Good Things Come To Those Who Wait— RiveX Updates Recap!
What has the RiveX team been up to these past months? June has been action-packed! Lets deep-dive into RiveX project updates, product updates, and what’s to come!
The past month has been a busy one for the RiveX team, delivering many RX Wallet integrations, the new Burn-and-Mint mechanism, as well as Part One of the long-awaited staking initiative — League of Stakes (including Stake-to-Burn)! Let’s take a look at what the RiveX team has accomplished!
Project Updates
RiveX strongly believes in the ever-expanding DeFi space, keeping close tabs on the current leading DeFi products. The team has remained focused on integrating and building value-added products to this space. Let’s take a look at some of the recent updates!
Burn-and-Mint Equilibrium Explained
PART ONE — Empowering DeFi Across Blockchain Protocols Through Burn-and-Mint Equilibrium
Burn-and-Mint Equilibrium is a one-way bridge from WRC20-RVX token standards to ERC20-RVX token standards. A portion of the WRC20-RVX token supply will be burned and then minted on the Ethereum blockchain as ERC20-RVX.
Explore Part One here.
PART TWO — Introduction of 800,000,000 RVX (20%) ONE-OFF BURN on Total Supply🔥🔥🔥
Bullish Vision On A Deflationary Model — This marks a promising move from an inflationary model to a deflationary model as the team behind RiveX strongly believes in this divergence which will encourage adoption and a greater value for the general RiveX ecosystem. RiveX will be doing a one-off burn of 20% of the total supply.
Learn more on Part Two here.
ENTER THE DRAGON — PART ONE: Introducing $RVX League of Stakes #LOS
League of Stakes (#LOS) allows participants to stake their assets — RVX (WRC-20 version) and earn rewards. The #LOS model comes with a unique mechanism called the Stake-to-Burn mechanism. RiveX will be burning the same percentage for the amount of RVX from the Ecosystem Fund based on the total RVX staked for League of Stakes from the total on a monthly average basis.
Quick key takeaway points for #LOS:
- Stake-to-Burn % Ratio
- 46.8% to 62.4% APR
- No bonding period — unstake anytime
- No minimum or maximum staking amount
- Dedicated #LOS dashboard
A look at the upcoming League of Stakes dashboard:
Learn more about League of Stakes Part One here.
Quick Tokenomics Updates
1,350,000,000 WRC20-RVX Tokens Burned 🔥🔥🔥
A once-off burn of 1,350,000,000 WRC20-RVX which accounts for 33.75% of the Total Supply has taken place!
Key points
- Private sales — Collection → Sending → Burning 150,000,000 RVX (0x1506D7a71a502d9B7AbFeC80a43666295E9fB2EB)
- DeFi Initiatives — Minting → Burning 1,200,000,000 RVX (0x1506D7a71a502d9B7AbFeC80a43666295E9fB2EB)
- Total Burn — 1,350,000,000 RVX 🔥
Read more on the total supply burn here.
The RiveX WRC-20 and ERC-20 Total Supply Split Explained!
RiveX will have two separate market caps, one for the WRC-20 supply and another for the ERC-20 supply. This will be differentiated by two logos, WRC-20 RVX with the blue RX logo and ERC-20 RVX with the grey RX logo as shown above. Token trackers will have separate listings and each market cap will be tracked separately. Our WRC-20 and ERC-20 supply distribution can be seen below:
Learn more on the need for a dual Wanchain-Ethereum ecosystem here.
RiveX Core Product Updates
There have been many exciting new RX Wallet integrations over the past months. We recently released a new version of RX Wallet, fixing some issues with users’ deposits not showing. Please update to the latest version of RX Wallet (v1.2.2) here.
A Collaboration with MakerDAO — RX Wallet now supports DAI!
DAI Integration — Convenience at your fingertips
DAI has been integrated into RX Wallet allowing users to access MakerDAO’s stablecoin (DAI) within RX Wallet!
Read more on the DAI Stablecoin integration here.
RX Wallet Now Supports MKR!
