2022 Year in Review
Ricochet Exchange
A Closer Look at the Protocol’s Innovative Tools
The Ricochet Exchange (REX) protocol offers a variety of innovative tools for real-time finance using the Superfluid protocol. In 2021 REX protocol featured two products, REX Markets which supports dollar-cost averaging into/out of ETH, WBTC, and MATIC and REX Launchpad which offers a MEV-resistant way to do a crowd sale of a token. One year later the REX core team has deployed several new products to the protocol. Let’s begin this year in review by looking at the state of the protocol. Below is a list and description of each product within the protocol:
REX Market
Originally developed in 2021, Version 2 was deployed in March 2022 and has done about 500K USDC in volume since. REX markets are decentralized exchanges that support swapping tokens using a dollar-cost averaging strategy. REX Markets use Superfluid Continuous Flow Agreements and Instant Distribution Agreements. Accounts specify a rate per month they wish to swap (e.g. 100 USDC/month to ETH). REX Markets are available on Polygon and are powered by Superfluid, Sushiswap, Quickswap, Tellor, and Gelato.
REX Market Metrics:
Interactive Stream Manager
This tool was introduced in 2022 to help construct DCA flows visually. The stream manager makes it easy to visualize the flow of tokens through REX Markets. REX is focusing on making it simple to not only create but also analyze the performance of different strategies using REX’s tools. By streamlining this process, we aim to make it easier for users to build and optimize their strategies.
At Ricochet, we strive to be “Apache Nifi for Digital Assets”
REX Launchpad
A launchpad contract for fair initial coin offerings (ICOs). Allows new projects to sell their tokens at a fixed distribution rate, with streamers competing to earn a portion. Ensures a fair distribution of tokens and allows streamers to avoid front running. The RIC launchpad on Ricochet demonstrates how this method works and its benefits.
REX Launchpad Metrics:
REX Merch
New to the REX Launchpad are the rexSHIRT and rexHAT tokens. You can convert RIC into a rexSHIRT or HAT token redeemable for a real t-shirt and hat. rexSHIRT/HAT is also available on Uniswap, get yours while supplies last!
REX WaterDrops
This product was a 2022 ETH Online finalist and has since been deployed to Polygon mainnet. REX Waterdrops are claimable airdrops with automatic vesting, powered by Superfluid. They allow projects to airdrop tokens that can be claimed slowly over a period of time, encouraging recipients to hold onto and support the project. The first REX Waterdrop was performed in October for the Alluo Finance community, with a list of 250 addresses eligible to receive a 1000 RIC airdrop. These accounts can come claim the RIC and receive it over a 30 day period, that’s roughly 33 RIC per day for 30 days. Check out how it looks in the Ricochet app:
Experimental Products
REX LP and Tokens supported automatic yield claiming for Sushiswap and StakeDAO LP tokens. For Sushiswap, REX LP tokens are wrapped Sushi LP tokens that get staked in Sushi Farms. The MATIC and SUSHI staking rewards are harvested periodically. This creates an inbound stream of SUSHI and MATIC that could be redirected into REX Markets (e.g. sell SUSHI and MATIC for ETH). This gave users the ability to decide how to yield farm rather than relying on strategists who hardcode strategies into contracts. REX Tokens and REX LP streaming are currently inactive due to lack of demand, but are expected to return in 2023 using Quickswap V3 liquidity pools.
The Ricochet Exchange (REX) protocol has a range of innovative tools for real-time finance all powered by Superfluid Finance. The REX Market allows for automatic real-time investing on Polygon, the Interactive Stream Manager helps construct DCA flows, the REX Launchpad is a fair ICO contract, and REX WaterDrops offer a revolutionary method for distributing tokens to encourage recipients to hold onto and support the project. While REX Tokens and REX LP streaming are currently inactive, they are expected to return in 2023. The REX Referral System is an additional feature that allows affiliates to earn a portion of fees from the volume they refer. With its various products and features, REX offers benefits and convenience for individuals and organizations looking to participate in the decentralized finance ecosystem.
REX is much more than DCA
REX Referral System
The REX Referral system deployed this year is an on-chain referral program that is integrated in all the REX contracts. By sharing a referral link and encouraging others to use REX’s products, affiliates can earn a portion of the protocols fees paid by referred accounts. Let’s take a look at how the system is working after its first year on Polygon mainnet.
Ricochet Exchange’s Referral Program Gains Traction with Industry Leaders Ledger and Alluo Finance
Ricochet Exchange’s referral program has attracted a number of affiliates, including Ledger and Alluo Finance. Ledger is a well-known provider of hardware wallets for securely storing and managing cryptocurrency assets, while Alluo Finance is a decentralized finance (DeFi) platform that offers a range of financial services through its mobile and decentralized web app. Both of these affiliates have recognized the benefits of REX’s innovative tools for real-time investing with crypto assets and have chosen to promote the protocol to their users.
Become a REX Affiliate in 4 Easy Steps
- Choose your Affiliate ID and create a new wallet for the referral program.
- Register your Affiliate ID by signing the Metamask request notification.
- Ask for approval in the #support channel on the Ricochet Discord.
