DRC Update — Q4 2021
DECENTRALISATION
DRC’s journey into being over the last year has been eventful and inspiring. What began as an experiment became a fully fledged DeFi ecosystem, complete with multiple exchange listings, ETF-style vault systems, partnerships and the formation of a community DAO.
As seen across much of DeFi at present, decentralising a project for the sake of regulatory compliance without sacrificing operational efficiency is proving to be a challenge. However, for the longevity of a project to be ensured, decentralised operations is a necessary step. Recent musings from the SEC and other international bodies show that cryptocurrencies are being taken seriously by institutions. This scrutiny will build the integrity of the space as we are forced to innovate and adapt to the changing regulatory environment.
Digital Reserve Currency has its eyes set on a future where institutions and decentralised communities function in tandem, not in competition. The coming wave of retail investment is sure to provide a boost to the space’s value proposition and as they say, “a rising tide raises all boats”. The responsibility to onboard new users and help them to better understand what opportunities are avaiable to them falls in the laps of everyone with a stake in the decentralised economy. We are the market and we are the ambassadors.
DRC — IN THE PRESENT
I strongly encourage you to read Maxim’s recent Medium post about the future of DRC:
Here is a key message:
The power of DRC is that no one can overtake, control, or change it. DRC smart contract has been verified and cannot be altered. Decentralized Digital Reserve platform works completely autonomously. Uniswap genesis LP token has been burned to ensure there is always liquidity for traders. DRC and DRC Foundation websites will be deployed on IPFS, a decentralized file-sharing network. Because of these changes, DRC can become one of the most decentralized and censorship resistant projects in the crypto space.
UPDATES
DRC Liquidity
QuickSwap liquidity was moved to Uniswap V2, to increase DRC/ETH liquidity pool. The Digital Reserve smart contract relies exclusively on Uniswap V2, and we need deep and stable liquidity there. The Uniswap V2 LP token worth $300K has been burned, to ensure DRC will always have liquidity on Uniswap V2. The Uniswap team confirmed that Uniswap V2 will remain operational forever. All transactions are recorded in the Foundation Fund multisig wallet history. For now, the Quickswap liquidity pool is left to the community to bootstrap.
Rewards
Final reward distributions were made to the holders in the DRC Vault. From this point onwards, the Foundation will no longer provide rewards themselves to those holding their DRC within the DRC Vault. This however does not mean that the users in the DRC Vault will not receive more rewards in the future based on their commitments in the Vault. It is possible that other market participants want to recognize or reward DRC Vault users in the future.
DRC Foundation
The Foundation will disband at the end of this month after settling all balances and carrying out any final administrative or technical tasks. This is the further ensure the decentralised component of DRC. Maxim and Joshua are still active DRC community members and will remain so indefinitely.
Community Admins
Fred and Emmanuel, two long time DRC community members, have pledged their time to becoming community admin members and will receive small compensation packages from the Foundation Fund before it closes at the end of November. They are loyal and know DRC better than most; we will do well under their stewardship!
FUTURE OF DRC
Digital Reserve Currency has strong fundamentals and has captured a unique market niche in the SoV segment of the crypto economy. The combination of robust tokenomics and unique value proposition makes me believe that DRC is here to stay. However, to achieve global adoption, more people need to become knowledgeable about DRC and Digital Reserve Vaults.
The trajectory of a DRC from negligible awareness to a global adoption is unlikely to be linear. Many DRC token holders are focused exclusively on the price action. We hope that over time, the perception of DRC will be focused more on the long-term value proposition and less on the short-term performance.
