The Weekly Reflection #7
February 12, 2021
Welcome to our Weekly Reflection AMA! This is our 7th edition of this, and we feel it’s a great way to bring our community together, stay updated & become aligned with our efforts. Thanks for joining us!
Our main topic this week is focused on an underappreciated aspect of being in this space and a change of pace compared to the past topics — MENTAL FORTITUDE.
RFI Introduction
Reflect is a global yield generating protocol that seamlessly compounds RFI tokens in users wallets.
Reflect works by applying a 1% fee to each transaction of RFI and instantly splitting that fee among all holders of the RFI token.
This simply means if you hold RFI, you will earn more RFI.
Holders do not need to stake or wait for fees to be delivered. Fees are awarded by the smart contract and are immediately reflected in the holders balance.
We like to refer to our 3 Pillars of $RFI:
Simple — Hold and earn. That’s it.
Safe — No smart contract risk, keep tokens in your own wallet.
Sustainable — Deflationary on Growing Network of integrating projects, consistent volume.
Progress Update
The community is growing, some new leaders are emerging & we’re all incredibly excited to see what the future holds in store for RFI & the entire Reflect Ecosystem.
The Elevate community appears to have gotten its sea legs and we have a strong contingent of people who have crafted a preliminary vision of how it fits into the broader ecosystem & where its true value lies.
The Enreach launch is imminent, with final legal reviews & approvals being finalized as we speak.
With growth comes the need for additional support. With that said, we are always looking for additional hands and talented people to step up to support the cause. If you are willing to donate your time and effort, please reach out to @El_Crypto_Chapo, @s2bomb, or @cryptodamo and we can get you moving! Fill out our community volunteer form linked here if interested.
As a reminder to everyone, we are a 100% community owned and driven project. There is no team, there are no paid salaries, we are all volunteers who want to see RFI reach its full potential. If you fall into this camp, let’s push it where we want to go TOGETHER!
Community Growth
Our Telegram community has grown to 5,670 members this week. +120 members week-over-week. Thank you for the continued support and growth, AWESOME!
The Reflect Foundation’s Twitter account now has over 1550 followers. Up nearly 120 since last week! If you haven’t already, please follow our official account at www.twitter.com/ReflectFndtn/
Real Wallet Holders
We define our REAL wallet holders as any that currently have >1 RFI. There are many more holders listed who have dust remaining in their wallets (small decimal amount) and we want to disregard this long “tail” of phantom holders when monitoring our growth.
Our total real wallet holders increased to 3,913, an ALL TIME HIGH as of Wednesday. This is growth of over 160+ week over week! This can be seen in the chart below:
We continue to execute on our plan to grow real wallet holders to 5000+ by mid-February. It was a lofty goal to begin with 4 weeks ago, but now that we have ~4K wallet holders, it’s starting to seem within reach. We hope that in the next 2 weeks with Enreach launch & ELE/RFI/NRCH farming opening, we can make a strong push and reach our goal! Thanks to all of you for your help in making it happen.
Holder Distribution
For reference, the pink “Excluded” section of this chart represents the RFI that is currently in liquidity pools (not holders).
You may notice that the top holders (whales) continue to hold as we are seeing growth in all other holder size ranges.
With that said, the holdings are surprisingly evenly distributed compared to most projects showing that this is not an “upper class and lower class” situation with whales dominating the supply ownership.
This is an extremely healthy mix of large wallet holders and long tail of smaller holders to form our community — it’s a beautiful sight to behold!
No single person or entity controls more than ~5% of the total supply, which means that we are accomplishing our goal of being the most decentralized protocol possible!
Volume Update
With the help of the same blockchain engineer who has provided the above metrics week-over-week, we will begin to deliver metrics for Daily Transfer Value (DTV) starting this week.
DTV is the passive income volume from ALL transactions where 1% tax is incurred including:
> Uniswap Trading Volume
> Adding & Removing Liquidity
> Sending RFI wallet-to-wallet
Now that we have the data, we are realizing that the actual volume for RFI is much higher than we have been giving ourselves credit for!
