Proposal : Create pool for the new Reserve Rights (RSR) token contract with 750,000 BNT trading liquidity limit
For this proposal to pass, it requires 35% quorum and 66.7% supermajority.
This proposal is expected to appear on Snapshot for voting on 2022-01-30T00:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
- The RSR Team migrated their token contract on the 14th January. A new pool for the new RSR token contract should be created and whitelisted so the liquidity can migrate.
- Currently the RSR pool has a trading liquidity limit of 750,000. The suggested trading liquidity limit for the new RSR pool is 750,000.
Project Website: https://reserve.org/
Reserve is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform. The projects is backed by investors such as Peter Thiel (PayPal), Sam Altman (YCombinator), Coinbase & Digital Currency Group.
The Reserve ecosystem will initially consist of two stablecoins, one purely backed by a basket of USD fiatcoins (USDC, TUSD & USDP), and the second backed by DeFi-yield bearing tokens (e.g. cUSDC, aDAI, cBUSD). Both of these will be used by the Reserve app customer base in Latin-America as a means of escaping the hyperinflating local currencies of countries such as Venezuela & Argentina. The Reserve app currently already has 450,000+ customers who pay for their daily expenses (groceries, bills, food delivery, …) at 10,000+ merchants or service providers with our Reserve stablecoins.
Ultimately, Reserve aims to create a non-sovereign stablecoin that will be backed by 50+ assets across asset classes & jurisdictions. With the right configuration of assets, this currency could become non-inflatable and more robust than any existing fiat currency. Citizens of countries that experience higher-than-normal inflation rates can then fall back on this global decentralized reserve currency.
Reserve Rights (RSR) is the secondary, and volatile, token of the Reserve Protocol. It serves as (a) a backstop in case any of the collateral of Reserve stablecoins defaults and (b) the governance token of Reserve stablecoins.
Reserve Rights owner can stake their tokens on Reserve stablecoins, thereby earning a portion of the revenue that stablecoin earns.
The new RSR token does not have an elastic supply, or rebase mechanism. The new contracts are standard ERC-20 OpenZeppelin contracts. The contracts don’t have any permissions that grant administrators unrestricted mint/burn capabilities.
Create new RSR pool with 750,000 BNT trading liquidity limit.