Community Call #14 Recap

Published in

Ricochet Exchange

3 min readMar 3, 2022

This is a text digest of what was discussed in Community Call #14. The recording is available here: https://www.youtube.com/watch?v=MoCYTNYLLMw

Ricochet Exchange V2 update

V2 is ready for customer usage and has some notable changes that set it apart from V1 namely: UI changes, support for two-way markets, and an integrated referral system.

The overall V2 UI has been improved to make it more visually appealing and user-friendly than the previous version.
Ricochet V2 contracts provide support for two-way markets and make deploying a stream pair much easier. With V1, each contract was deployed per direction (eg USDC<>ETH) whereas with V2, a contract can be deployed per pair (eg USDC<>ETH and ETH<>USDC).
There’s also a referral system baked into V2. Community members were able to register and now possess referral links with which they can refer people to Ricochet Exchange and earn a portion of fees paid.

DAO Governance Update

$RIC liquidity mining program

There was a proposal to distribute $10k RIC per market per month to those streaming to the initial markets (WBTC AND ETH). Unlike the V1 liquidity mining program where RIC rewards were logged into the contract over the duration of the program, V2 takes a different approach. The RIC incentives in V2 will be streamed from the DAO such that, at any given time, there is only 24 hours worth of funds in the contract. This reduces risk of lost $RIC if contracts malfunction.

rexBank Funding Proposal

A proposal was made to the community to decide on the amount of USDC to be streamed to the RexBank per month. The community unanimously voted on streaming $75k RIC to the bank per month. The USDC in the RexBank enables RIC holders to borrow money from the bank; thereby providing them an alternative way of acquiring liquidity against their RIC. This in turn helps to reduce selling pressure on DEXs where RIC is traded.

Business Development Update.

There is an upcoming AMA with the Polygon community on Friday, 4th of March 2022 at 11:30 am Eastern time. The discussion will focus on Ricochet V2, how Ricochet is opening up a new DeFi paradigm, and the value it adds to the Polygon Ecosystem.

A Polygon Ecosystem DAO grant was submitted but was unsuccessful because only micro-grants were available, which wasn’t what Ricochet was applying for. The funds will be helpful in adding liquidity for low-liquidity token pairs behind certain rexMarkets. The grant application is to be re-submitted with the next iteration of the grant program.

rexForce member Daniel has prepared an amazing animated explainer video that walks people through the basic features of rexMarket and how it works.

Sunny has completed a Ricochet v2 blog post and a Medium article that explains Ricochet’s role in the superfluid ecosystem

There’s an ongoing discussion with community members to map out a business strategy on how to create more awareness for Ricochet Exchange.

Discussions at ETHDenver.

Several rexForce team members attended ETHDenver and used it as an opportunity to raise awareness of Ricochet Exchange. MIke Ghen made a RIC giveaway of over $10k to about 105 different people (100 RIC per person) He also had the opportunity to go on stage and brief the audience on what Ricochet is all about.