Community Call #16 Recap
This is a text digest of what was discussed in Ricochet community call #16. The recording is available here: https://www.youtube.com/watch?v=QMfFmFrrwnk&t=27s
Ricochet v2 update
Ricochet v2 contracts are currently running on staging.ricochet.exchange and will eventually be deployed to app.ricochet.exchange when testing is complete. The layout and other basic functionalities on staging.ricochet.exchange are the same as those on the official site; thus allowing for a familiar experience for regular Ricochet users
Anyone can try out the markets on staging.ricochet.exchange as often as they can and report any bugs they encounter for immediate troubleshooting. This should help prepare for a smooth launch on Thursday.
The following markets are currently available on V2:
ETH >> USDC
ETH >> DAI
WBTC >>USDC
WBTC >> DAI
MATIC >>USDC,
MATIC >> DAI
RIC >> USDC
RIC >> DAI
Referral program.
The Ricochet affiliate (referral) program is currently in beta, but anyone can grab their referral link and start referring people to stream-invest on rexMarkets. All affiliates will earn a proportion of the fees that their referrals pay on rexMarkets. The referral program is a great way to incentivize community members for creating awareness about stream investing on Ricochet.
V2 subsidies.
Each market running on V2 will receive $10k RIC in subsidies each month as initially planned. Subsidies are expected to kick off on Thursday, March 31st provided the 10-day testing goes smoothly without a major bug.
DAO Governance update.
The DAO made a proposal for the community to decide what percentage of the fees should be taken by affiliates for referring people to rexMarkets. The proposed rates were, 10%, 20%, 30%, 40%, and 50%.
The community voted for 50% because most people felt that a 50% referral rate would be worth their time and effort as opposed to say, a 10% referral rate. For example, if an affiliate refers someone to ricochet and the referral streams $10k per month, the affiliate would be earning $100 per month for a 50% referral rate. However, if the referral rate were 10%, the affiliate would earn just $20 per month, which isn’t encouraging at all.
Treasury funds
Ricochet exchange has accumulated a little over $10k in funds from fees and usage of the launchpad. It is now up to the community to decide how to use the funds. The challenge here is to decide what adds the most value to the Ricochet project. For example, should the money be used for RIC buybacks, to add liquidity to Sushiswap, or maybe to fund the rexBank.
Business development update.
Ricochet has started a tweet series in preparation for the v2 launch on Thursday. The tweet series will continue every day until V2 contracts are deployed to the official site.
There is also a ricochet V2 blog post on medium with an in-depth explanation of all the additional features that set V2 apart from V1.
rexBank upgrade
Sunny Jaycer is working on upgrading the rexBank into a super app. Basically, a super is a smart contract that leverages superfluid streams. This will enable rexBank users to borrow USDC against their RIC and pay the interest in real-time.
Quantitative review
Bounty payout for the past two weeks was only $6200 because most development activities were halted to allow Ricochet community members to focus more on testing V2 contracts
General stats.
Ricochet annualized TVS = $65k
Annual fees = $1k
Monthly TVS $5.388k
Monthly fees =$108
Number of streamers = 108
rexLaunchPad stats
RIC price =$0.27 (cheaper than coingecko price)
TVS = $10364k
Number of streamers = 25
rexBank stats
TVL (total value loaned) = $144,797
Annual interest = $17376
