Reserve Unofficial Update

Mr Mallo
5 min readMay 3, 2024

RToken on Arbitrum, Ugly Cash RTokens, TVL and more!

Another week of growing RTokens and we’re gearing up for even more. First RToken on Arbitrum — boom. Week 2 of Sovereign Stack and in a couple of weeks we’ll be at 150 medium articles. Random House have not been in touch… yet.

  • Memory lane
  • Arbitrum
  • TVL
  • AOB

Memory lane

2021 had merch for Rangers

2022 and we’d passed 600,000 users of the App

which is a lot of people

1970 and all that

Last year, Matt Gertler was being coy about the ‘legal entities’ which we now know is Confusion Capital, ABC and Ugly Cash, which has made sense for banking and app dev.


Light, RTokens, action!

Let’s have a look at this new RToken…

Composed of AAVE and Compound versions of USDC, it’s giving 9.74% yield

So 5% goes to RSR stakers and 2.5% goes to marketing and 2.5% goes to…

The Arbitrum Foundation! So it’s in Arbitrums own interest to promote this RToken!

Expect liquidity incentives to pop up very soon. Reserve got a grant of $ARB so that will also be put to good use.

On top of this, River has submitted yet another monster of an application to Arbitrum — this time proposing $KNOX is ideal for DAOs to hold capital on Arbitrum — because of yield and DAO earnings. Some brief snippets from this :

Minting is limited to $12,000,000 — are we expecting some serious action here?

Get the TVL to $150M then Arbitrum gets passive $378k a year direct, plus if holding $10M then another $900k.

Break even and scalability calcs show that this is at scale better than going direct to AAVE

Big numba

Do have a read

There’s a lot of TVL in Arbitrum

There it is!

Tether and USDC are completely in charge of TVL — which means RToken possibilities are really good here — good chance of a good RToken being really good liquidity. Good.

So between ETH, Base and Arbitrum, RTokens are now on 3 of the top 6 platforms — I think we can rule out Tron and BSC. Solana? Hmm.


RToken TVL is again at ATH and is looking set for more. rgUSD for example has some amazing incentives

Where the first set out, others will surely follow.


There’s more RToken activity — VAYA now has LP on Aerodrome!

got rgUSD? Get VAYA

Please vote if you hold Vaya!

More PaRtNeRsHiPz — Fyde treasury

ETH+ on Fyde

Nevin is going to Blockchain Summit on 15th May

ETH+ going for more governance

It’s passed quorum! Yay.

Second open mic was on Discord yesterday

Ugly Cash — wow — now you can move eUSD out of the App for free into hyUSD or USD3

It’s not custodied in the app, but if you’ve got a coinbase wallet, then it’s nearly the same thing. Get eUSD, move to hyUSD for nothing — earn 10% and when you need it back to the app — for free. This is brilliant imo — ok you need a bit of crypto knowledge, but it’s there if you want it. Maybe soon Reserve will custody another RToken.

James gives us the killer index use-case

And I must begone — thank you as ever for reading.