Community Call #11 Recap
This is a text digest of what was discussed on Community Call #11. The recording can be viewed here: https://www.youtube.com/watch?v=oQOspoSGHKY
DAO Update
rexMarket Subsidy Extension Proposal (closed)
- Fran, Superfluid co-founder, put up this proposal regarding continuing $RIC subsidies for rexMarkets whose incentives were to end on January 10th.
- Ultimately, the community decided not to continue subsidies such as to get an accurate view of where Ricochet’s true and non subsidy-influenced volume stands.
Buyback and Bank Proposal (active)
3-part proposal:
1. Use v1 fee income to buy back $RIC via a USDC→RIC rexMarket
Purpose/Rationale: demonstrate Ricochet DAO’s willingness to use its own product and provide liquidity to $RIC markets on the USDC side
2. Provide a rexBank for borrowing RIC against USDC
Purpose/Rationale: give people a avenue to borrow RIC for governance influence or short selling for RIC-side liquidity.
3. Cancel 75k USDC/mo. funding for rexMarket v1.1
Purpose/Rationale: 100k USDC has been supplied to rexBank system which is substantial — as funds are repaid and reborrowed, this USDC will continue to circulate within the community and grow at at least 12% annually.
Business Update
Ricochet x Coinshift Twitter AMA this Friday @ 12pm EST
The Power of Dollar-Cost Averaging with Ricochet Exchange Article
Most of us think of Ricochet as a supercharged DCA tool. Learn about the advantages of DCA as an investment strategy and the use cases of Ricochet stream-DCA. Article produced by Anthony, Satvik, Chaas.eth, and Sunny of the rexForce.
New DeFi Tokens Interest Survey
The community was able to express interest in several DeFi tokens for potential rexMarkets in this quick Discord survey. Sunny of the Core Team will likely propose markets for these come the completion of Ricochet v2 rexMarket contracts next month.
Ricochet Frontend CI/CD System
Samir, Frontend rexForce contributor, has been working on a CI/CD system that would allow anyone to observe app changes for each pull request using an AWS hosted link. This way, anyone can do QA without having to have a functioning local repo.
Ricochet v2 Updates
- Reconstruction of original Ricochet contracts into an abstracted, object-oriented code base has been completed.
- Majority of essential testing for the resulting new rexLP and rexMarket base contracts are complete.
- Tests are in progress of being refactored to TypeScript for better error-catching
- Referral system contracts and front end virtually complete, integrating the two is in progress.
Quantitative Update
While there’s been a precipitous drop in volume, volume still stands at nearly $800k annually and implied annualized rexBank revenue rivals that of the rexMarkets. Financials are looking healthy 👨⚕️
