engaging in essential decisions concerning its development.
So far, many tokens are becoming a popular to-go-to option for upcoming platforms hoping to give users better passive income earning options. As such, Revival is also taking advantage of this opportunity to provide the same for its users. Unlike many utility tokens, community-based tokens develop the whole idea around the community and how they can benefit from it.
Revival believes in building trust with its community, ensuring that the team's identity is public. You can find their profile at the bottom of the network's website to give you a glimpse of who is involved in the project.
The Platform's Objectives
At the core of Revival DeFi's mission is to create an all-inclusive crowdfunding application for its users. In turn, they can implement their creativity while leveraging the platform's diverse ecosystem and driving campaigns. Not only will users benefit in this way, but they also participate and share content in projects that decide to partner with the platform.
Revival will ensure the safety of users and projects alike by evaluating their authenticity before and during participation. Its dashboard will allow users to view projects before investing in them while indicating the funds raised. All fundraising options will surround its token REVIVAL or the Binance Coin (BNB).
The network also hopes to offer a good user experience where you can view your portfolio through your wallet. Furthermore, you can see how much you are earning from the platform and other projects at large. Its wallet feature will provide live prices for tokens in the industry while including significant charts to make the process more straightforward.
Tokenomics
The REVIVAL token is a BEP-20 token that will be at the core of Revival DeFi's functionality. The team's vision of the coin is to create a safe space for all users while offering lucrative rewards for holding the token.
It has a maximum supply of 500 trillion tokens without a mint function. When the REVIVAL token launched, the platform initially burned 7.5% tokens from the max supply. The platform dedicated 3% of the total token supply to additional REVIVAL developments. 3% to its charities wallet, and 3% to marketing strategies for the coin.
The DeFi platform encourages users to take part in coin ownership as it offers up to 11% BNB rewards besides the 10 billion+ token redistributions to REVIVAL holders; the process will be automatic. The REVIVAL token is currently listed on PancakeSwap and FEGex, with its information on Coinmarketcap, Coingecko, and Nomics.
Benefits of Leveraging the Revival DeFi
The platform is bringing worth to its users in the following ways:
Security
The Revival platform has undergone audits in partnership with Dessert Finance. The latter is dedicating its services to providing user-friendly audits for DeFi projects running on BSC and Ethereum. Additionally, it hopes to increase the transparency in DeFi projects that has been lacking for a long time; you can view the entire project audit on its platform.
Revival is moving a step further to research better ways to keep user experience on its platform safe. That being said, it assures the continuous progression of its security features to suit the updates it makes to the platform.
Unbiased Participation
The continuity of the Revival project lies heavily in the hands of its community. Users have the chance to vote for community participation, hence, the platform's development plans. Moreover, the platform has not improved this bit to benefit users but also projects that hold crowdfunding on the forum.
Transparency
Besides the smart contract and project code audits, Revival reassures users that the development team bought its token, similar to every other investor. Their continuous participation on social media platforms and engaging the community build the trust required in the project's progress.
It also points out that as much as it has not yet renounced its token's ownership, users will not suffer a rug pull; there are verifiable liquidity locks as a tool against rug pulls.
Upcoming Updates
To ensure the continuous productivity of the platform, Revival is developing a soon-to-launch decentralized application for users to purchase digital assets. Moreover, it will have staking features, token farming, liquidity pools, to mention but a few.
Users will access REVIVAL and other coins in the market today to increase their income. Besides, they can also participate in donations for select charities- the application will be available for iOS and Android users.
The developers of Revival also projects to onboard another governance token, VVL, with additional functionalities to help the community. Lastly, the platform is collaborating with Dessert Finance to unroll a project whose details are yet to be announced.
Author's Note
DeFi and NFTs are booming beyond expectations, realizing a future in finance that the global community will benefit from. The Binance Smart Chain could help achieve this vision, creating a suitable environment to support upcoming projects. Revival DeFi hopes to derive the most from this option while providing worth for its users.
The platform has big plans underway for 2022 to open more doors for partnerships and passive income earning options. While Revival supports crowdfunding, it still urges its users to do their part and research before investing in any project.