As a follow-up to the DAI stablecoin wallet listing, we are excited to announce the integration of MKR token in the RX Wallet! You can now easily store, transfer, and manage your MKR assets from the RX Desktop Wallet.
Learn more on the MKR integration here.
Verasity Integration — RX Wallet Now Supports VRA!
Verasity — Bringing VRA to RX Wallet!
Verasity’s VRA token has been integrated into RX Wallet allowing users to access Verasity’s VRA token within RX Wallet!
*Please note: Only ERC20 VRA will be supported by RX Wallet!*
Read more on the Verasity integration here.
Kyber Network Integration — RX Wallet Now Supports KNC Token!
Kyber Network Crystal (KNC) Integration — Convenience at your fingertips
KNC Token has been integrated into RX Wallet allowing users to access Kyber Network’s KNC Token within RX Wallet!
Read more on the Kyber Network integration here.
RiveX & 2key Network — League of Stakes and 2key Smartlinks!
RiveX to launch League of Stakes with 2key SmartLink Campaign
RiveX will be launching its staking initiative, League of Stakes, with 2key Network’s PPC SmartLink campaign! These SmartLinks will promote League of Stakes and allow for you, the RiveX community, to earn rewards by referring the League of Stakes SmartLink!
2KEY has also been integrated into RX Wallet allowing users to access 2key Network’s 2KEY token within RX Wallet, this removes the need to switch between different applications to manage your assets.
Read more on the 2Key collaboration here.
Synthetix Integration — RX Wallet Now Supports SNX!
SNX has been integrated into RX Wallet allowing users to access Synthetix SNX token within RX Wallet, this removes the need to switch between different applications to manage your assets.
RX Wallet is able to support other synthetic assets that are backed by SNX such as sDEFI, sUSD, sXAU, sFTSE, sNIKKEI, and other Synthetix’s assets. These synthetic assets which are issued on Synthetix’s platform can be used within the DeFi DAPPS which are integrated into RX Wallet if these DAPPS accept Synthetix issued tokens. There is no need to go through the trouble of moving around DAPPS when everything can be used within RX Wallet.
Read more on the integration of SNX and synthetic assets here.
Compound Integration — RX Wallet Now Supports COMP!
COMP has been integrated into RX Wallet allowing users to access Compound’s COMP token within RX Wallet, this removes the need to switch between different applications to manage your assets.
Learn more on the Compound wallet listing here.
RiveX Quest KYC Period Over
We recently released an article on how to complete KYC for the past RiveX Community Quest, the KYC verification period is now over. Quest tokens will be distributed on July 9th, keep an eye on our Telegram announcements channel. Thank you to everyone that participated and stay tuned for more community initiatives in the future!
View the Quest KYC article here.
Notable Upcoming Releases
An overview of what's to come!
- League of Stakes official release, stake till your heart's content!
- Multiple RX Wallet Integrations, what could be next?
- RX Mobile Wallet release, manage your assets on the go!
- Quest token distribution, mark your calendars for July 9th!
Buckle-up and follow us for more exciting updates!
Thank you for all your time and continued support! Let’s buckle up and continue our journey!! What could be next? With League of Stakes just around the corner, we have a lot of exciting upcoming announcements for the next action-packed months ahead! Stay tuned to our announcement channel on Telegram for all the latest news and updates from the RiveX team!
About RiveX
RiveX is a chain agnostic interoperable layer-2 solution across different blockchain protocols. RiveX aims to empower the next generation of decentralized applications, decentralized finance and enterprise solutions. RiveX has comprehensive interoperable DeFi solutions such as RX Wallet which aims to integrate DAPPS from different blockchain protocols to enable an interoperable DeFi ecosystem within RX Wallet itself. The first DAPP which RX Wallet has already integrated is WRDEX. Another core product powered by RiveX is the world’s first cross-chain DEX called WRDEX.
👇 More about RiveX 👇
RX Wallet | WRDEX | Website | Twitter | Telegram | Medium | GitHub
