Reserve Unofficial Update
We’re back! $20M TVL, Chokepoint, Zaps, AMAs and more!
Welcome back! What’s new? Yes, I’ve been away and also here in britland we’ve had some king thing and a stack of bank holidays, so work has been frantic.
So with renewed fervour we pick up something of the last 3 weeks. This won’t be exhaustive but hopefully enough to show the main events. So in time honoured fashion…
- Memory lane
- Operation chokepoint
- Mexico AMA
- Videos!
- TVL / Stats
- Glo dollar / TBills / Charity coin
- AOB
Memory lane
Ahh those were the days — no TVL to worry about, no mainnet, just dreams. Sort of.
Two years ago, Mr Taleb thought the idea of an overcollateralised stablecoin was a good thing.
A year ago — 85% Are we there yet?
Operation Chokepoint
The US banking system runs away from crypto under the watchful eye of the FED. You may have seen Silicon Valley Bank and Silvergate went under, who were ‘crypto-friendly’ banks.
The net result of this is if you’re a crypto startup, then you’re unlikely to get banking, or, if you’re an existing business in the crypto area then you will find it difficult to get dollar banking. This is what has happened to Reserve — they lost their US banking partner for RPay and as such dollar to LATAM money transfers have stopped. That’s the big payroll stuff and corporate money moving. The rest is pretty untouched, and Mexico is unaffected.
Let’s hope Reserve find another banking partner soon.
Here’s the official statement on it :
Mexico AMA
El Lodge organised a text AMA (thank you, Lodge) with Victoria Garcia, country leader, Mexico. We hear more about plans for Mexico, the Reserve card and a potential large partner for RPay 👀
Videos
Quite a few here — let’s start with a protocol innovation — zaps. What is a zap? It’s a way to take one token and make an RToken in the most efficient way from it. Pereviously, you needed all the underlying capital to create an RToken (so up to 4 different tokens in the right volumes). This was imo a big barrier to people creating RTokens — now this is gone and you can rock up with your USDT or ETH for example and make the main 3 RTokens in 1 go. Great news — and it will continue for all new RTokens I’m led to believe.
Next up, a couple (yes two!) Nevin videos —
Interview here on Nevins reaction from Congress’ Bill on stablecoins and the SEC view on stablecoins.
The second is on the issues with banking in the industry with Jewel Bank
Interesting that Jewel bank are registered in Bermuda and have a dollar licence…. watch this space.
Sinatra is now famous for explaining how to create an RToken
5 minutes and some gas — think about how easy this is now compared to — well what was the alternative — creating an ERC-20 token I guess. Which went well didn’t it? Can you think of a project that minted a token and it didn’t work for payment or storing value? If you can GET IN TOUCH — WE WANT YOU.
And the hits keep coming! This time it’s Thomas Mattimore talking to the Strange water podcast :
TVL / Stats
Woah — a new chart!
Yes — TVL — ultimately the pulse of Reserve at the moment — more TVL = good for everyone. This is issued RTokens not overall TVL including backing, which incidentally has just gone over £20M!
I’m really happy to report that both HyUSD and ETH+ are now at half a million each! They’re also offering some juicy staking GAINZ.
Some infographics as well for them both
Let’s look at eUSD
We can see the value of the backing go down (price related) and therefore the staking yield go up.
It’s a bear and you can get 10–14% staking and 8% on a backed stablecoin!
Glo Dollar / TBills / Charity coin
We’ve been busy on Twitter this week…
Glo Dollar is a charity token — by holding a stablecoin the yield goes to charities. With an RToken that can be done as well (we guess they already have the framework built for glodollar) but certainly with a bit more yield they could direct some of that back to the holders to incentivise holding even more. Imagine 2% to holders and the rest to charity — that’s better than some bank accounts, which is great.
Seb Derivaux is looking for a way to get TBills accessible to people. There are certain regulations which go round these, even in tokenised form, but something could be done here I’m sure. Seb set up Steakhouse Finance, which has close links to DAO treasuries… join the dots.
There’s another charity token in the offing which was discussed in the RToken Lab on Wednesday (each Wednesday @ 17:00 BST) in the Reserve Discord which is potentially going to offer a group of NGOs a way to have treasury but also take a % from yield for charitable activities.
Lastly, we’ve got some interest from LUSD as well
AOB
Remember the 97th audit at Code4rena? Well there was a twitter spaces going over the findings
Discord every Wednesday has RToken Lab
And it’s been a while, but … standard
Register now shows potential yields built up on RTokens :
There’s a vote on — to upgrade the eUSD contracts to make them better :
And I think we’re caught up.
Thanks for reading — hopefully back next week!