Here’s a mind-blowing stat for the community to celebrate:
RFI Average DTV Since Launch (USD equivalent) = $1,520,000
Sustaining this volume would result in $5.5M+ in yield being distributed annually to holders.
As a holder, you could multiply that number by the percent of total supply you hold to determine your yearly passive income.
So if you hold 1% of total supply you’re making $55k a year already — JUST FOR HOLDING — and we’re just getting started.
Of course, we have no interest in just “sustaining” here. We’re a hyper-growth organization that is focused on enhancing utility, unlocking value and ramping up volume substantially!
Main Topic → PERSEVERANCE & MENTAL FORTITUDE
Taking a bit of a different path for this week’s main topic, I’d like to talk about one of the most underappreciated aspects of being in this space.
As volatile as the price may seem sometimes, our mental state of mind can be just as much (if not more)!
This is what we signed up for. The startup life — it’s not for everyone.
It’s pushing through because you see the dream — even when all signs tell you to give up.
It’s maintaining your focus, even while there seem to be other, easier opportunities everywhere around you.
It’s fighting past the moments, days, even weeks of lingering doubt — because they WILL come. They always do.
It’s putting immense strain on every relationship in your life — coworkers, friends, family — all for a dream that seems foolish to just about everyone you care about.
You do all this for a vision that only you and a select few around the world share. You put the rest of your life in jeopardy because it seems like such an obvious choice.
What kind of people do that? What kind of responsible adults keep going when conventional wisdom and common sense tell you to quit?
The ones that change the fucking world, that’s who. Every wildly successful person who created something world-changing was considered to be totally crazy.
Back in November, when I discovered RFI for the first time, I knew that it was going to be life-changing for me.
I wasn’t fully aware of how world-changing it could be, but every week it becomes more apparent to me.
$RFI is literally changing lives daily, and we have a lot more to change together.
It won’t always be rosy, it’s going to be painful at times, there will be many gut-checks that we’ll all have to get through together along the way.
Times where you want to give up, times where you feel like it’s all going down the tubes and it’s time to just wave the white flag. I assure you, in the last few months…I’ve already been there. Multiple times.
This is our 7th straight Weekly Reflection & AMA. I can’t wait for our 70th.
I’m not here as a part-time helper, I left my career so I can see this through with all my time and efforts.
I want you all to know, I’m not going ANYWHERE. I’m going to make sure that RFI is as successful as I know it can be, no matter what it takes.
No matter how many gut-checks, stomach-turning sell-offs, FUD campaigns, etc that I have to endure…I’m not going to let it phase me and distract us from our mission.
Together, we have the perseverance and mental fortitude to get this done…TOGETHER.
This is only the beginning fam.
Community Spotlight (Forward from @Damo)
I know we’ve been through a couple weeks here where community sentiment has been.. wobbly. But I gotta say I’ve never been more proud of our Mod Squad.
In these same few weeks they have come together like never before and are stepping up into bigger roles in the ecosystem.
As someone with a long history in grassroots movements, this is the kind of thing I look for to see which way the wind is blowing.
This week we are showing the love to one of the hardest working people in the RFI family — @Dubs30!
Dubs has been with us quite a while, and has been holding it down on the mod front with the rest of our crack team. But lately he has REALLY stepped up. During the #ProofOfLove contest he kickstarted the Pinoy community group with a self-funded tiktok dance contest featuring @KryptoBum’s RFI tracks.
Since then Dubs has funded and ran several AMAs targeting Asian audiences.
We’ve seen well over a hundred new members join the global chat from these efforts and who knows how many holders. He has also been working to get an audience with VCs and other key influencers in Silicon Valley.
@$Dubs, this one’s for you, man. You. Are. AWESOME!
AMA
Q: How is the fee distribution coming along with BitMart and what can we look forward to in the coming weeks?
A: We are in tight communication with the BitMart Tech Team. Chinese New Year happened to coincide with our expedited listing, but now that we’re through this we will be working with them to get the fee share integrated into the CEX within the next week if all goes to plan!
