With some similar aims across our projects, getting to see our communities mix, cross-pollinate ideas and chill was π₯
6/12
Stay warm Denver! In the first few days of #EthDenver2023, we handed out hundreds of beaniesπ₯
All around the city, you saw them - on the streets, on Uber drivers, at the conference...
(Almost) all were given to people who shared the values and appreciated the mission.
7/12
Thursday, the team hit #EthDenver2023 fully, not least to see @0xJMG speaking with @jackchong_jc on how and why asset backed currency is taking shape as one of the strengths crypto can offer the world.
built massive pathways in Latin America,
designed the protocol,
evolved it into a platform,
set it free after the fifth audit,
and seen the first RToken launched.
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.