- Share your referral link and start earning a portion of the fees from the volume you refer.
Find full instructions and images here in REX’s docs: https://docs.ricochet.exchange/readme/referral-program
The REX Referral Program is an easy and effective way for affiliates to earn rewards by promoting the REX protocol and its innovative tools for real-time investing with crypto assets. With current affiliates such as Ledger and Alluo Finance, the program has already attracted a number of high-quality partners. If you are interested in becoming a REX affiliate, simply follow the steps outlined above and start sharing your referral link!
Integration with Ledger Live
Ricochet Exchange has integrated with Ledger to allow Ledger Nano owners to access Ricochet’s app from within the Ledger Live platform. This integration allows you to easily use Ricochet’s tools and features without leaving the security of the Ledger Nano and Ledger Live ecosystem.
The integration with Ledger Live provides an easy and convenient way for Ledger users to access Ricochet’s innovative tools for real-time investing with crypto assets.
Thank you Ledger and REX Contributors
The integration with Ledger Live was a smooth process thanks to the collaborative efforts of the Ledger team. To enable this integration, the Ricochet team had to develop software that could be installed on Ledger hardware wallets. This project was a testament to the technical expertise, execution skills, and strong network of partners and contributors within the REX team. With this integration, Ledger Live users can easily access the tools and features offered by Ricochet, all while enjoying the security of their Ledger Nano.
Maximizing Returns with Alluo Finance’s Interest Bearing Tokens and Ricochet Exchange’s DCA Tools
Alluo Finance is a decentralized finance (DeFi) platform that aims to provide access to financial services through its mobile and decentralized web app. One of the standout features of Alluo’s platform is its Liquidity Direction Protocol, which allows users to easily and securely deposit, withdraw, and transfer funds. Alluo also has a governance system and smart contracts that allows users to vote on key decisions affecting the platform, like interest rates.
Alluo also offers a range of interest bearing tokens that generate up to 7% per year on deposited funds. These tokens, known as IBAlluoxxx, grow and compound at the voted annual percentage yield (APY) and can be used with REX Markets. This makes them an attractive option for users looking to generate passive income with their cryptocurrency assets. It really is the best way to DCA.
One of the ways that users can take advantage of Alluo’s interest bearing tokens is through the “autoInvest” feature in app.alluo.finance. autoInvest allows users to automatically DCA into assets using IbAlluoUSD and IbAlluoETH. Users can earn yield on both sides of the transaction, boosting their returns by over 5% compared to a standard DCA strategy. This capital efficient approach to investing makes it easy for users to grow their assets without having to constantly monitor the markets.
To demonstrate the effectiveness of Alluo’s interest bearing tokens, we compared the performance of REX Alluo Market performance to Mean Finance, another DeFi platform that offers similar services. Find the results of this benchmarking activity in the next section.
An In-Depth Analysis of the Performance and Effectiveness of REX Markets and Mean Finance for DCA on Polygon
In this study, we set out to compare the performance of REX to Mean Finance in terms of their ability to effectively implement a DCA strategy on Polygon. We conducted a DCA of 50 USDC per month to ETH on Polygon and analyzed the performance of the two methods over the course of 120 days.
Experimental Method
Our experimental method involved conducting a DCA of 50 USDC per month to ETH on Polygon using both REX Market and Mean Finance. We then compared the performance of the two methods over the course of 120 days. This allowed us to evaluate the effectiveness of each method for implementing a DCA strategy on Polygon and determine which was the superior option.
Data Collected
Analysis
One key factor in the performance of these methods is the fee charged by each platform. The following table shows the fees for each method:
The analysis shows that REX Market outperforms the expected delta. The expected the fee delta to reduce the net-asset value (NAV) of the position by 1.4%, but in this case, the NAV only lags behind Mean Finance by 0.98%. This suggests that REX Market is able to secure a better price for its users.
Furthermore, the REX Alluo Market outperforms the benchmark, Mean Finance, by 0.54% after 60 days. This margin is increasing when looking at the trend, and we expect it to continue to widen due to the use of Alluo’s IB tokens. This suggests that REX Alluo Market is a more effective DCA method than Mean Finance, particularly over longer periods of time.
Conclusion
Overall, our experiment shows that REX Market and REX Alluo Market are effective DCA methods that outperform the benchmark, Mean Finance. However, further research is needed to determine the long-term performance and overall effectiveness of these methods.
REX on Dework
In 2022 REX started to organize contributors using Dework. Thanks to this, REX has a really solid management system for business and technical work heading into the new year.
You can check out all the REX contributors on the Leaderboard generated by Dework:
Have a Happy New Year!
In conclusion, the Ricochet Exchange (REX) protocol has continued to evolve and improve over the course of 2022, offering a range of innovative tools for real-time finance using the Superfluid’s protocol. REX Markets, REX Launchpad, REX Waterdrops, and other products provide users with unique and useful features for managing and growing their cryptocurrency assets. The REX team has demonstrated their technical expertise and execution capabilities, and their extensive network of partners and contributors has helped to drive the success of the protocol. As REX continues to develop and expand its offerings, it is clear that it will remain a key player in the world of decentralized finance.
