1/11 The Reserve app has been out about a year now, mostly invite-only.
It has been a tremendous journey so far and we're really glad you were here with us. π
Now it's time for us to share some stats! π
2/11 Let's start by taking a look at the growth in customers.
Our customer base often grew faster than our systems at that time could handle, causing us to have to implement the invite-only system.
Despite that, we're proud of the adoption numbers that we've achieved so far β¬οΈ
3/11 We also want to keep track of how many of those customers are most active, as those are the ones that benefit the most from our app.
Here's how we define an Active Customer (AC) and how many of those we currently have β¬οΈ
4/11 Here's a closer look into the average behaviour of those Active Customersβ¬οΈ
5/11 Reserve customers are not traders, itβs mostly normal people that use the app to save their hard-earned money from depreciating, pay their groceries or use it to send money to friends. β¬οΈ
6/11 Interesting to note is that, out of all the volume that gets transacted in the Reserve app, 25% is done by retail customers & 75% is institutional.
However, only 0,001% of the total transactions made are done by institutions π§
7/11 To put that in numbers, in the last few months about $19 million per month was transacted by retail customers versus $43 million per month by businesses. π
8/11 Now let us take a look at merchants.
The more merchants choose to accept Reserve, the more useful the Reserve app becomes. Thus, this is a crucial area for us to focus on.
We're very pleased to announce that we've experienced significant growth in this areaπ
9/11 In total, the Reserve app has processed 2,2 million transactions since launch and about $311 million in volume - numbers that we are very proud of!
10/11 While we're very pleased with the growth that we've achieved so far, we're only at the beginning of what we ultimately want to achieve - and there is still a lot of work to be done πͺ
11/11 A big THANK YOU to the community that is helping us change the reality for people living in inflationary economies. π
We hope you join us on this journey πͺ
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@LidoFinance's increasing market share is on everyone's mind right now. While impressive, it arguably presents a threat to the overall health of the network.
Let's talk about ETH+ and how it could be used to mitigate these Ethereum staking centralization concerns.
2/
As a reminder, ETH+ is an RToken deployed using the Reserve protocol.
Its mandate includes maintaining an "Ethereum aligned Liquid Staking basket, making a positive impact to Ethereum's staking distribution and bringing value to ETH+ holders."
1) This morning, $eUSD collateral was rebalanced. The $cUSDC and $saUSDC were auctioned off to be replaced with the emergency backup: $USDT. π
2) Because $USDC was trading at a discount (~$0.955), that leaves $eUSD about 98% backed with collateral in the basket.
The next step is for the protocol to sell staked RSR in order to cover that difference and bring the backing back to 100%.
3) Under normal operations, that would happen pretty much right away. However, the protocol detected a tiny discrepancy - about 1 millionth of a token less was sent back from the auction contract than it expected.
Tomorrow, we call on all of you to participate in the first auction of defaulted collateral that backs $eUSD, an asset-backed currency deployed on our protocol!
Auctions available to begin at 3:37am PST β°
2) When $eUSD was launched two weeks ago, I doubt many people in the world were expecting $USDC to depeg from $1, but it has, and here were are.
$eUSD is backed with 25% $cUSDC and 25% $saUSDC which have remained below their default thresholds of $0.9875 for 24hrs.
3) The cUSDC + saUSDC portions of the basket officially changed to `DEFAULTED` at 9:37pm PST this evening
On 02/24, the Electronic Dollar (eUSD), a decentralized 1:1 asset-backed stablecoin built with @reserveprotocol, officially launched on the Ethereum & MobileCoin blockchains.
eUSD is NOT your average stablecoin. It is decentralized, community-governed, and censorship-resistant.
The collateral composition of eUSD consists of a diversified basket of yield-bearing, trusted stablecoin derivatives using Compound and Aave (cUSDC, cUSDT, aUSDC, aUSDT).
Not only does this basket provide a censorship resistant, stable backing - it also generates yield π
100% of the yield that eUSD generates is directed to RSR stakers who participate in governance and provide overcollateralization.
Fun fact: eUSD is currently 189% overcollateralized, 89% of which is coming from RSR stakers earning ~3% APY.