CUSTODY TRANSFER! 668070 Users, Adoption, GitHub, dApp, Xi AND MORE
A week off? Terrible consistency! Sycamore gap was very nice though.
Happy Friday everyone! A pretty momentous Friday indeed — where the custody transfer of the unlocked tokens gets registered. Total circulating supply will be approx 42Bn RSR.
- Memory Lane
- Custody transfer day!
- Socials
- Adoption
- GitHub
- AOB
Memory Lane
The experimental payroll service… which turned into employers of over 3000 employees using it.
Custody Transfer
Here’s something I wrote earlier
https://mr-mallo.medium.com/rsr-unlock-schedule-analysis-61ff9e21490c
Back in the mists of late January, tokens began being unlocked as per Option 1 set up to avoid an enormous unlock on mainnet. Let’s remind ourselves what that looked like..
So 27.9Bn unlocked to custody. 3% of total volume could be sold, which if you read my last article you would know was a possible 22.6Bn available to sell. Of that, 5Bn were sold. Volumes over the last few weeks were lowest overall.
Now the time has come to transfer the tokens to their owners, which will increase the circulating supply on coinmarketcap and coingecko etc to around 42Bn, which in turn will move RSR up the rankings. That’s TODAY by the way.
There’s always been a background of ‘team dumping tokens’ which initially might have had some credence, but now? No. So the expectation is that nothing really happens. Watch this space. I’ve also seen a lot of people stating they will wait for this to happen before they buy in, so it could actually be the start of the floodgates opening for people who have wanted to buy RSR but didn’t want to risk this event. Again, we’ll see.
I should mention there is 1 more unlock on mainnet, but the numbers are so small it’s not really going into too much detail. TL;DR — 323M RSR on mainnet, which again we can expect only a percentage to be sold if anything.
So all in all, a great time for Reserve — it’s all downhill from here. So, with that, lets roll like a Gloucester cheese downhill onto…
Socials
Insta hits a landmark 70k followers — I think tiktok has had another meltdown, but we’ll see in the next few weeks.
We have a new Culture Entrepreneur!
From Bogota in Colombia — welcome Effy!
Adoption / Mexico
668,070 is this weeks number for users in the App, and we have over 25,000 merchants :
700k before mainnet? Probably..
Mexico seems to be closer after Victoria tweeted positively
The US looks to some way off though as Matt Gertler explains
So don’t hold your breath but it’s all progressing though.
GitHub
Wow 2 weeks is a long time in Protocol GitHub! First off, we’ve clicked into 94% completion until code freeze — yes.
Lets have a look at the major tasks over 3 weeks :
Well that looks pretty clean doesn’t it? Testing, review and AOB (they got that from me — I made that (not)). They’ve also started adding major goals and planned deliverables on the mainnet dashboard.
This is progressing apace! Governance will be the potential fly in the ointment, but it will be a reasonably straightforward system to start, and then progress after mainnet.
Also interesting to see all the testing branches on GitHub
And there’s more!
Taylor also updated us on Discord about audit feedback and also mentions that there are MORE audits ongoing.
I don’t know about you, but this to me looks like the endgame. End of August is 6 weeks away, but we haven’t been 1% a week for a while so September code freeze? Maybeeeee. More on this later.
AOB
Our old friend Xi has been buying for the PRC again
771M RSR — probably nothing.
***BREAKING***
Things are coming along nicely — attempting to set up a Lodgecast with Thomas sometime in August to discuss Reserves initiatives in DeFi.
It’s all going a bit random after this, but here we go :
The Reserve dApp will be called Register — first screenshots
Did YOU know there was a Reserve office on the border of Colombia and Venezuela?
New crypto course being set up by Mansi
Standard
Reserve is a sponsor at ETHxperience and will also be presenting!
Colombia is struggling and there is a run on physical dollars — luckily Reserve is already there to help people save.
Victoria has given a podcast regarding Reserves aims — I haven’t listened as my Spanish is far too rusty to get anything meaningful unfortunately. Maybe someone could DM me some bullet points?
Another video!
Clarity from Reserve that eventually all App dollars will be converted to RTokens — they need to be proven to be super-safe so expect that next year, probably later on.
A shout out to Diederick at House of Chimera for his infographics
My merch arrived!
And there’s a sweepstake in the Lodge for Mainnet date — entrants stand to win FREE MONEY!
We’ll be counting through the entries as we progress. Winner is nearest date as announced by the team as mainnet. In the event of a tie before or after it’ll be divided accordingly. Interestingly, the average is 19th October — optimistic or no? I was told I couldn’t play but my guess would have been mid to late October with no info at all to back it up.
And there we have it — happy weekend and until next Friday! Thanks for reading.
