Frequently Asked Questions (FAQs) — Answered by the REV3AL team
Why did REV3AL upgrade to a V2 of the token contract?
The primary reason for our upgrade was to develop a contract that was highly secure and had scalability built into it from the beginning. Our old contract simply was not scalable and was too restrictive to our future growth, our holders, and our community. Also, it’s important to remember that security is crucial — and our team is at the forefront of the security industry — migrating to an upgraded version allows us to adhere to the latest security standards for smart contracts and stay ahead of both known and potential security concerns in the industry.
Moving forward this new contract gives our team the ability to add on more functionality for users, which includes new and improved staking opportunities (more on this below).
This new version gives us a chance to work with our new strategic partner, DRIVENecosystem. They have conducted the Contract Audit, built the framework for the V2/migration, and developed the UI for a new staking option.
New staking options: more on this will be released in future updates, but we are proud to announce that we have the opportunity to introduce “liquid staking” as an opportunity for holders in near future. Liquid staking gives holders the ability to keep the tokens locked in their own wallet, without having to keep them locked elsewhere. This gives holders more direct ownership of their tokens and provides an added level of security — by keeping the tokens in one spot and not moving them between contracts there is less of a risk for challenges to arise.
For a more comprehensive breakdown of the details:
Please take the time to read this article, announcing the V2 of the smart contract and detailing the features of the new contract.
Please take the time to read this article, discussing the AMA that we conducted with our partners DRIVENecosystem, as well as detailing how to add the new token to your wallet.
Please take the time to view this AMA video to hear from the teams directly as they addressed general questions from the community.
What can I expect as a holder?
Aside from adding our new custom token address to Metamask, users are not required to complete any additional steps. The process will be as seamless as possible for most holders.
How long will the migration to the V2 contract take?
The initial migration is nearly complete, and the entire process is expected to be completed over the next week or so. Additional features will be tested and activated in future updates, there is no ETA for those additional features, but we will notify our community as those features are live. Please stay tuned to our Twitter and TG pinned posts for the most accurate and up-to-date information.
What happens to the old V1 tokens?
The old token contract will be visible, but we recommend not trading that version of the token. You may see trading activity on the old token contract, but those trades are likely bot accounts. Since liquidity was already migrated to the new contract address, we advise that you have the most up-to-date token contract address added to your wallet. More on that can be found by reading this article that we have already posted.
Are there any expected challenges/hiccups?
As with any upgrade, we are planning for all possible challenges that may arise, and we don’t expect any specific hiccups. However, it is likely that something could come up. Rest assured that our dedicated team of developers and partners will be on top of the issues and that we will resolve it quickly. Our team is highly skilled and very experienced in migrations and has high confidence in being able to execute the V2 contract migration with minimal issues.
What about staked tokens?
New V2 tokens will be airdropped to those that were staking previously and will be airdropped directly into their wallet to replace those locked in the old staking contract. Moving forward, token holders will have the option to stake again on the brand-new staking contract, once this option becomes available.
The new staking contract is not yet complete so therefore no staking is currently available. It’s worth mentioning that during this time holders are not allowed to use the old REV3AL app — a new app will be released, and we will notify the community when the new app is ready for holders to begin staking once again.
Over the next few months, we will release new staking opportunities (including liquid staking), as we have built them into the new V2 version of the smart contract. We will release information on this as it becomes available.
How do I add the new V2 of the token to my Metamask wallet?
We have drafted an article for that, and the answer can be found by clicking here and reading that article.
What additional features does the new V2 smart contract offer?
Here are a few highlights:
- Increased security, now and in the future
- Scalability of features for future needs
- Reentrancy Guard, protection from the Reentrancy Exploit
- Cross-chain ability
- Self-reporting a compromised account/wallet
- New staking opportunities, including Liquid Staking
- Increased oversight and partnership with our strategic partners, DRIVENecosystem
- & a lot more that is planned for the future!
We have drafted an article that discusses these points in finer detail, and the full description of these bullet points can be found by clicking here and reading that article.
Is there a scheduled AMA to discuss the V2 of the smart contract?
We completed an AMA with our strategic partner, DRIVENecosystem, that was live on all of our social channels on Sept. 30, 2022, at 4:30 pm UTC.
Please use this video as a resource, as we discuss all the finer details and have input from both the REV3AL team and the DRIVENecosystem team.
What is the new V2 Token Address for $REV3L ?
$REV3L Token — New Contract Address (BSC)