AMA, Oracles, UGLY Cash Card…
Happy Friday all!
I’ve been to the darkside and had Maltesers. There, I said it.
Some good stuff this week — not least the sleeper that is an Oracle for eUSD. So let’s go!
- Memory lane
- Oracles
- Ugly Cash Card
- AMA
- TVL
- AOB
Memory lane
The year was 2021, and Rangatonis were raising money for a kidney transplant
We raised enough money in the end and Luis did get his kidney transplant and was fine for about 9 months. Then unfortunately the transplant broke down and failed, but his family are still extremely thankful to those who donated and helped someone in distress.
2022 came and went..
Those days will return… keep reading.
2023 saw Moby app with eUSD appear
Quarter of a cent to send anything anywhere — privately — why is this not used more?
Just to highlight the TAM and current fees I went and got charts.
6% average charge — boy are normies going to like crypto dollars.
I predict a wave of apps just to address this — and they’ll need a nice stablecoin to do it with — decentralised of course.
Oracles
Ok, so Redstone just tweeted they have now a price feed for eUSD
Meh — just DeFi being obtuse again — what does any of this actually MEAN?
You want woofers and tweeters with that?
Well, here’s the thing — this is actually VERY GOOD. Why?
Oracles are a consistent and reliable independant source of the price of an asset on chain. So People (DeFi hifi types) can ask for the price of eUSD and they will be told (like chainlink). This means you can have a program check the price — and importantly this program can be a lending program — or a smart contract as they are now. So eUSD can now be opened up as a lending source, so can now be exposed to the stablecoin borrowing markets. As I said, bit of a sleeper, but this is a great new way to generate TVL.
Ugly Cash Card
Well, we keep getting updates, which is a good sign. This time it’s a big one.
Now that’s a good card! This is just the start — remittances yet to come. Still in the onboarding phase and much API work to be done, but this is starting to bear fruit. I think I remember the card was scheduled for mid-late Feb so pretty much on time. I think end of March was the hope for all functions.
Update for Sunday — pays to wait sometimes ;-)
AND an Ugly Cash monthly update which you can subscribe to — goal is full functionality end of Q1 so 6 weeks.
AMA
There was a text AMA on Discord with Nevin no less
Where we got some nice Alpha :
First up -Peter Thiel? Is he still in the loop?
Then on to the slow wallet (sorry slower wallet) and the possible 20Bn for community use — here Nevin thinks an immutable contract takes away bad actions from the team, just to prove not to trust — which is proper DeFi — like the sound of it.
On driving interest in the protocol and TVL..
Makes sense — got to prove your first $50–100M TVL before someone will want to take you to $200M–1Bn
On tokenisation :
A meeting! Things are moving.
TVL
Numba go up.
The eagle eyed among you will also notice that stablecoin use has started to increase.
If we look a bit further back
I’m going to stick my neck out and say that stablecoin supply in the next 2 years will far outstrip $118Bn from Dec 2021. They are more than a safe trading haven now (ok Tron was actually useful for PEOPLE) and you can earn as well. Pop a credit card on the end of your RToken — bingo.
ETH+ has been a monster lately — showing great PMF, and the TAM is HUGE
All this staking means that the 3rd biggest wallet for RSR is….
Yes, eusdRSR staking! Wen flippening with Binance? Sooon.
AOB
Wait, there’s more? Oh yes.
Gearing up for ETH Denver — will we see Squeeth team again?
Very probably not. A reminder Reserve are still very much in the game and growing.
More liquidity for eUSD — slowly then all at once.
Update on the charity RToken giveUSD — worldwide — this will be bigly.
We’ve got another Rangatoni memer — super stuff!
And lastly, we’ll see new content from the Sovereign Stack SOON!
