Reserve Unofficial Update

Venezuela pivot, All Clear, Tx Stats, CEXs AND MORE

Happy Friday everyone — we’ve had a fair amount of news and general activity, but no official update on all clear, although there are other ways to track progress.

Big news on treasury allocation leading to changes in Venezuela, so lets dive in..

• Memory lane
• All clear — progress
• Mobilecoin
• Venezuela update
• Transaction volumes
• Twitter flash
• Bit of #RWA and CEX crackdowns
• AOB

Memory lane

This time last year, Nevin was speculating on early staking (wow) and we had a first article from someone.

Hmm — the all clear narrative obviously wasn’t around then….

Blimey — a year.

So Smeddy must have joined just before Feb last year <searches> aha!

So happy Reserve birthday Smeddy!

All Clear — progress

Taylor gave us an update on the 6th in Discord :

So code changes are done. At that point they were still running fuzz testing. This is borne out in the code

I’m guessing the mitigation review will be soon or is in progress. So All Clear (for what it’s worth — it’s just a red flag removed, nothing actually happens) will be in the next 2 weeks. Setting it up nicely for Mobilecoin to start defining their collateral basket.

I should add some clarity here : all clear will be the raw protocol. The plugins from the hackathon will get added incrementally afterwards — if Mobilecoin want to use any of those, they will be prioritised.

Looking like ETHDenver might be pretty exciting stuff.

Mobilecoin

They are running a competition for Valentines Day

Some of them are actually quite good.

Venezuela Update

Message from Gabo: Rpay is reducing its team size for its next phase

In what must have been a very difficult decision, Gabo and the RPay team have decided to expand to cut back the RPay team and not focus so much on Venezuela, but expand RPay to more LATAM countries. It’s all in the medium post if you want to read it.

To all the employees who are part of this our thoughts go out.

There was also mention of the ultimate goals of the RPay project :

So many more features than at present.

I think once the demographic has levelled up (from a brit — the irony) then they’ll continue to expand in Venezuela.

Transaction Volumes

Let’s have a look at a chart!

The patient appears healthy, doctor

We’re nearly at $5.6Bn transacted and I think I notice a slight trend up on the weekly Tx. We’ll take another look at Venmo at month end.

Twitter Flash

I thought I’d mention this as we’ve had a flurry of informative tweets from various stalwarts and some interesting stuff from Larry the Cucumber.

First up, the Lodge eternal tweet :

Sinatra does a thread on programmable money :

TENET has been hard at it

Nice pickup on the Ray Dalio reference here from Altcoinist.com

Flamingo spitting out facts as usual

House of Chimera with a roundup

Even Reserve Weekly is getting in on the action

From the team, Soham has created a great thread on a benchmark DeFi index token

And Larry the Cucumber has broken the 4th wall to uncover the complexity, high standards, usability and generally massive-braininess of the Reserve smart contracts. I was a consultant for Fujitsu back in the day, which was at the time 3rd largest IT consulting firm — IBM was #1, so I know where he’s coming from. Having said that IBM would employ 4 times more analysts to write documentation than we would so how they ever got anything coded I’ll never know ;-)

Do you go to 18dp?

Bit of #RWA and CEX lockdowns

Our friends at rwa.xyz now have a directory of real-world asset projects :

rwa.xyz

Centrifuge TVL is on the rise again…

Nice thread from Conor Svensson about the need to bring RWA to a stablecoin…

He doesn’t even know it but he’s literally describing ReserveProtocol.

There’s been a fair bit about the SEC and Kraken today — will this signal the death of staking as we know it? Of course not. Well, for a start it’s the SEC, so it’s jurisdiction is limited, but that aside — WHY?

The fear is among Centralised exchanges, who stake FOR YOU. Coinbase for example allow you to stake and give you back a coinbase staked token (guess who earns money because of this : no answers please). It’s this bit the SEC doesn’t like.

Get your coins on a Ledger or similar and stake away to your hearts content safe in the knowledge the nice bald man’s business empire could collapse and you still have your money, and the SEC couldn’t care less.

So — DeFi staking = super bullish.

What else hasn’t had a good week? LocalBitcoins. Yes, our favourite comparison index for trading of DeFi in the real world.

Gone, but not forgotten. So what can those people use now? Rtokens hopefully. I’m guessing they can use the Moby app as soon as it comes out. Also, there’s nothing stopping anyone writing a P2P app and connecting it to RTokens.

AOB

Who would really want to mint a stablecoin anyway?

Stablecoins Are Big Business: Tether Profits $700M in 3 Months

Let’s say you create a really popular stablecoin and divert 10% to you and 90% to stakers and you set it to earn 4% via some plugins and some stables. Your stablecoin in your game grows to $500M Mcap. Are you rich, anon?

$2,000,000 you are. 500,000,000 * 4% * 10% = $2,000,000

Standard.

Ok, I think we’re done. Thank you for getting this far and let’s see what next week brings!

Well I couldn’t not, could I