Reserve Adoption Update
658535 Users, Audit Update, Payroll, Adoption, GitHub, MERCH.. and MORE!
Happy Friday — another hot one with lack of air-con.
We’ve got a couple of interesting bits, and I’m going to do a bit on stablecoins as well.
- Memory Lane
- Adoption / Payroll
- GitHub / Audit
- Privacy L2
99 invites for merchants eh? Now at over 25,000 and going strong. What chance 100k next July?
As ever, liking a good decimal, TikTok followers now over 170k.
Adoption / Payroll
This week, the number is mostly 658,535
No further update on Mexico — still a waiting game I expect.
So Reserve tweeted, with no fanfare, just matter-of-fact
An employer with over 3,000 employees! What sort of size is that — quick google and the second largest steel producer has 2,800 staff :
So bigger than that. And 4 large employers as well. Which means that a) they trust Reserve implicitly and b) Potential treasury with RTokens appears to have no barriers to businesses. Quick fag-packet maths, another $7.2M per year Tx volume.
These things obviously don’t happen overnight, so this is the result of a process — but this bears well for the next few months as there must be other stuff in the pipeline like this. Let’s hope other companies take note.
GitHub / Audit
Softly, softly catchee monkey
The major tasks changed to address the Trail of Bits audit. Mostly testing remains.
We’ve also got some milestones on the mainnet dashboard:
For Oracles, the AAVE proposal passed, so Reserve can use their Oracles
Then we’ve got the audit changes RC2 will be Release Candidate #2 — remember the original Release Candidate? Well that must have been for the audit. After RC #2 then it’s audits again. Almost forgot — Taylor updated Discord with the results from the Trail of Bits audit :
Trail of Bits are basically the gold standard of Solidity auditors
You can also consult https://rekt.news/leaderboard/ for hacked DeFi protocols and who audited them — Trail of Bits are not on the list. I expect the others are openzeppelin and a.n. other.
All in all, very good news — a couple of small bugs found but generally as you were. But we knew that, right ;-)
7 weeks from now is September 2nd — September Mainnet?
Thought I’d add a bit about the backing behind the 3 stablecoins that make up 1 RSV currently.
TUSD, USDC and PAX (now USDP)
We’ll start with Circle, USDC as it’s pretty well known it’s fully backed and monthly audited :
Next up, TUSD, True USD — again monthly audits:
And lastly Paxos Pax Dollar:
So all three are 100% backed — not with ‘commercial paper’. smh.
The slightly shady Tether has $20bn in said ‘paper’ — still, nothing stopping someone creating an RToken with some USDT in and pulling a 5% earning.
Anyway, these 3 are pretty much bulletproof and would easily withstand any regulations. It is also very comforting if you’re a company and want to digitise some of your assets. Imagine you’re an international US company with thousands of employees in Venezuela, Mexico, Argentina etc? Well…. Not only that, but if you’re a US employer with a migrant workforce, will can pay them in RSV, but they will be sending RSV home for free. Beat that MoneyGram.
Taylor mentioned in the Lodgecast that they will be looking at privacy L2s for on-chain transactions. Nevin has also mentioned this in the past. Now there are some developments in this area — Aztec Connect has just gone live with L2 privacy rollups
Will keep an eye on this and any other new privacy L2s. Certainly after the merge and sharding, L2s should be the business end of Tx on Ethereum. On chain in 2023 should be no problem now.
Yes — there will soon be an official Reserve merchandise store, with mugs, sweaters, phone covers — all sorts. Smeddy and Sinatra have already been leaking sneak peeks.
Will be online soon — get ordering! In B4 1 million.
I’ll be fairly quick on this
Couple of interesting squads. ‘High net worth individuals’ — we see you potato peel.
A listing! Listings were sooooo 2021.
Looks like Colombia will be making use of the App — luckily they have access so can easily save money. There are pretty limitless amounts of RSV available.
Loads going on in the Reserve world, and Holareserve is sharing the mic with Mansi
I’ll keep putting these out now — they get updated on a Sunday.
So we’re still at about half a percent of total volume. Still tiny. Expect custody transfer and inevitable twitter rubbish. There will be an official announcement though.
It seems about $1M gets sold a week — which is probably less than Xi is buying so meh.
Amazing news — the Hernandez’ are out of hospital after the successful kidney transplant — a MASSIVE THANK YOU to everyone who contributed — this is so much more important than watching charts and drawing lines, so it’s really great to know the community has helped this happen.
And with that, thanks for reading and I will not be filing copy next Friday as I will be on holiday 😛