Reserve Adoption Update
+9132, Socials, Twitter Spaces, Github, VIDEO… and more..
Happy Friday everyone! I’ve had a cold this week so we might be a bit light on content, but there’s still plenty to get into.
Also, my first Medium article on adoption was published 9th March 2021 — so this is a year old!
Reserve App : Adoption Update 9th March 2021
This is my first Medium article (joining the illustrious Phil Bon on this platform), moving from Twitter style mini…
A snippet about user numbers :
Now we’re around 10,000 users a week. Ok enough reminiscing..
- Twitter Spaces
- A new video!
- GitHub / dashboard
- Staking — the early days / Caption competition
Last Sunday, there was a twitter spaces about the new protocol hosted by @sweetsinner3, where Nevin was asked questions about how it works and why it’s ‘better’ than the old protocol. Here’s a link to the recording if you want to listen back : https://mobile.twitter.com/sweetsinner3/status/1500531896484347909
The main points are that now the protocol can allow multiple stablecoins, all with their own governance. This frees up the protocol to enable competition for RSR stakers based on what is considered a ‘good asset class’ to back these stablecoins. So Reserve don’t have to come up with ‘the best answer’ in 1 stablecoin. This is great for the longevity of the project.
The fees generated in the old protocol were dispersed by burning RSR, which affected everyone, but was not very easy to see a direct effect on price. Also, everyone was at risk of new RSR minting in a default scenario. Now the fees are distributed directly to stakers, who take on the risk of default but see the value of their staked RSR go up directly through buybacks. There will also never be newly minted RSR, even in black swan events.
An interesting part of this is that staked RSR (which has a lock in period but can be sold) might not be the same price as market RSR — expect someone to open that up — RSR futures? Maybe.
And there’s more!
On Monday we’ll be asking some more Reserve related questions. There will be a recording for those who can’t make it.
Still at 4.2 from last week, not that many extra reviews considering the new users.
TikTok seems to have caught up — it’s been acting weird the last few weeks.
Hot off the presses — here’s a video about daily use of the App by Venezuelans. I like it — it’s very upbeat.
Unfortunately Medium doesn’t allow video direct uploads.
An extra 9132 users this week, or 1304 per day. In a few weeks we’ll be celebrating 550,000 users.
More and more merchants are accepting Reserve — I wonder if we’ll get any transaction numbers in the next few weeks in the Twitter Spaces? I’ll touch on that later.
This is very cool — someone is creating an app which tells you where accepts Reserve using google maps :
I’ve had a quick flick through these pull requests and apart from the division by zero, they’re massive. Also, P0 review — could this mean P1 is on the way?
Dashboard address if you want it is here
RClub comes into existence
I’m not quite sure what it’s for yet — I’ll keep an eye on it.
Also Twitter Spaces for the Hola Ranger program
Free webinar went ahead
There will be an RSR special podcast from Crypto_Standard tomorrow!
Staking — The Early Days
Ok so mainnet is live, there’s an RToken in existence — what now? Well, hopefully I’ll explain that the best thing for RSR holders is market cap of said token.
It will be available in the app, but only later on, so the initial uptake is going to be trading pairs on exchanges, maybe some DAO treasury and some internal finance for teams and communities. Traditional DeFi will probably mint some as well. I’m hoping Celsius and similar mint millions.
Ok, so let’s start at the beginning — low mcap, lots of stakers:
So with 15 Billion staked and $75M Mcap it’s not great. At $200M Mcap it’s a bit meh. So — will that many stake? Probably not. Let’s look at it with a more conservative 5 Billion staked.
Ok, so that’s getting better. So the answer to the question ‘what is the APY’ of staking is ‘it varies’. But Mcap will decide all — lets look maybe 2 years down the line…
So even with more than half of the whole available supply of RSR staked, there is still yield when RTokens get into the billions. That APY is very high because of the inital buying price of 2c — if you buy at 10c obviously the yield drops.
UST has an Mcap of around 14Bn — go on then..
So I think we won’t see more than about 55–60Bn RSR in circulating supply, so this is a huge percentage staking. I’ve adjusted to buy at 10c not 2. I haven’t factored in buyback either, but apart from staking, the value of RSR goes up because of the revenue earned by the protocol.