Community Call #17 Recap
This is a text digest of what was discussed in Ricochet community call #17. The recording is available on Youtube.
Ricochet V2 release update
One of the V2 markets, RIC >> USDC market was closed because it got jailed. This was due to an issue that could be addressed via the base market contract. It is, however, not a major bug and a quick fix is already underway. So the market should be up and running very soon.
Support for V1 rexMarkets will be stopped any moment from now. The initial plan was to stop streaming to V1 markets on the 31st of march and focus completely on ricochet V2. But it appears some people weren’t aware of the V2 launch. This explains the reason why some V1 contracts are still distributing to date. Now that V2 is already live, everyone is advised to stop their streams on V1. Any losses they incur in closing their streams will be reimbursed by Ricochet DAO.
Regarding the Ricochet referral program, it is not working as intended mainly because there weren’t many people available to test the contracts for potential bugs. Mike, a core contributor has written new tests for the referral contracts so that anyone can try them out to see if the contracts have been stabilized.
rexBank update
Sunny Jaycer is working on an upgrade for the rexBank. The purpose is to transform the current rexBank into a super app such that interest is paid in real-time. That is, the interest gets streamed into the rexBank immediately after someone initiates a borrow.
The upgraded rexBank will adopt a Callback model which turns the “borrow”, “repay”, and “full repay” functions into the ‘start’ and ‘stop stream’ transactions. For example, if the interest rate on rexBank is 2% and someone initiates an interest payment stream at 20usdc per month to the bank, the bank automatically responds by transferring 1000 USDC to the borrower.
If someone reduces their interest payment stream from 20USDC per month to 10USDCper month, then the bank would pull 500 USDC from their wallet since the expected loan now has to be 500usdc. This also reduces the person’s liability
Meanwhile, if someone updates their payment stream to borrow more USDC, for example to 30 USDC per month, the rexBak would compare how much the person previously had on loan and simply transfer an amount to march the new payment stream rate. In this case, a $1500 loan.
Everyone is advised to be cautious because canceling an interest payment stream without having paid the loan completely would cause the person to lose their collateral. The reason for this new approach is to discourage people from borrowing and never repaying. This should also lead to responsible usage of the rexBank.
DAO governance.
There isn’t much to say regarding DAO governance apart from the fact that the DAO is moving away from a multisig signer to a state where the flow of funds is autonomous. DAO members can vote on things like budgets, the flow of funds from the treasury, etc, and smart contracts would do the execution.
Business Development update.
A Ricochet member had the chance to speak during an instadapp community call and he talked about Ricochet exchange.. The discussion went further to talk about how both platforms can integrate to benefit both communities. For those unfamiliar with Instadapp, it is basically an asset management application that enables defi users to manage various DeFi positions from a single interface.
Polygon Ecosystem DAO grant
A community member, Daniel has been monitoring the polygon ecosystem grant program and has revised the previous application he submitted for the previous grant. The revised application has been resubmitted for the new round of polygon grants and we are still looking forward to hearing from the Polygon DAO.
In another development, Sunny Jaycer has stepped down as head of Media and business development in order to focus on his long-term career goal of becoming a web3 developer. However, he will continue participating in Ricochet as a normal contributor.
Quantitative review
A little over $10K in RIC was paid out to contributors over the past two weeks.
Annualized TVS = $1.245M
Annualized fees/revenue = $25k
Monthly TVS = $102718
Monthly fees = $2074
MOnthly number of streamers = 51
Ricochet Launchpad stats
Launchpad RIC price $0.22
TVS = 8,370
Number of streamers 21
rexBank STATS
Total value loaned = $149,485
Annual interest $17,938
