Fantom Ecosystem Spotlight – Revenant Labs
Revenant may be the most aptly named project in the Fantom ecosystem. After suffering a massive setback with their first project, the team regrouped, formed Revenant Labs, and set about systematically building an innovative suite of DeFi protocols.
Now, barely one month after launching their Creditum stablecoin solution, Revenant Labs is gearing up for another major release. Their perseverance and hard work have rightly drawn the attention of community members like FTM Alerts. Suffice it to say that we’re keen to see what’s coming next from this dynamic project.
1. What is Revenant Labs?
Revenant Labs is a team dedicated to developing DeFi projects.
We were initially called “Revenant,” and we added “Labs” to our name to help users distinguish between the collective making up the team and the protocols we develop.
Revenant Labs is:
- Xam Pham as the Lead Developer/Project Manager
- Shien110 as the Community Manager
- Entropy as the Solidity Developer
- Youngseebi as the Frontend Developer/Designer
- Xannie as the Graphic Designer
- Cript_Walkin as a Discord Moderator/Developer
- NjReddot as a Discord Moderator.
2. How do you introduce Revenant Labs to a novice or someone who knows relatively little about DeFi?
Revenant Labs builds DeFi products like Creditum and Singularity, which have their own branding and token. The end goal is to create an ecosystem that maximizes synergies among our projects.
Revenant Labs first launched on Fantom as StakeSteak on May 14th, 2021. The project rebranded in October after an exploit of StakeSteak. Holders of the STEAK token were compensated with RVNT, which offers users a share of all future tokens launched by Revenant Labs.
On January 8th, 2021, Revenant Labs launched their first product, Creditum, and STEAK holders were allowed to exchange 1 RVNT for 10 CREDIT.
Holders who redeem their RVNT to claim CREDIT now will not be able to claim tokens associated with Revenant Labs’ future projects.
For instance, when the next project, Singularity, launches with the token GRAV, users who have already exchanged their RVNT for CREDIT will not be able to receive both CREDIT and GRAV.
Users who choose to hold their RVNT will be able to claim CREDIT and GRAV.
The same rules apply to token launches after that.
3. Can you give us a quick rundown of what Revenant Labs offers?
Revenant Labs’ first product is named Creditum; it’s a lending/borrowing platform that allows users to deposit volatile crypto assets to mint a USD stablecoin called cUSD for a fixed interest rate.
Creditum was born out of the initial mission of Revenant ‒ then StakeSteak ‒ to bring Fantom a viable stablecoin.
Through this platform, users can leverage or hedge their crypto and farming positions without worrying about potential spikes in interest rates.
Currently, the collaterals that are offered are:
- FTM
- ETH
- BTC
- DAI
- USDC
- yvUSDC
- yvDAI
- yvWFTM
- rvUSDC
- rvDAI
With different collateralization ratios, these assets can be used to mint cUSD, which in turn, can be used to farm CREDIT (governance token) either in the cUSD/DAI/USDC pool on Curve or the agEUR/cUSD pool on SpookySwap.
Along with cUSD farms, we also offer a CREDIT-FTM pool on SpookySwap, which rewards the highest amount of CREDIT out of all our farm offerings.
To avoid impermanent loss, users can lock up veCREDIT for a period of time to earn fees generated from minting and repaying cUSD loans.
4. How did you come up with Revenant Labs/what inspired you?
One of our biggest inspirations is Andre Cronje, who works on many projects and has developed many projects of his own.
The primary goal of Revenant Labs is to bring new tech to Fantom.
Through the RVNT token, users have a way to be included in every project that Revenant Labs has to offer.
5. What is your background?
The people working on our team have worked on various projects on Fantom, including Scream, OXD, and StakeSteak.
6. Why did you decide to build on Fantom?
Before building on Fantom, our biggest complaint was the high gas costs to complete transactions and deploy contracts on Ethereum.
There were many Layer 1 and Layer 2 chains to choose from with lower gas costs than Ethereum, but what made Fantom stand out was Andre Cronje’s affiliation.
We knew that Fantom would likely attract a lot of DeFi talent.
After developing StakeSteak for 2 months, we launched on Fantom, and the rest is history.
7. How did you learn about Fantom?
We first heard about Fantom through Twitter, and then we discovered the Fantom Foundation Discord.
After interacting with community members, we really enjoyed the helpfulness of the moderators and the energy of the user base as a whole.
8. What has your experience been like building on Fantom?
Building on Fantom has been an amazing experience for a variety of reasons.
In particular, the support of the community has been monumental, which makes our building experience special and enjoyable.
Support from teams like Reaper, Scream, SpookySwap, etc., have also significantly contributed to helping Revenant Labs grow.
9. What brings you to DeFi, and what excites you most about the space?
We entered DeFi after experiencing many of the problems within traditional CeFi.
Traditional finance has many inefficiencies and inequalities; whether it is the way trades are settled or who has access to capital, we believe that DeFi can improve the old system by replacing or augmenting the existing financial structures of the world.
So, what excites us about this space is the potential DeFi has to transform the old, inefficient systems currently in place.
It may take many more years to see DeFi become integrated into our daily lives, but the talent and potential that DeFi holds motivate and inspire us to continue building.
10. How did the community receive Revenant Labs? What should we know about your community?
The community was extremely receptive to Revenant Labs.
Even before our launch, the community gave us their full support, which has allowed us to become what we are today.
With just Creditum, many of our users were made whole from the StakeSteak exploit. We want to thank our community members for sticking with us even when times were tough.
Going forward, we want to provide as much value as we can to our users by improving Creditum and releasing Singularity.
11. What’s coming up for Revenant Labs? Free alpha!
By now, a new UI for Revenant Labs, Creditum, and veCredit should be released and working well.
Hopefully, the Beets wars have gone in our favor, and we are looking forward to what is next.
Our next priority is getting Singularity ready for launch. We are targeting to launch sometime in March if nothing unexpected happens.
Another focus for Revenant Labs is integrating fUSD and cUSD. Plans are not set in stone for how it will work, but we hope to come out with more exciting news soon!
12. What would you like to say to fellow developers who haven’t yet started building on Fantom?
For anyone considering building on Fantom, we encourage you to get your hands dirty and jump in.
Whether it’s helping out with an existing project or building out your own idea, Fantom community members will be there to support you by giving you advice on how to improve and connecting you to the people you need.
The only reason we are here today is that we jumped in and learned on the fly with help from all kinds of people from the community.
If you feel hesitant, just know you will learn so much by giving it a shot. Even if things don’t go as planned, it’s all part of the learning experience.
Engage with Revenant Labs:
