$100M Reserve Unofficial Update

Mr Mallo
7 min readMar 30, 2024

TVL, TVL, TVL — the Big Easter Egg Special!

Well I took a leaf out of the ‘New Labour’ playbook of of the late 90s for the subtitle. We hit some fruity numbers this week, didn’t we? Well let’s have a look, among other things.

  • Memory lane
  • TVL
  • AOB — NEW RTOKEN / AMA + More

Memory lane

We raid our 3 year medium library to see the changing face of Reserve Protocol…

2023 and the banking links had been finalised with Mexico :

These links still exist and are available to Ugly Cash — indeed we know there are tests going on with eUSD Tx from the US — and perhaps some recent eUSD mints might mean it’s going well?

2022 and we were ‘some way’ to mainnet…

Oof — what a difference, eh.

We also had half a million App users

2021 and the App was riding high :

Next year I’ll be looking back at this year and it’ll be $100M TVL as ‘nice’ hopefully. What odds for $500M — $1Bn by then?


Ok, onto the main topic — let’s see what’s driven this — firstly we have seen LOTS of minting :

Pretty crazy, huh. No doubt the LP rewards are a help as you can get amazing APY for most of these.

I’m currently enjoying around 100% on Beefy with stablecoins — article to follow on that.

We are still early…

This has all had a great effect of the Protocol — especially on Base as it rises through the TVL ranks :

For indexes, Reserve is now 5th and growing fast.

14th overall — great to see. This is just on Base, remember.

Around app.reserve.org we still are getting good returns on staking


There’s plenty of other things been going on this week as well — and will lead to more TVL — singular goals really do mean focus don’t they.

There’s a lot of governance going on this week — be sure to visit Discord for the details or visit the forum :

Where the proposals are put for dicussion.

This ETH+ issuance one is interesting for the reason bheind it :

Whales want to mint more and save on gas — read into that what you will, but it looks like TVL gets TVL and the early posit of Reserve to have the Lindy effect (the longer it stays around the longer it will stay around) and the trust of others to give social proof is starting to pay off. Looks like we might see some DAO treasury deployed into RTokens. 👀

There’s also hyUSD proposals :

This also highlights the benefits of RTokens over other defi/non defi stables — you can swap out the yield through governance and go where the yield is — you’re not fixed. I love this. I think this might be the PMF part of RTokens — so US Bond yield stables will lose out soon and they can’t dynamically be repurposed, so they will lose TVL, but RTokens can always have their finger on the pulse of yield, and even adopt new forms of yield.

Nevin starts a discussion based on 2 proposals to change the basket :

So — governance — important stuff. I remember seeing something about a company being sponsored by Reserve to look into governance but I can’t find it — I’m sure it’s somewhere — there’s the Easter egg hunt!

app.reserve.org has had a facelift :

hyUSD’s Tom Sawyer has started weekly videos! Check them out

MAAT is going to re-do the process due to a setup glitch, so we’ll see another MAAT soon

Meanwhile, Vaya has entered the Base Aerodrome family

Looking forward to seeing LP on Base with Vaya!!

bsdETH has been on fire and Diva are going to change the basket after a while — low Tx fees on Base are a real attraction.

A new RToken? You bet! Half a million TVL already? Check!

I’m still trying to wrap my brain around this, but it looks like the yield goes to an address of your choice, which is novel.

Now this makes more sense :

So DAOs can earn from rgUSD and keep liquidity — much treasury out there doing nothing? A quick hop over to DeFiLlama says yes

The parameters for mint / redeem are suitable high :

This is expecting LARGE MINTS — in comparison to, say eUSD :

Expect TVL to rise somewhat…

The Lodge had a text AMA with Nevin, which revealed some interesting info

We can see Ugly Cash is just getting ready but regulations slow things down — fair enough — if stablecoins are going to hit the mainstream, then regulation needs to be at the forefront so institutions feel safe about using them. Link some form of plugin to the BUIDL fund and you have RWA in an RToken which is kind of the holy grail. As BlackRock expand their offering, other ways of getting to those assets via intermediaries like Ondo will come about. Not sure about the timescales, but I think we can definitely look at next year as having the first truly RWA backed stablecoin. Could Ugly Cash be the vehicle to allow this in LATAM?

Meanwhile — ABC want their own version of this in an app :

Thomas put out the ad asking for someone to develop this — again points to TVL TVL TVL. I hope this is available in the UK I would use it in a flash.

Rangatoni memes are still knocking it out of the park — I feel we’ve settled on a great identity. Only Crypto can come up with pasta-based icons for the future of programmable money.

I haven’t even had time to read this Q&A — holidays and all that.. plus I actually still have work to do!

Bit random but A LISTING

The more the merrier.

Breaking news — Ugly Cash card and Apple Pay :

Wow — there was me at the start of this thinking — not much apart from TVL to report — WRONG.

But that brings us to our eggy end — hope you enjoyed reading and if you’re new thank you and stay around!

Not quite what I asked for but AI isn’t quite all that yet..