Q: There’s a rumour that SteveNakatomi has a lead on a TradFi fund that is interested in the RFI Risk Free Bond, is this true? How much could they invest?
A: I’m not sure if Steve is available to answer directly, but I can say this….Steve is one of many members of the leadership team that have extensive connections in real world business & TradFi. Risk-free crypto bonds are a concept that EVERYONE will be very interested in. Why do you think it’s a $120T market in the traditional financial system?
In short, RFI mechanics are unique in that it has created a single token that is yield-bearing. This is the magic, right?
That mechanic allows for creation of a risk-free bond, if you have the right financial engineers and tools to create it.
HINT: WE DO
Q: On the Discord chat around a week ago, Kashaf suggested his target is to get RFI to $10 with $3m volume per day. How will he achieve this?
A: We are creating and investing into new community additions in many new global regions. Alongside Enreach incentivizing staking of RFI, the market making plans of Enreach and team, the strategy is aimed at starving supply to push price up and increasing community who will bring volume. Other initiatives that drive volume into RFI are planned by the Enreach team with their telecom cash flow as well
Q: Incubators seem to be doing quite well at the moment. Is there any plans for the ecosystem to incorporate this or RFI to partner with an incubator?
A: We’re doing more than that. A key piece of our partner, Enreach, is DeVC. A Decentralized Venture Capital Accelerator fund focused on building out the ecosystem. These are big money moves.
Q: What purpose does the ELE partnership serve in the RFI ecosystem? And how can we farm our RFI tokens with ELE to have some juicy yield?
A: This has been a common theme since the ELE launch — confusion. What is ELE? Do I need to own ELE if I own RFI? Is ELE good or bad for RFI? What’s its purpose? So many questions! Let me try to help…..
RFI is at the core of the Reflect Ecosystem. It’s the passive income providing store-of-value.
ELE’s role in the RFI ecosystem is two-fold:
1. To increase overall RFI volume/daily value transfer
2. To allow for more complex multi-stream yield farming
More detail will come later once staking/farming is open for ELE & NRCH regarding #2.
For now…you can consider ELE part of the volume/fee generation engine in the ecosystem.
Here’s a helpful graphic that attempts to show how these components fit in to the over vision/goal:
As you can see, ELE provides volume, yield generation & better sustainability for the ecosystem….this all translates to VALUE for $RFI holders long term.
Q: I keep seeing posts about ‘sextuple yield’ but i’m having trouble understanding what that means, can you go into it a little bit?
A: Here’s a link if you want to better understand what’s coming: https://medium.com/reflect-foundation/sextuple-yield-one-staking-contract-the-next-generation-of-yield-farming-192bb2a6d0af
LP (adding liquidity) farming is needed for this type of passive income. So bare in mind this is more advanced, but we are more than happy to help people understand and do it.
Here’s the six streams of yield while farming RFI/ELE LP on Enreach:
- Fee share on RFI. Passively increases in your LP allocation, unique to RFI and ELE.
- Fee share on ELE. Passively increases in your LP allocation, unique to RFI and ELE.
- Inflation on ELE. Passively increases in your LP allocation, unique to ELE.
- Uniswap fees. Passively increases in your LP allocation.
- NRCH farming tokens. Farming Rewards.
- ELE farming tokens. Farming Rewards.
Q: From my understanding, holding rfi allows you to earn more rfi through 1% transaction fees. This makes rfi a nice source of passive income. There will only be 9.5 million rfi tokens so rfi is free from the effects of inflation as well. Completely decentralized.
So my question comes — how do y’all expect to have rfi widely adopted? I’ve seen in the past similar tokens, like node tokens, where you can set up your own node by holding a certain amount of tokens and earn from that.
Everything was great during a bull cycle but during the bear run, all of these node tokens went to shit, got delisted, and no longer exist.
None of them were adopted during a bear cycle and were completely phased out. So how does rfi differ from this? How will you guys get adopted widely enough that rfi will not be phased out during the next bear run.
A: First, as a clarification, RFI actually has a DEFLATIONARY mechanism via our Black Hole. The black hole (Burn address) becomes larger every day, meaning that the circulating supply of RFI is actually decreasing daily.
