A Dual Spot Listing for WOO X
The listing team at WOO X continues to work tirelessly to broaden the range of assets available to trade with a double SPOT listing this week (now 109 listings). WOO X welcomes Reserve Protocol $RSR and Reef Chain SREEF to the network, the only place they can be traded for ZERO fees.
Let’s take a little look at what is behind these tokens and what each product is seeking to achieve.
Reserve Protocol, first a few links
Twitter: @reserveprotocol
Discord: https://t.co/tbf4KigGpF
Website: Reserve | Stable Currencies Around the World | Reserve Protocol
Medium: Reserve — Medium
Reserve Protocol’s core mission is to address the issue of hyperinflation in many countries around the world. This is achieved by creating a digital token that is pegged to the value of another asset, this could be USD, any other FIAT currency or even a basket of varied assets.
The team have already delivered a proof-of-concept real world solution in Venezuela. They have created RSV (reserve dollar) pegged to USD (considered highly stable compared to the Venezuelan Bolivar (VED)).
Now, you may ask, how does this differ to just holding USDT or USDC, but it is the integration with the local economy which is key, the team have delivered a local app which makes it easy for Venezuelans to store RSV, get paid and make payments in RSV or convert to VED seamlessly. By only converting at the point of need, it protects against holding VED for any extended time, thus protecting against VED inflation whilst holding a USD pegged coin. Acceptance of RSV in country seems impressively high and it appears to bode well as a solution. The app is currently hosting around 15,000 transactions a day worth about USD1.5m in volume.
The RSR token (and ERC-20 token) has two main purposes for the protocol:
· Insuring Reserve Stablecoins through staking
· Proposing changes to their configuration
It is published by the team that whilst there are a lot of plans for the RSR token, a lot is still in development within the project. This is not necessarily a bad thing as the team appears to be focused on their real-world solutions (RSV being the first example). It is certainly clear that RSR will play a key part in the protocol as things develop.
Current circulating supply or RSR is 42.3bn with a max supply of 100bn
Approx 8bn is reserved for seed investors and 49.4bn is allocated to fund adoption initiatives such as listings and partnerships under the control of the reserve team.
~50% of the supply for this is quite a lot but from a WOO perspective there are similarities with the tokens controlled by WOO DAO. As an RSR holder you have the assurance that there isn’t a huge supply of tokens waiting to land in the hands of investors, these tokens will be used to grow the project. A cool feature is that the wallet these tokens are held in is controlled by a 4-week delay on withdrawals. Each proposed withdrawal (all for growth purposes) will be announced to the community and if you don’t like the sound of the impact of that withdrawal then you can exit during those 4 weeks before there is any increase in circulating supply.
It is an interesting project that certainly appears to have a high moral focus to help countries where hyperinflation is such a challenge in everyday life. To wrap up, here is a quote from the RSR team:
“The eventual goal is to offer an alternative to fiat money. Basically, what cryptocurrency was originally conceived to do, albeit through different means than bitcoin.
The idea is that by aggregating together baskets of tokenized assets, we can create currencies that are stable in purchasing power without being dependent on state-issued currencies. We do not have any specific basket picked out, but we imagine the right baskets will include commodities, debt, and perhaps equities. Regulation may constrain which assets are tokenized and available. The protocol will need to facilitate evolution in the baskets over time, since the right basket today likely is not the right one next year.
If this works as conceived, the outcome will be a decentralized currency with stable purchasing power that cannot easily be debased.”
Reef Chain, and its link time again:
Twitter: @Reef_Chain
Discord: Discord
Website: Reef | Home
Medium: Reef — Medium
Reefchain is a layer 1 EVM supporting blockchain aiming to take a large slice of the DEFI, NFT and Gaming market. The chain boasts fast speeds, scalability and extremely low transaction fees and very low energy consumption using nominated proof of stake consensus (NPoS).
NPoS is the lesser-known cousin of PoS where stakeholders have the right to choose specific validators to participate in the consensus mechanism. For reference, Polkadot uses NPoS. REEF stakers are also able to participate in Reef governance.
Reefchain is a smart contracts blockchain which is backwards compatible with Ethereum EVM (and the Solidity programming language). Reefchain boasts that it is more advanced than Ethereum, with its most notable features being runtime upgradability, on-chain governance, and high throughput. They aspire to be the best of all worlds by integrating the best aspects from the most commonly used blockchains while maintaining full smart contract compatibility.
On Reef chain you can create your own tokens or port existing tokens onto the chain. You can also deploy established ERC-20 assets on Reef and transfer liquidity between Ethereum and Reefchain.
REEF is the native currency of the chain and is used for transaction fees and staking. REEF does not have a maximum circulating supply although the target supply at launch was approximately 20bn tokens. Any REEF tokens used for fees are burned which will offset inflation. The current circulating supply is 20.2bn
At the time of writing the token price and market cap of these two assets is as follows:
RSR Price: USD 0.0079 MC: USD 336m
REEF Price: USD 0.0054 MC: USD 108m
If you would like to know more about either of these assets, I would encourage you to refer to the links above, particularly their Medium pages which should help greatly with further research.
I hope that this has been helpful as a quick overview of the latest WOO X Listings
