Community Call #13 Recap
This is a text digest of what was discussed in Community Call #13. The recording is available here: https://www.youtube.com/watch?v=dYDCTYfX9Iw
Ricochet Exchange v2 Update.
The v2 contract code was tested and completed on Friday, January 28th, 2022, and was deployed to staging.ricochet.exchange in the first week of February. Since then, the team has been experimenting with streaming to the contracts. The two markets available for streaming are the ETH and WBTC.
The only issue now is that contracts can be jailed during stream liquidation events. This means that v2 isn’t completely suitable for customers until the team is done with troubleshooting the issue successfully.
DAO Update
There was a proposal for the treasury to purchase $25k RIC from sushi swap over the course of three weeks. This was completed at an average price of around $1.05
A v2 incentive program was also put forward to incentivize the version two markets namely the ETH and WBTC markets. The proposed allocation per month is $10k and will go into effect from the 17th of February 2022 until the v2.1 contracts are available. Anyone streaming to the supported markets will receive RIC as incentives.
With regards to project collaboration, experienced rexForce members are encouraged to get used to labeling bounties and determine the amount of RIC to be allocated based on their value, urgency, etc.
Business Development + Media Update
The Ricochet Exchange landing page has been updated to improve overall user experience. The page contains animations that explain various Ricochet products and also gives a much better visualization of the Ricochet ecosystem
With regards to marketing, there’s a planned AMA with the polygon ecosystem on March 4th at 11:30 am Eastern Time. More info will be provided as the date for the AMA approaches.
Apart from that, there are a couple of marketing endeavors in the pipeline:
- A rexForce member wrote a polygon grant proposal to be sent to the Polygon DAO. The application has already been reviewed and is ready for submission
- An animated rexMarket explainer video is underway which will help to explain what is going on behind the scenes with the rexMarkets
- There’s also a medium article that explains Ricochet’s role in the superfluid ecosystem, the value it adds, and how Ricochet is reshaping real-time finance in Defi as a whole.
- There will be a Ricochet v2 blog post that provides an overview of what Ricochet v2 is all about, and the advantages it offers to the Defi community.
- Many members of the rexForce will be attending ETHDenver. The squad is excited to meet IRL!
Addressing Superfluid’s Exploit (resolved)
- Ricochet’s internal bounty program.
There’s a dedicated bounty program for people who spot any vulnerability in the Ricochet protocol. Bounties range from $2000 up to $30,000 depending on the severity of the issue.
- Immunefi bounty:
In addition to Ricochet’s internal bounty, they’re also looking to set up another bounty with the immunefi community. This should open up Ricochet’s protocol to the larger developer base of immunefi for them to find potential vulnerabilities in the Ricochet code base.
- What if Ricochet was a target during the Superfluid hack?
In light of the recent superfluid hack, many people from the Ricochet community have been concerned about what could happen to Ricochet exchange if it was the target.
- Sunny (Ricochet co-founder) did some analysis and had some interesting facts to share…
First of all, Ricochet exchange does not have a single place where lots of funds are accumulated. This is important because, in the event of an exploit, there’s not much that a hacker would get away with. The only place with a significant amount of tokens is the rexBank which contains only RIC tokens. People might think the amount in the bank could easily be exploited, which is theoretically possible. However, the small amount of liquidity available means an attacker wouldn’t be able to sell most of the tokens.
- Deployment to other networks.
Once the Ricochet contracts have been stabilized on the Polygon network, exploring deployment on other layer 2s such as xDAI, etc will be in the cards. This will expand the availability of Ricochet services to the broader mulit-chain universe.
