May 27
Reserve Adoption Update
618920, Socials, Nevin interview, Adoption, GitHub, Staking Calculator, Xi and more!
The update which gives you a free gift! That’s right, in every box of update, there’s a handy staking calculator.
Ok — I’m going to make you read it to get there…
- Memory Lane
- Nevin interview
- Socials
- Adoption
- GitHub
- Kidney Appeal
- Mini Mexico
- Staking Calculator
- Xi / AOB
Memory Lane
The app went ‘open’ in March so was #1 on Google Play for finance — it had more than 50,000 downloads but less than 100k. Unfortunately for users at that time, it was going to an invite system in April — was only usable 9–5 on weekdays and of course only on Android.
Nevin interview
Catch it here : https://www.youtube.com/watch?v=UcDXzu5y_l8
Where Nevin goes into detail about why Luna collapsed, the state of Celo and Frax and why DAI is different.
He was asked why UST took off and RSV hasn’t, so Nevin pointed out :
- There is no real point just being a stablecoin competing with USDC or others, it doesn’t add any value
- UST had 20% interest
- Reserve have decided to put stablecoins to use in the real world (an unaddressed market) through their App
Couple of interesting answers I think here — firstly, when asked about the next 6 months to a year, Nevin replied :
- Mainnet — standard
- Expanding into the other LATAM countries faster than in Venezuela, with more features and broader financial products
Interesting — more finance ‘stuff’ and faster. I think Mexico is going to be pretty innovative, and I suspect that ‘feature’ will be available to all LATAM countries without having to include local liquidity providers — just a guess, mind. Also Gabo mentioned the card — so maybe that as well.
When asked about what other projects he’s following, Nevin mentioned Urbit as he’s a big fan, but also (and I think this is the first time he’s mentioned it) Mobilecoin.’A cross between Stellar and Monero — really fast and cheap, but also fully private’. This is integrated into Signal (I know) but hear me out.
Both Mobilecoin and Signal are open source… Mobilecoin :
Ok you wouldn’t want to reinvent the wheel, but there’s plenty to go at there.
Most importantly — when asked if RSV will be the stablecoin for Mobilecoin and is there any partnership there he did this :
shrugged shoulders, smirked and said ‘who knows?’ Mobile payments — scalable? fast? secure? cheap?
I’ll leave it to you to make your minds up. And on that (potential) bombshell, on to….
Socials
All going well on socials and people still very happy with the app. Lost passwords and credit limit complaints seem to have all but vanished. In fact internet connectivity seems to be a big one at the moment — and Josh mentioned a possible change in the way the app updates — maybe on closing not opening. Excited for new features.
Adoption
This week saw 5817 new users — how far away Mexico? Maybe a mini section in AOB.
GitHub
This week saw us click up another 1% towards code freeze : 88% complete. Will we manage 2% next week? I’ve actually been keeping an eye on the merges and it looks like they have done most of about 4 tasks.
This week has been governance, testing, cei-pattern and baskethandling
Yesterday was a monster :
Reentrancy — what’s all that about? (stop sniggering at the back). Well CEI stands for Checks Effects Interactions and attempts to stop recursive functions taking all funds — funds not SAFU. For example, I would write a function to access a smart contract and ask in a loop if there were funds > 0 then reenter and take more funds, which would be allowed if not specifically checked. Here :
Still plenty more to do, so my guesstimate of late August early September I think is still valid, although since we’ve had 5% in the last 3 weeks I might revise that to mid to late August. Don’t forget there’s audits after that, but I would hope the staking app might be available in beta by then so we’ll all be otherwise occupied.
Kidney Appeal
The fantastic news is that Sr. Hernandez is now in hospital
I’ll put the link here again:
Please give even just a dollar — it all helps and is received with enormous thanks.
Mini Mexico
What — Mexicanito? Huh? Thought I’d do a quick roundup of ‘things Mexico’, firstly Victoria Garcia — Country Leader : Mexico
Well it’s got to be fairly close now hasn’t it? What do we think? 3 months?
Matt Gertler still has a few T’s to cross and I’s to dot.
And what’s this?
Staking Calculator
Well the moment you’ve all waited for… something for nothing.
Want to count your future riches? Assess your annual income whilst sipping a pina colada on the beach and wondering if it’s scallops or chips for dinner? Well now the dream is a reality!
Just in case I’ll link to a hyperlink HERE
I would hope you know how to fill it in, but if not — you put in how many RTokens there will be in circulation at a particular point in time, and how many RSR will be staked on those tokens as insurance (to get yield). The yield is from AAVE and Compound so keep that within 1–7% in reality. Future RSV might give all yield to RSR stakers but Mcap might be smaller than another RToken giving both sides yield — yield to stablecoin holders and RSR stakers. I would think short term that’s the better bet. Then it’s just maths on price paid and your holdings. I put in the current price as that may or may not deter new stakers.
Which is why I think this will go in waves — you’ll get those at low entry prices getting a decent APY and others won’t bother. Then MCap goes up and those later entry prices will see ‘oh 4% — that’s ok’ and stake, which brings the % down and newer entrants think ‘nope not yet’. Repeat ad infinitum.
Also bear in mind you’re not going to see more than 40Bn staked (and probably a lot less than that for the reasons above). Pop the MCap up to a few billion and max out the staking — interesting eh?
Happy dreaming. And btw — early doors it’ll be rubbish, just so you know. Binance will give you 1% if you’re desperate and I think Bancor will do something after mainnet as well.
Xi
Not happy with his lot, Xi is dipping in again with the national reserve of China.
Another 50.5M RSR. I’m sure in 3–4 months all will be revealed. I’ve a feeling mainnet might be significant but I’m just guessing.
AOB
Standard.
RClub and another Rangers Day 1st June going well
Mansi is continuing with her crypto lessons :
And there’s a Reserve one as well
Matt Gertlers team expands to beyond 40(!!)
Sadly, an exchange company had to let 70 employees go, but Reserve were there offering jobs :
Nevin attended a conference
If you’re not getting much sleep, Nevin has suggested some reading material :
On the other hand, Smeddy has given a concise 9 point brief
And on that <insert dramatic word here>, I thank you all again for reading and we move into another week…
