By
Steve Muchoki
April 19th, 2024
The first dApp to be released on Cardano will help solve a few problems consumers have faced since the dawn of the digital service economy.
The first dApp on Cardano, Revuto, has opened public sales of REVU until the end of May, marking Cardano’s first-ever token sale. Revuto is a monthly subscription management app that expands payment options for services like Netflix, Spotify, and Amazon Prime to include cryptocurrency via its REVU token.
A recent private sale, led by BlackDragon VC, netted Revuto $1.7M in fundraising. The subscription payments platform plans on securing another $5.1M from the tokens allocated for public sale.
Revuto has seen over a million people sign up for its app via referrals, and this interest has originated from a wide variety of consumers. “In the run-up to our token sale, we’ve received a tremendous reaction not only from the crypto community but from people all over the world that were not necessarily involved with crypto up until now,” commented the CEO of Revuto, Josipa Majic.
Early Bird Sales Already Underway
Two early-bird rounds running 36 hours each have been planned for Tier 1 and Tier 2 community investors. The first round of early bird sales began on May 18 at 8:00 UTC and ended with 1,934 successful user transactions. It took only 30 minutes to complete and raised $1.6 million. A staggering 47,000 users registered for these fundraising rounds, and around 25,000 made it through KYC verification in time to participate.
Much fanfare surrounds the first token sale on Cardano, and to commemorate the occasion an NFT will be minted and sent to those who participated. Revuto’s token sale coincides with a bump in price for ADA, which sailed north of $2 for the first time in the days preceding REVU’s public sales.
Another round of early bird token sales commenced on May 20 at 8:00 UTC. These sales will also close after 36 hours of running. The final leg of community sales will be open to the general public on May 22 at 8:00, and this sale will run until the clock runs out in May.
Revuto has announced a REVU token distribution of 11% for early bird sales and 15% for community sales. The private round of funding has already distributed 6% of total tokens. A total of 15% of REVU tokens will be set aside for team members and advisors, leaving 53% of the minted REVU going to the project itself.
As for the distribution of the capital gained from these pre-launch sales, Revuto will use 35% of REVU’s revenue for development, and 25% will go towards marketing. A partnership fund earmarks 18% of the budget with the rest going towards Revuto’s liquidity protocol and legal spend.
Revuto and REVU Plan a Payment Revolution
The first dApp to be released on Cardano will help solve a few problems consumers have faced since the dawn of the digital service economy. The first solution will be a way for managing all the subscriptions available to users these days. Considering that a 2018 survey discovered 84% of consumers paid more for monthly subscription services than they thought, this will help save users a lot of money.
Revuto’s app will create a space where users can track all of their monthly subscription services in one place. Users will be able to start, stop, or pause their subscription payments to multiple vendors with the touch of their screen. Additionally, users can deny payments they don’t want to make, such as usurious debits for yearlong subscriptions when a week or month-long trial runs out.
An interesting facet of Revuto’s payment processing is the ability for users to pay for services and goods through a Revuto debit card loaded with REVU. REVU is a cryptocurrency on the Cardano blockchain, and being able to use REVU to pay for Spotify or Amazon will be something crypto enthusiasts have looked forward to for a while.
Since Cardano will also host exchanges where tokens can be swapped for other tokens. It’s feasible that just about any token on the Cardano network can, in essence, be translated into another month of Netflix or the next delivery of toiletries from Amazon. The day when consumers can use crypto to pay for toothpaste delivered to their door has arrived.