The Future of $RVLT

What’s next?

After the incident in which a significant portion of RVLT was stolen from the staking contract, we are determined to make people whole again.

The person who was able to attack RVLT was able to gain control of the staking contract and the treasury. This means that in its current state, the existing RVLT token cannot continue to be used. Each buy and sell is delivering 0.4% into a treasury that is readily accessible to the attacker.

As such, we need to redeploy the entire RVLT system, including a new token. All holders will be given 1:1 tokens based on their RVLT and uRVLT.

So how will that work?

We will deploy a migration portal on https://revolt.cultdao.io. There will be attempts from fake profiles on social media to link you to malicious websites, so please ONLY use this website (which currently hosts the staking contract).

We haven’t got a date for the migration going live but we’re anticipating in the next 2 weeks.

Ignore anything that does not come from an official CULT/RVLT/TRG social media channels.

1. The migration contract will be deployed for users to exchange their old RVLT/uRVLT with the new contract. We have snapshotted RVLT and uRVLT balances now, and will take another snapshot of RVLT ahead of the portal going live.
2. In order to get your new tokens, you will need to deposit your current RVLT and uRVLT balance into the portal. We are upgrading the uRVLT contract to make uRVLT transferrable to allow this. (RVLT contract address is: 0xf0f9D895aCa5c8678f706FB8216fa22957685A13 and uRVLT is: 0x55AC81186E1A8454c79aD78C615c43f54F87403B).
3. The claimable amount is based on the snapshot balance of your wallet, NOT current balance when claiming, so you can’t continuously buy RVLT to claim more.
4. Once tokens are deposited, you will be able to claim the equivalent value at a 1:1 ratio. For example, if you deposit 1000 RVLT and 1000 uRVLT (and that was your snapshot balance), you will be able to claim 2000 of the new RVLT contract tokens.
5. We will then sell the deposited RVLT into the liquidity pool to extract the Ethereum, and redeploy a new pool with the new token and that Ethereum.
6. Those that have tokens on MEXC will also get their tokens replaced. You do not need to move them. MEXC have confirmed they will remove deposits and withdrawals until the migration is complete. If you hold somewhere else, like CoinW, you should withdraw your RVLT to a non-custodial wallet and use the claim portal, we will not support direct migration with CoinW.
7. Efforts to recover the stolen funds via exchanges and law enforcement are still ongoing. If we are successful, then funds will be used to add further liquidity and help maintain price levels if necessary. If there is surplus, then we will look at buybacks for CULT and TRG in addition.
8. Liquidity will be locked for a shorter period than before. We would like to be able to move liquidity to Modulus in the future, so liquidity will be locked in 3 month periods, and re-locked as necessary depending on the timelines of Modulus mainnet.

Please note, the new RVLT tokens will be going to the community only. None will be supplied to developers, nor will they keep any of the old RVLT liquidity or any recovered funds (should we succeed in our efforts).

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