This proposal is expected to appear on Snapshot for voting on 2021-08-22T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
BancorDAO Whitelist Proposal for unFederalReserve (eRSDL)
# TL;DR
- Proposal to whitelist eRSDL.
- Proposed co-investment is 100,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the unFederalReserve project.
- The benefit to Bancor is clear.
eRSDL token address: 0x5218E472cFCFE0b64A064F055B43b4cdC9EfD3A6
Project Website: https://www.unfederalreserve.com
Token Security
eRSDL does not have an elastic supply, or rebase mechanism. The eRSDL contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The eRSDL token supply is fixed at 454,278,599., of which 377,027,905 are in current circulation. The contracts and addresses with the highest concentration of eRSDL tokens are the company treasury wallet at < 10% of supply, the uneRSDL token contract for our lending platform, three of the teamâs wallets, and an Uniswap V2 LP pool. The team wallets and vesting contracts are discussed here.
Token Audit:
Other Audits:
https://lending-docs.unfederalreserve.com/docs/security/
Security Posture Blog post (Audits and Operational monitoring):
Bug Bounty:
Source: $0.3038 | UnFederalReserveToken (eRSDL) Token Tracker | Etherscan
Project
unFederalReserve is a Fintech company using blockchain technology designed to help B2B lenders address dynamic liquidity needs. The team is creating a safe-harbor DeFI banking ecosystem targeting small to mid-sized US Treasury chartered banks and non-bank lenders. Bonded participants, full due diligence, community-approved counterparties, fully KYC/AML/BSA compliant and housed within a US 273 bank, IFEB.bank. Our goal is to offer faster settlements, higher deposit rates, and lower borrowing rates.
In traditional financial markets, B2B lenders are penalized for cash that not only arrives late but as well if it arrives early. eRSDLâs solution to this is a low-latency platform that allows B2B lenders to borrow and lend short term between themselves, putting their cash to work on moderate interest rates and benefitting from those moderate interest rates when they borrow.
Our First product is a DeFi lending product similar to that of Compound with 65 million TVL in supply right now which is the 12th highest TVL as compared to DeFiPulse:
Key Advisors:
Martine Niejadlik Ex-COO Coinbase
Ralph Fatigate: Advisor who designed compliance at Coinbase / Venmo
Nicholas DâAngelo: Former SVP & Chief of Staff of Wells Fargo
Tokenomics
eRSDL itself is a utility token that represents the licensing fee and licensure to use unFedâs banking products. The idea is that a portion of the borrowing costs will be passed through to unFederalReserve, where we purchase eRSDL from the market on the borrowerâs behalf. That amount gets held as the licensing fee. Mechanics on the fee amount, time, what to do with the token, etc. to follow via community discourse, research and voting. For non-B2B-participants, it will also provide governance rights to token holders who will vote to determine the design, development, and future of this project. eRSDL is not a security nor is it registered with the SEC. As such, none of the material presented here is an offer to purchase or sell securities. Info in this channel also contains forward-looking statements. The team is focused on maximizing the utility of the token and there can be no guarantee of any return on the purchase of the eRSDL tokens.
Community and Communication
unFederalReserve is active on Telegram, Discord, Reddit, and Medium. The unFederalReserve team also operates official Twitter, LinkedIn, and YouTube accounts. Activity on GitHub is frequent, with new updates appearing every 2â3 days. The development team and advisors are presented on the team tab on the unFederalReserve website. Howard Krieger, the co-founder and CEO , is the projectâs main spokesperson with 20 years in the financial industry. unFederalReserve can be contacted via the appropriate channels:
- Mailing, 228 Park Ave S PMB 96932, New York, NY 10003
- Security email, [email protected]
- Technical support email, [email protected] and Github Board: GitHub - UnFederalReserve/community: Location to place issues
- Press email, [email protected]
Available Audits
eRSDL and ReserveLending DeFi Lending Platform has been audited at least 2 times since 2020, by reputable auditors:
Market and Trading Data
Benefits for Bancor:
Single sided LP staking would be very attractive to our eRSDL holders driving more token utility. They can extract additional value from eRSDL by still holding their tokens and earn fees outside of the APY in reserve lending that is very low right now. We feel this value add will bring a large % of our 13k holders to try out Bancor for this feature alone.
The Impermanent loss protection also protects users and will also promote holding their tokens for a longer period of time to get the insurance. This feature as well will attract our community to the Bancor platform growing the Bancor user base accordingly. We have many Twitter influencers as well who would also share this exciting news extending the reach beyond just the eRSDL holders.
Example of how strong our social trends can be that can be put to use for the Bancor announcement:
We have a very good medium blog here and will post a Bancor article on its benefits upon launch to our 13k holders and 15k twitter followers further explaining the benefits of the platform.
Blog: https://unfederalreserve.medium.com/
Voter Incentives
3 lucky randomly selected voters will get a special Swag gift from our online Merch Store!
