Ricochet v2 - What’s New?

Sunny Jaycer
Ricochet Exchange
Published in
5 min readMar 7, 2022

The next generation of the Ricochet Exchange dApp is almost here. Let’s talk about what’s going to be new.

Two-way rexMarkets ↔

This is a powerful structural change to rexMarkets, our automatic dollar-cost averaging tool. Traditionally, to allow streaming investing from, say, DAI→WETH as well as WETH→DAI, two separate rexMarket contracts would have to be deployed for each direction. With the new two-way rexMarkets, only one DAIWETH rexMarket contract is needed for both directions.

Snapshot from the animated explainer linked below

Check out this amazing 2-minute video that explains it visually or read more below.

Internal Liquidity Sourcing

First let’s examine how it works.

A rexMarket pools the tokens streamed to it by investors and then performs periodic swaps (current interval is every 20 minutes). On the periodic swaps that the rexMarket performs, instead of taking all of the liquidity to Sushiswap as they had before, two-way rexMarkets now do an internal swap with the DAI and WETH accumulated and then take the leftover tokens to Sushiswap.

Here’s a basic example:

  1. Tokens accumulate: $100 USDC and $150 WETH have accumulated in the rexMarket contract from investors over the 20 minute interval
  2. Internal Swap: The $100 USDC and $100 WETH are “swapped” internally and the remaining $50 of WETH is swapped to USDC via Sushiswap. The contract now has $100 WETH and $150 USDC.
  3. Distribution: The swapped tokens are sent back to investors.

Now rexMarkets are actually perform an exchange function instead of relying entirely on Sushiswap for liquidity. For users, this saves a portion of Sushiswap’s .03% exchange fee. For Ricochet, this reduces the amount of contracts managed by the DAO.

Ricochet Referrals 💬

With introduction of v2 markets, you can now interact with a referral feature to refer others to Ricochet and receive a perpetual percentage of the fees that they pay to Ricochet stream markets. This “affiliate rate” percentage was voted on to be 50% by the Ricochet DAO on March 19th (see Snapshot).

Here’s how it works:

  1. On the referral page, you will be able to set a unique referral ID.
  2. After choosing your ID and registering, an admin will approve you as a valid referrer.
  3. After approval, you can send users to any page on app.ricochet.exchange/ref/(your referral ID) (this stores a 30 day cookie on the user’s device). So if I set my referral ID as “sunny”, my referral page would be app.ricochet.exchange/ref/sunny
  4. If they are not an already existing user (organic) with streams open, they simply open their first stream and that makes them your referral forever!

Note that on the contract level, the referral ID that’s stored in the cookie is passed on using the userData attribute which is propagated inside Superfluid streams. Going to a different referral URL always overwrites that cookie, so if you are referring someone, it’s worth pointing out to them what they need to do once they are on the site, so that referral is applied to you and not some other link the user follows later!

Additional UX Features - Referral Dashboard and Leaderboard

Our plans are to improve the “refer” page to show in real-time who you have successfully referred to Ricochet and the referral revenue being earned. Also, think about a leaderboard feature, showing referral IDs that have garnered the most referrals.

New Landing Page

This is a huge step up from our previous landing page in terms of design and branding. It allows newcomers to real-time investing to discover what exactly Ricochet Exchange is with significantly more ease.

See it for yourself: https://ricochet.exchange

Super Token Swapper

Swapping one super token into another (say DAIx into ETHx) at once is an annoying 3 step process:

  1. Downgrade DAIx to DAI
  2. Swap DAI to ETH
  3. Upgrade ETHx

With Ricochet’s Super Token Swapper, it becomes 🔥 one step 🔥:

  1. Swap DAIx to ETHx.

While it won’t be released up front with the v2 dApp release, the Super Token Swapper contracts are ready. It will be made available soon on the Ricochet dApp and will save Superfluid users across the board a whole lot of headache.

What’s next?

RIC Liquidity Mining Incentives

With the new markets ready to go, Ricochet will kick off volume by rewarding users with $RIC tokens in proportion to the size of their investment streams. This will subsidize the 2% fee Ricochet takes on swaps, likely many times over. The rewards will by provided at a rate of 10,000 $RIC each month per rexMarket as put forth in the v2 Liquidity Mining Allocation proposal.

More Listings

Ricochet will be assessing new tokens for listing. There has already been interest in an assortment of DeFi tokens as well as Index Coops index token line up. A listing process is delineated here.

Additional UI Features

The rexForce will continue to add features and refine the dApp. One of these initiatives is an interactive stream manager, which would create an unprecedented and super intuitive DeFi UX.

Real-Time DeFi

Ricochet is locked in on producing powerful real-time investing tools, but real-time lending is a promising avenue for development as well. Currently, development of a rexBank that supports real-time interest payments is underway and many other possibilities such as stream payment financing, real-time amortization, and more are on the table.

Incubation

Ricochet Exchange seeks to provide up and coming real-time DeFi projects all-around support from which they can rise to mainnet deployment. Two projects that are currently seeking incubation in this program are Supercard and dHedge.

Conclusion

Ricochet Exchange to the moon 🚀

Join our community as we continue our quest in giving rise to real-time investing and grow the power of money streaming.

A monkey enjoying Ricochet’s beautiful user interface

Join the Ricochet community:
We’re a lot of fun.

--

--