Community Call #12 Recap
This is a text digest of discussion from Community Call #12. The recording can be viewed here: https://youtu.be/KH0roWMdZHg
rexForce Update
The first major update is a major overhaul of the REX Force, Ricochet’s decentralized autonomous workforce that contributes to building the protocol through an incentivized bounty program.
The current bounty system, while sufficient, is still ultimately centrally managed and executed by the dev team. At the highest level, Ricochet believes a decentralized, community-centric approach is both more aligned with the ethos of web3, and a distinct competitive advantage.
Looking forward, the new structure will transition management of the bounty program into a permissionless, decentralized operation. It will do this through a few key mechanisms:
- Management and Payment of contributions through RexForce General Smart Contract
NFT-based management and payment contract, powered by clearly defined and scoped roles and progressions, and integrations with GitHub and other 3P platforms
- Delegate Authority to trusted contributors
Token-gated hierarchical structure, with trusted contributors given “Team Captain” status and ability to payout bounties to specialists and members who complete incentivized tasks
Catalogue of completed milestones/bounties and amount staked
- Streamlined Project Management process driven by Captains
Front/Back-end blended, initiation and milestones approved by DAO vote and managed by Captain
Note: For additional information, view the weekly update video here for a more in-depth review
RIC Buyback / rexBank v1.1
The Community Treasury began a streamed buyback of $25K worth of RIC from the SushiSwap USDC/RIC liquidity pool on 1/17 to support price stability, streamed over 3 weeks. Currently $7.2K has been bought back using a RexMarket contract, and the buyback is expected to complete on time.
Funding of the rexBank v1.1 has also been completed, with $75K fully streamed in.
The team has begun deploying a USDC-collateral / RIC-debt rexBank, at a funding rate of $34K per month on 1/19 (completed on 2/7).
Ricochet v2
Ricochet’s v2 contracts are deployed! Some updated features:
- Using base rexMarket contract
- Distributing fees through IEAs to save gas
- Adding a referral system
V2 Also includes TwoWay Markets, which are driven off internal-liquidity to power swaps.
Contracts should be finalized by 1/28 and live by 1/31. rexReferral front-end should be completed soon. Subsidies expected to recontinue 2/7 after the buyback program is complete.
CI/CD
Progress on the CI/CD initiative continues to be robust. The initiative centers around facilitating and automating developer and QA processes. The system still revolves around forking and editing the protocol locally, but allows for workflow-based testing and execution and QA-functionality by any other member of rexForce. Refer to the video for a full overview from our amazing contributor Samir
Business Development
- Continue to work with Minerva Wallet to give mobile access to the Ricochet platform and give easy access to streamed investments to users.
- Conversations with Coinshift also continue to be ongoing, working towards a treasury management solution utilizing rexMarket streamed investments
- Marketing optimization tweaks like highlighting the DCA functionality of the platform to improve messaging
- Content Creation Engine, with weekly pieces, is in development to ensure a consistent stream of content pieces by contributors
- Media kit around coloring and graphical schema released to codify Ricochet’s new and improved style
Quantitative Update
Protocol continues to be in good health, and is returning to normal functions as the subsidiary program winds down. Some conversations around diversifying treasury composition into less-risky assets are underway given the current market downturn.
