Token Migration Plan: Revault (REVA) to Korra (KRA) — User action required!!

We are excited to announce the final stages of the transition of Revault to Korra Finance and the migration of the REVA token to the new KRA token. This document provides comprehensive details about the token migration process, ensuring a seamless and secure transition for our users. Please read the following information carefully.

Process Overview and Timeline

• Remove Private User Liquidity: Before COB on July 31, 2024
• Snapshot: Between August 1 and August 2, 2024
• Revault website shutdown: August 3rd.
• Project Liquidity Removal: Immediately after the snapshot
• PreSale Commences: August 1 to October 31, 2024
• KRA Calculations and Release for Crosscheck: By August 7, 2024
• Mobile Application BETA Launch with KRA Balance: September 1, 2024
• ILO: Early November
• Users Claim New Korra Tokens: After ILO, via the app’s claiming portal

Liquidity Pools

Farming: Users providing liquidity to the BNB/REVA and FTM/REVA pools must remove and split their LP tokens by the end of July. REVA tokens can then be staked in the Revault Staking Pool of choice to be eligible for higher bonuses. Users are also able to use this opportunity to acquire additional REVA tokens and stake them. Note that post-snapshot, the large-scale selling of REVA tokens is expected, which will drain any remaining liquidity. Please do not try and sell your REVA holdings before the announcement that the Snapshot has been successfully taken. This will result in you losing your eligible KRA.

(Users must break their liquidity using this screen)

Vaults: Users with funds invested through the various Vaults on the Revault App should remove these as well, as the Revault website and app will be taken down after the snapshot. Once the revault website is taken down, we will make a concerted effort to help users recover funds from the moonlighted vaults but are not able to make any guarantees.

(Users need to withdraw all liquidity from these vaults)

Snapshot of Wallets and Token Holdings

• Staked Tokens: Snapshots will capture REVA holdings in wallets and staking pools. Users should claim any unclaimed REVA rewards or activate Auto-compounding, as unclaimed REVA might not be included in the snapshot.

(Users can stake their REVA tokens here)

• Bridged Tokens: Bridged REVA tokens on the Fantom network WILL be accounted for in the snapshot. Users are however advised to bridge these tokens back to the BSC Network should they wish to stake them and be eligible for higher bonuses.
• Token Crosscheck: An excel sheet with users REVA balances at snapshot will be released in order for users to confirm their balances are correct. Should any errors be identified, users are to contact the team directly and we will investigate on a case by case basis.

Liquidity Removal

Post-snapshot, Revault owned liquidity will be removed, and BNB will be allocated for Project MVP development and marketing. As VC funding might take time to conclude, a proposal will be added to allow the team to use these funds for app development and marketing for the Presales and ILO. Liquidity will be restored through the ILO. Snapshot proposal to follow.

KRA Presale

The KRA token presale will run from August 1 to October 31, 2024.

Calculation of KRA Tokens

• Conversion: REVA holdings will be converted to KRA tokens at a 1:1 USD value.

Bonuses: Based on staking pools:

• Unstaked or 1x Pool: 3% bonus (0-day lock).
• 2x Pool: 8% bonus (7-day lock).
• 3x Pool: 26% bonus (45-day lock).
• 4x Pool: 63% bonus (180-day lock).

Example Calculation: A user with $100 of REVA in a 4x Pool (180-day lock) will receive:

• Base KRA tokens: $100 in KRA.
• Bonus: 63% of $100 = $63 in additional KRA tokens.
• Total: $100 + $63 = $163 KRA tokens with a 180-day vesting period.

Yields while tokens are locked:

Users will earn additional yields on their KRA holdings during the 3 month Presale as well as their selected lock period after ILO. We have pre-calculated the total time and related yields as follows:

• Unstaked or 1x Pool: 3% ARR for 90 days = 0.74%
• 2x Pool: 8% ARR for 97 days = 2.13%
• 3x Pool: 26% ARR for 135 days = 9.62%
• 4x Pool: 63% ARR for 270 days = 46.60%

Example Calculation: A user with $163 of KRA after the 4x bonus has been applied:

• KRA tokens after bonus: $163 in KRA.
• Yield: 46.6% on $163 = $75.96
• Total Tokens received: $100 + $63 + 75.96 = $238.96 in KRA tokens.

MVP Launch with KRA Balances Visible

• App Download and Wallet Link: Users download the Korra app from the Korra Website and link their wallets.
• Display of Holdings and Vesting: Clear display of KRA token holdings and vesting periods.
• Penalty for Early Withdrawal: A 20% penalty will be levied, and tokens will be burned if a user withdraws their KRA tokens before the vesting date.

ILO

The Initial Liquidity Offering (ILO) is scheduled for early November. More details will follow shortly.

Important Note

Please check your staking positions to ensure they are visible. If you cannot see your positions on the UI, contact us via DM for manual verification as we can still view them on-chain.

We appreciate your cooperation and support during this transition. For any questions or further assistance, please reach out to our support team.

Sincerely,

The Korra Finance Team