With the sunsetting of Scarlet Chains, we have been working tirelessly to put a practical plan in place to settle all accounts as quickly as possible, while ensuring stability across the ecosystem.
Scarlet Chains was a passion project for us, it was built to show appreciation to you as a community. We want you to know that we will continue to work relentlessly to ensure that you receive all the on-chain value you placed in the protocol while it was operational.
We have also unequivocally heard your calls for clearer communication, which is why we are levelling-up our correspondence as of today. As you can see, we have launched a news platform that will enable us to divulge the nuanced, long-form information that you are requesting from us. This also provides a one-stop shop for the Web3 and gaming communities to find out everything they need to know about the Redlight ecosystem.
The rebate calculation script has already been coded and compiled. Once we complete security validation and final alterations, we will move to the quality assurance phase for the script on Redlight Chain.
Once this is done, we will run the same calculation on AVAX, which we are anticipating to be a smooth process, thanks to the APIs already built into Snowtrace.
To be eligible for the program, a wallet would have needed to have bought and sold SCAR, SCAR V2, and/or SCAR-R (Or migrated from RND and participated in Scarlet Chains). This doesn’t include wallets that were already in profit at the time of closure.
The first rebate of $171,532 USDT-R will be allocated to all wallets equally on the 25th of March. This means, if you have placed more value into Scarlet Chains than you have withdrawn, you will receive your first rebate this month. Rebates will continue to occur on the 30th of each month until the difference is settled.
At this point, we can’t speculate on what the total number of wallets will be, however, it is clearly necessary for us to paint a picture of how the Rebate will play out.
We have taken onboard feedback from the community, and are considering other options such as vested REDLC, validators (pooled and/or unpooled).
We will provide a hypothetical scenario to show you how the rebate for each wallet will grow month by month as more accounts are settled and more revenue is available for the Rebate Program.
Month 1: $171,532 to be allocated to the rebate program and shared equally between ~4,000 wallets.
- Equals $42 per wallet. 50 wallets fully rebated.
Month 2: ~$250,000 shared equally across ~3950 wallets.
- Equals ~$63 per wallet. 450 wallets fully rebated.
Month 3: ~$230,000 shared equally across ~3500 wallets.
- Equals ~$65 per wallet. 800 wallets fully rebated.
Month 4: ~$310,000 shared equally across ~2700 wallets.
- Equals ~$114 per wallet. 700 wallets fully rebated.
Month 5: ~$280,000 shared equally across ~2000 wallets.
- Equals ~$140 per wallet. 100 wallets fully rebated.
Month 6: ~$350,000 shared equally across ~1000 wallets.
- Equals ~$350 per wallet
The main goal of these examples is to showcase that the size of the allocations can fluctuate and the number of the wallets will consistently decrease. The dollar value per month, and wallets per month are purely hypothetical (other than the dollar value for month one).
We are working to obtain data on the amount of wallets owed, the amount owed to each wallet, and the overall total amount owed and we will share that information with you as soon as we have it.
To reiterate, all Scarlet Chains linked wallets that are in deficit will be paid out equally once the exact amounts are confirmed. This means, as the months pass the smaller wallets will be settled first, increasing amounts will be allocated to the larger wallets that remain.
We are absolutely committed to rebating every single person who was directly involved in the Scarlet Chains protocol.
We have been networking and developing non-stop off the back of our recently attended expos (PGC and TechEX) to build a rock-solid foundation for our ecosystem. Due to these efforts, we have a growing number of revenue streams that will not only assist in the Rebate Program, but also contribute to the wider adoption of Redlight Chain.
We already have several strong products that are live and able to contribute towards the Rebate Program, as well as protocols that are in beta testing and, therefore, will not take long to start generating revenue.
Dawnswap: USDT-R fees are already being generated with revenue going towards Scarlet Chains liquidity pools, 100% of that revenue will be allocated to the Scarlet Chains Rebate Program. The new and improved user interface and growing adoption will continue bolster the volume.
Midnight Trades: USDT-R payment method will be added to the marketplace, 100% of the USDT-R transaction fees will be allocated to the Scarlet Chains Rebate Program. The new UX, ERC-1155 upgrade, and incoming adoption help to increase revenue.
Naming Service: We will add a USDT-R purchase method for “you. REDLC” names. 100% of funds received in USDT-R will be used to fund the Rebate Program.
Pandoras Vault: Non-custodial Wallet - digital account with fiat transfer services, crypto currency on/off ramp coupled with an inbuilt dApp browser.
Aurora: A unique crowdfunding and incubation platform for companies launching ERC-20 tokens. KYC driven by Numen Cyber with liquidity/token lock protections for investors.
Scarlet Chains Liquidity: $214,670 remaining in Scarlet Chains Liquidity Pools prior to shutdown of protocol will be used as start up capital for the Rebate Program.
We have several projects that are unannounced and currently under development, as well as revenue shares in third-party projects which will further support the strength of the Redlight ecosystem, bringing more volume to its protocols.
RedStarter (Announcement Pending): An innovative crowdfunding and incubation platform for game studios and indie developers, complete with on-chain pledger protections and in-depth project audits.
Web3 Ad Platform (Announcement Pending): Advertisement network that distributes ads across Redlight and partner products. Uniquely designed to increase click-through rates via click-and-collect NFT rewards and on-chain data analytics.
Redlight Cloud (Announcement Pending): Onselling some of the most popular big-tech cloud services in the world to tech companies, game studios, and businesses in the APAC region.
MyMetaverse: Redlight Finance owns a 18% stake in MyMetaverse.io, which is already a revenue generating business. The team are preparing their next funding round at a valuation of $10,000,000.
Infinity Realms (Announcement Pending): We also own a 19% stake in InfinityRealms.io, which is also a revenue generating business. When it comes time for their Series-A, it will be at a $5,000,000+ valuation.
There are also many unannounced investments and revenue share deals that we will be releasing to the public at the most impactful strategic moment.
To be transparent with you about our investment strategy, we will use our investments in MyMetaverse and Infinity Realms as an example.
These investments are set to pay off at a 5-10x profit margin and will be used to bolster funding and revenue that can be allocated to the Rebate Program.
We entered both companies at an extremely low valuation, which is now set to increase significantly with the next funding round.
These investments, plus the in-house products that we’ve built, and the revenue share partnerships that are soon to go live, allow us to set a higher valuation for Redlight Finance, which we can then use to raise equity funding.
Any funding and revenue generated from the Redlight Ecosystem that is not required for operation costs can be pushed into the Rebate Program to expedite the process.
These two projects have also brought us over 15 partnerships within the last month, which are extremely valuable to the Redlight Ecosystem.
We will not be purchasing equity in any other companies until the Rebate Program has been successful, instead we will leverage the strength of the Redlight Chain product and our support network to bring organic adoption and volume to the Redlight Ecosystem.
As mentioned previously, we will keep you updated as we progress with the rebate strategy, and we will do so via this new platform. That way, it doesn’t matter if you are on Discord, Telegram, Twitter or elsewhere, you will all be able to receive the same clear, detailed information as the news is available.
We are looking forward to providing more detailed updates on everything Redlight Finance has lined up for the coming weeks and months. We are more determined than ever to make our mark on the blockchain industry and beyond.