Reserve is 100% liquid.
Good afternoon. Welcome to a rather sombre weekly update. How can one man wreak so much havoc? The mind boggles. FTX is gone, billions wiped off and Sam is ‘sorry’, so that’s the main thing. Not. If you lost money to that charlatan, I’m sorry — I wish you the best of luck and hope you can start again if it was a lot.
It’s going to be a fairly short one this week, so let’s have a look at what’s been going on.
- Memory lane
- FTX impact on Reserve
Quite a few interviews with Nevin last year and also brief mention of a savings account in the App wallet. That’s looking pretty likely next year — maybe the first use of RTokens will be for a savings account to get people used to the idea of using RTokens rather than RSV. Also, that would provide ‘stickiness’ and a higher Mcap than RSV as people would leave $$ there rather than just use for transactions. I’m hoping corporate treasury as well.
We got an update from Soham regarding the hackathon and bounties
Thread by @Naan_Fungible on Thread Reader App
1/13 @reserveprotocol Bounty update - Let's dig in: A quick recap: We launched the protocol with 18 possible collateral…
With over 200 participants, it’s going well — all top bounties being worked on. Each of these plugins gives more choice to RToken deployers, and more ways of adding value to the protocol. Once there are a few RTokens deployed and being staked on, I would expect protocols to write their own plugins so that they become available to Rtoken deployers — as everyone wants their protocol used right?
We’re hoping to do a quick podcast with Thomas tomorrow to go over this and a few other bits and pieces — it will be recorded!
Can a picture say a thousand words? Hopefully, so this gets fleshed out a bit.
1000 words later… nice — just hit 10 million transactions in the App. With 18 countries coming in 18 months this is going to dissappear as if it’s 1st Sep 2020 in a year or so — I can see this doing 10–20x easily.
FTX impact on Reserve
Reserve put out an announcement saying they are basically untouched — some liquidity loans for providers were on FTX international. Centralised crypto really isn’t a good look at the moment. Don’t even get me started on SOL unstaking. Thank god for DeFi eh?
No more details on Mexico but I expect more as it gets closer — only 2 weeks now — woohoo. Then ‘adoption’ is back. There must be thousands of people waiting.
Smeddy has gone into some detail about whats up next
This weekly update has always said staking will not be straight away as RTokens need to be deployed (before mainnet there were zero RTokens in the mix) and the all clear needs to be announced. Anyway — now you can provide liquidity on Curve and Convex — which is pretty well rewarded — one holder has put 10M RSR in and is getting $40–50 a day. Nice.
Looks like the app is working — just need those on and off ramps. I’m in the waiting list on the Moby app — if I get in I’ll let you know.
Even the Spanish side of Reserve weighed in to the SBF fiasco — this was obviously earlier than current news :
Still things go on in LATAM — LABITCONF and criptolawyer is there on behalf of Reserve :
Mansi has her own giveaways as well :
Well — lets hope next week brings better news huh.