With respect to your question regarding adoption, RFI is becoming deeply integrated into projects and products that we are building out. We are creating enhanced utility for the RFI token with all builds that are centered around RFI, further cementing our core value of SUSTAINABILITY.
The value of RFI is not solely based on speculation or rewards in some esoteric token. There are real fees being generated & distributed here, actual revenue, actual yield.
As long as we have demand for the RFI token, adoption will continue to be driven. What creates demand? Well…that’s a complicated question…but element that creates demand is when you build financial products (like risk-free bonds) that people want/need.
As long as yield remains sustainable, there will always be investor demand for PASSIVE INCOME. Always.
And yield even at our very lowest point has never dropped below 20%. Which is phenomenal in the “real” world.
The vision for the ecosystem we’re building is to create a system where there is constant sustainable growth. This is why the leadership group continues to drive home our ECOSYSTEM. A token, by itself, can dry up and evaporate — just look at every single one of our copycat clones.
Anyone can generate hype for a few days on launch, but how do you sustain volume/value creation?
RFI has figured out the secret sauce, and nobody else has. That, friends, is why it’s an incredible achievement to realize that nearly 3 months after launch we are averaging $1.5M in daily volume and still growing.
RFI is not a flash in the pan, we have a strong vision & we’re executing. The bull market won’t be the reason for our success, we define our own success. Our destiny is in our own hands.
Q: Can you please provide best practices for purchasing RFI on bitmart. I’ve tried getting a few friends in through RFI and because I am an OG and used uniswap I am not familiar with bitmart. Step by step process easy for RFI army to pass out to our friends and future soldiers would be greatly appreciated.
A: Trading on a CEX is generally more user-friendly and intuitive than Uniswap, so hopefully you’re finding the overall user experience easier!
One thing to note right now is that our liquidity on BitMart is lighter than on Uniswap. That means that it takes a smaller amount of money to move the price more.
So BitMart is probably better for smaller holders right now for multiple reasons:
1. You don’t get eaten up in gas fees as badly
2. You aren’t trading enough $ to reach the point of getting negatively impacted by the lower liquidity
One thing to be aware of is that BitMart requires full KYC (providing ID/passport/proof of identity) before you will be able to withdraw.
It all depends on how comfortable you are with Uniswap (or not) and how comfortable you are with KYC (or not). If you’re new to crypto and don’t have an issue with KYC then you should be good to go buying on BitMart.
When gas is lower it may make sense to pull your tokens off exchange to a “non-custodial” wallet like MetaMask but for now you should be fine letting them grow on BitMart.
Please be sure to do your KYC if you buy on BitMart, otherwise you can’t withdraw.
Also, there is a flat 20RFI fee to withdraw from BitMart. This is to cover gas fees. It’s still a significant savings over buying on Uniswap if you don’t mind KYC.
Call to Action
#1 — SHARE THE POSITIVITY & EDUCATE PEOPLE ABOUT WHAT IS GOING ON HERE!
#2 — Subscribe to the Weekly Reflection emailing list → https://www.reflectfoundation.org/the-weekly-reflection/
#3 — Follow us on Twitter → https://twitter.com/ReflectFndtn
And lastly, join us for a live voice chat on Discord after each Weekly Reflection → https://discord.gg/qU6Pmca5qV
Reflect Foundation Links
💻 https://www.reflectfoundation.org/ [still being built]
🐦 https://twitter.com/ReflectFndtn
International Telegram Groups
Indonesia http://t.me/joinchat/HLPdNXVrNYy70rI5
India http://t.me/joinchat/HBEpuL14fGsJN8E
Italia http://t.me/RFI_Itali
France http://t.me/FrenchReflectFinance
Latin A. http://t.me/reflectlatinameric
Brazil http://t.me/RFIBrasil
Filipino http://t.me/ReflectPinoy
Espanol http://t.me/RFI_Espanol
Russian http://t.me/reflect_finance_RUS_unofficial
German http://t.me/RFI_Germany
Turkey https://t.me/RFI_Turkey
