Company updates
April 25, 2022
10 min read

$RELI Token is the Key to Empowering People & Businesses with NFTs

$RELI remains the centerpiece of the Relite Ecosystem and we are happy to update our backers, stakeholders and users.

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RELI Token utility

Adjusting to the new vision of Relite requires an upgrade to the $RELI token utility. Our team carefully analyzed the market opportunity and crafted new token dynamics to support the vision.

The token infrastructure will enable different activities in the ecosystem. $RELI will support NFT minting, distribution, marketplace transactions and voting new features and strategic direction.

Smart Contracts

New utility beyond the initial cross-chain lending and borrowing is possible in sync with the vision for the future of the Relite Ecosystem.

Repurposing contracts means flawless transition!

The staking contracts will enable access to PRO features both for marketplace functionality, onboarding customers and NFT minting incentives, making business and people interact seamlessly on the Web3.

The farming contracts are converted into support for the rewards mechanisms - claiming and distribution, alongside any other programmable interactions that will expand according to the long-term vision for the Relite Ecosystem.

A whole new set of smart contracts that need to work with the general e-commerce logic and product discovery.

The bridges

This is in the Relite core genesis concept after all and the bridges we already built are re-used and re-purposed. A part of Relite’s cross-chain approach, the ecosystem will enable NFTs to live on multiple chains, as customers desire. 

Relite ecosystem will enable, customers to mint NFTs on Polygon and later port them on Ethereum or Binance network.

Buying NFTs and $RELI with debit cards & bank transfers 

Creating the seamless experience for non-Web3 natives requires ON and OFF ramp connection to the FIAT world. 

Businesses and consumers in the ecosystem and marketplace will be able to acquire NFTs and $RELI with: 

  • Debit cards
  • Credit cards
  • Bank transfers

We’ll be revealing more about the strategic partnerships that will enable all this swiftly via APIs. 

Transactions-based revenue model

The Relite Ecosystem will generate volumes of business transactions through the marketplace where e-commerce NFTs and customers intersect. 

Percentage (%) fees will be charged to various activities to support the future sustainability of Relite. 

Fees and staking will span the marketplace, smart contract creation, minting & distributing NFTs, as well as upgrades for customers and their customers.

Users can buy or receive an NFT, and if RELI is in their wallet, they will get higher incentives and deeper discounts.

Lock-up of team and treasury tokens. Vesting

NEW lock-up and vesting schedules for the team and treasury are also set in place to establish healthy growth in $RELI price and adoption by users. 

Currently, we will implement a new schedule for the Team Tokens and Treasury 

  • Lock-up for 12 months 
  • 36 months vesting

This is another way to ensure the community that we’re in for the long run. Tokenomics are also under consideration to secure a more stable price floor for RELI. TBA soon.

Prior farming and token distribution

The $RELI farming is complete and users can claim their full rewards at 

https://app.relite.finance/connect-page 

We will distribute the last part of $RELI to all our private investors by June 2022 as per the agreed vesting period. 

Join our communities to be the first to know everything about Relite & $RELI.

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