Charlie and Joe, engineers at Velora and co-founders of Revo, discuss their experience building Revo, a new dApp on Celo. They share the motivation behind its development, how it works, and their future plans for the platform.
Revo is a platform on Celo that simplifies yield farming with auto compounding rewards and low fees. It allows users to easily enter yield farming positions using their existing ERC20 tokens. Revo addresses the challenges faced in yield farming, such as the complexity, time-consuming process, and lack of user-friendliness.
Yield farming is difficult and requires deep knowledge of DeFi. It involves a multi-step process of claiming rewards, swapping tokens, minting liquidity, and staking it back into the yield farm. Revo aims to solve this problem and make yield farming more accessible for crypto beginners.
Existing auto compounding platforms on Celo, like Beefy and AutoFarm, charge high fees to users, making it costly for newcomers. Revo sought to provide a solution with low fees and the ability to start yield farming with any tokens users already have.
A comparison is made between Revo and Sushi, another platform, to demonstrate the simplicity and efficiency of Revo. Revo enables users to swap tokens and enter a yield farm in just 20 seconds, while Sushi requires multiple steps and takes around a minute and 15 seconds.
The Revo team initially started exploring yield farming and identified pain points in the process. They decided to participate in a hackathon, where they gained valuable experience in building dApps and won the competition. Since then, they have been working hard to launch Revo on the mainnet.
The team faced challenges such as legal advice, liquidity, contract audits, and user feedback during the development of Revo. They encourage collaboration and learning from other dApp developers in the Celo ecosystem. The future plans for Revo include supporting more yield farming platforms, such as Sushi and Mobius, and providing liquidity incentives.
Jackie, a member of the Velora team, shares her personal journey and emphasizes the importance of making crypto accessible and easy to use. She highlights the opportunity to educate users and empower them to utilize crypto and explore various dApps. The goal is to build a vibrant ecosystem where crypto works for everyone.