Community Call #15 Recap
This is a text digest of what was discussed in Community Call #15. Community calls are held bi-weekly on Tuesdays at 10am EST. A recording of the discussion is available here: https://youtu.be/W5rJ3F9A2t0
Ricochet v2 Update
A total of 8 markets have been deployed so far:
- ETH↔USDC
- ETH↔DAI
- WBTC↔USDC
- WBTC↔DAI
- MATIC ↔USDC
- MATIC↔DAI
- RIC↔USDC
- RIC ↔DAI
All the markets ran for 10 days without a problem. The next day, a community member noticed that one of the markets wasn’t distributing and the team immediately started researching to find out the cause. It was later discovered that when people unsubscribed from their IDA subscriptions, it caused the app to get jailed.
The problem has been addressed and the contracts will be redeployed as soon as possible.
Regarding v2 subsidies, the team has decided not to subsidize the markets immediately to avoid running into the same issues they experienced with V1 markets. Many people lost relatively huge sums of money in V1 because the markets were immediately subsidized without giving people enough time to test the streams for stability.
So V2 markets will have to run for 10 days (after redeployment) and if there is no issue, subsidies will then be implemented. Each market will receive $10k RIC per month in subsidies as initially planned.
DAO Governance Update
Sunny’s Bounty Payout
Sunny Jaycer (BD/Media Core Contributor) made a proposal to receive payment for all the work he has done since the inception of the project in July 2021. There was no objection as all community members agreed that he deserves what he proposed.
rexBank Funding Tuning
The rexBank will be funded based on what the rexLaunchpad earns per month. Basically, funds will be redirected from the Launchpad into the Bank. For example, if the launchpad earns $25k in a given month, the same amount gets into the bank. For that month
Referral Rate.
The community is going to vote on a new referral rate to be implemented as soon as possible. But before that, someone has to put forward the proposal. As a decentralized network, anyone with 10k RIC can help to put forward the proposal following the proposal guidelines on Ricochet docs. From there, the community will decide what the new referral rate should be. Proposed rates should be 50%, 40%, 30%, 20%, and 10%
Business Development Update
A community member, Daniel, has completed an animated explainer video. The video highlights all the basic functionalities of rexMarket works and also illustrates how it works
The Superfluid protocol has been deployed on Arbitrum and Optimism. However, for Ricochet to easily get deployed to these networks, they will need to integrate the Tellor oracles. Not only that, Ricochet contracts need to be stabilized on Polygon first before other networks can be looked into. Plus, Ricochet still has to undergo a series of upgrades to contain many features that are essential for (to) the project. It is for these reasons that scaling to other networks is currently not a priority.
rexForce Protocol Development
For those unfamiliar with the rexForce protocol, it serves as a decentralized autonomous workforce and will be used to handle payouts to rexForce members. In a way, rexForce members could be considered as working for the protocol. The reason for the decentralized autonomous workforce is to avoid reliance on a few individuals who may decide not to pay other members for whatever reason, which would create an unfair environment.
How the rexForce protocol works
To enable payments to rexForce members, a budget will first be established by streaming funds from the treasury to the rexForce contract. The funds in the rexForce contract are referred to as the rexForce Warchest. All captains will receive their base pay salary stream from the Warchest stream.
Funds in the rexForce contract will always need to be more than the sum of all the captain’s base pay. The reason is to have a surplus that can be used for bounty payouts to other rexForce contributors. The DAO can vote at any time to alter the funds in the Warchest as they see fit; thus giving everyone an idea of how the 80M RIC from the treasury is being distributed.
Becoming a captain
To become a captain, the person has to submit an application and should have a minimum of 10k RIC. Then a vote is initiated to decide whether or not the applicant qualifies. If the results are positive, a stream of 10k RIC is opened as base pay salary and the new captain gets an NFT as proof of association or affiliation to the project.
Disputes among captains
Let’s say Bob and Alice are two captains and both are members of rexForce. If Bob wants to open a dispute against Alice, he needs to deposit a dispute fee of 1000 RIC. If the dispute fails because Bob had a wrong reason, he loses the dispute fee. However, if other captains vote and agree that Bob had a good reason for the dispute, Alice will be removed as captain and will also lose her 10k RIC together with her captain NFT. The 10k RIC will be sent to the rexForce Warchest.
If a captain decides they want to quit their position, they would go into a voting period, wherein the rexForce team would vote to decide whether the captain should be slashed or go gracefully depending on their performance.
All captains have the authority to create bounties for themselves and for other rexForce members. All bounties will be Github issues.
Once a bounty is created, a second captain has to approve the bounty, and payment for the bounty gets escrowed. When the bounty is complete, two captains also have to approve the payout to whoever completed it. When a bounty payout is completed, a bounty NFT is also minted as proof of work
REX Product Development
Ricochet will continue to undergo a series of upgrades. The following upgrades are on the horizon:
rexMarkets V2.1 upgrades.
- Reducing Market contract sizes.
- Redesign of keeper incentives
- Upgrading to the latest Tellor oracle
- Creating a Rexmarket factory contract
- Integration with Uniswap V3
- Deployment of yield-bearing markets
rexLaunchpad V2.0 upgrades
- Implementation of rexMarketV2.0 features namely: the referral system and IDA fee distributions
- Creation of a rexLaunchpad factory
- Creation of a Whitelabel Launchpad Dapp
