Reserve 🌐

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@reserveprotocol

Reserve is pioneering onchain funds (called DTFs or Decentralized Token Funds), in pursuit of asset-backed currency. Powered by $RSR

Onchain linktr.ee/reserveprotocol Joined May 2018

933 Following 137K Followers 7.6K Posts

Latest posts 5

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Reserve 🌐 @reserveprotocol Sep 18

Every $RSR unlock now comes with a burn 🔥

This plan comes directly from the community: @AmatorPatriae proposed tying unlocking to burning, which became the design of the final Burn Gauge: no schedule, no calendar... nothing released unless the protocol has burned RSR first. If the protocol burns nothing, nothing unlocks.

RSR holders choose the ratio, with five positions on the gauge:

→ High burn: for every 1 RSR the protocol burns, 4 more are burned from the treasury. No unlocking.

→ Low burn: for every 1 RSR the protocol burns, 2 more are burned from the treasury. No unlocking.

→ Sustain: for every 2 RSR the protocol burns, 1 is unlocked from the treasury.

→ Low growth: for every 1 RSR the protocol burns, 2 are unlocked from the treasury.

→ High growth: for every 1 RSR the protocol burns, 4 are unlocked from the treasury.

At the two burn settings the treasury shrinks and nothing is released. At the three growth settings, Confusion Capital can release more than the burn-driven amount, but treasury RSR is burned in exchange at that position’s ratio.

An unofficial burn gauge simulator is available here: claude.ai/artifact/5UAT2…

@nnevvinn, Confusion Capital, ABC Labs, Best Friend Finance and every company Confusion Capital incubates sit these votes out; they won’t vote with the RSR they hold. The gauge is set by the RSR holder base.

The community will vote on it every quarter by ranked choice, following the quarterly update call and report, so you can see where the business stands before choosing a setting.

The first gauge vote is open now and runs seven days ↓
snapshot.box/#/s:reservepro…

Reserve 🌐 @reserveprotocol 2d

One hour ago, FinCEN announced an order “effectively cutting off MEXC Global’s access to the U.S. financial system for facilitating at least $16 billion in illicit transactions, including activity connected to Iran sanctions evasion.”

In response to this order, Reserve and its market making partners are pausing liquidity provision for $LCAP and $CMC20 on MEXC and will withdraw liquidity provision funds shortly.

Liquidity for these tokens on other venues including onchain and on app.reserve.org remains unaffected.

app.reserve.org Reserve Protocol - Decentralized Token Funds (DTFs) & Asset-Backed Currencies Reserve is the leading platform for permissionless DTFs and asset-backed currencies. Create, manage & trade tokenized indexes with 24/7 transparency.

Treasury Department @USTreasury 2d

Today, as part of Operation Economic Outcast, Treasury’s Office of Foreign Assets Control designated eight money services businesses based in Canada that enable the Iranian regime.

Additionally, @FinCENnews issued an order effectively cutting off MEXC Global’s access to the U.S. financial system for facilitating at least $16 billion in illicit transactions, including activity connected to Iran sanctions evasion.
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Reserve 🌐 @reserveprotocol 6d

Update for RSR holders on Binance's recovery from the Oct 29 hack:

Quick recap: along with many other coins and tokens, an attacker took ~3.38B RSR from a Binance hot wallet on Oct 29 and sold it onchain that night. The RSR token and Reserve's contracts were not affected, and RSR held outside Binance was never at risk.

What Binance announced today:
• It has replaced about 95% of the stolen assets, by value, with its own funds.
• Balances in 10 tokens (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC) are now proven to be backed at least 1:1. Users holding those tokens can check this themselves with Binance's proof-of-reserves tool.
• The remaining ~5% are less-liquid tokens outside those ten, which take longer to buy at the size needed. Binance says it's continuing to acquire them.

What this means for RSR:
• RSR is not one of the ten verified tokens, so RSR balances on Binance can't be independently verified yet. RSR is part of the remaining 5% Binance says it is still acquiring.
• Binance plans a new proof-of-reserves snapshot covering more tokens on Nov 4. The proof takes about 40–50 hours to generate, so results should follow around Nov 6.
• Binance is reopening withdrawals in phases, with the next phase starting tomorrow. It hasn't said yet when RSR withdrawals will resume.

If you hold RSR on Binance, follow Binance's official announcements and only use the official Binance website. If you hold RSR in your own wallet, nothing has changed and there's nothing you need to do.

Binance @binance 6d

x.com/i/article/2117…
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Reserve 🌐 @reserveprotocol Oct 31

🎃 Happy Halloween to those who celebrate, and
🔥 Happy Burn Day for October!

51M RSR were burned this month.

The Burn Gauge is at High Burn: for every 1 RSR the protocol burns, 4 more are burned from the locked treasury.

Protocol burn: 10,347,063 RSR
etherscan.io/tx/0xbb05cf5b6…

Treasury burn: 41,388,253 RSR (executes Nov 27)
etherscan.io/tx/0x27443dd6f…

Reserve 🌐 @reserveprotocol Sep 18

Every $RSR unlock now comes with a burn 🔥

This plan comes directly from the community: @AmatorPatriae proposed tying unlocking to burning, which became the design of the final Burn Gauge: no schedule, no calendar... nothing released unless the protocol has burned RSR first. If the protocol burns nothing, nothing unlocks.

RSR holders choose the ratio, with five positions on the gauge:

→ High burn: for every 1 RSR the protocol burns, 4 more are burned from the treasury. No unlocking.

→ Low burn: for every 1 RSR the protocol burns, 2 more are burned from the treasury. No unlocking.

→ Sustain: for every 2 RSR the protocol burns, 1 is unlocked from the treasury.

→ Low growth: for every 1 RSR the protocol burns, 2 are unlocked from the treasury.

→ High growth: for every 1 RSR the protocol burns, 4 are unlocked from the treasury.

At the two burn settings the treasury shrinks and nothing is released. At the three growth settings, Confusion Capital can release more than the burn-driven amount, but treasury RSR is burned in exchange at that position’s ratio.

An unofficial burn gauge simulator is available here: claude.ai/artifact/5UAT2…

@nnevvinn, Confusion Capital, ABC Labs, Best Friend Finance and every company Confusion Capital incubates sit these votes out; they won’t vote with the RSR they hold. The gauge is set by the RSR holder base.

The community will vote on it every quarter by ranked choice, following the quarterly update call and report, so you can see where the business stands before choosing a setting.

The first gauge vote is open now and runs seven days ↓
snapshot.box/#/s:reservepro…

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Reserve 🌐 @reserveprotocol Oct 30

Update on the Binance exploit and RSR:

Binance confirmed the attacker drained one of its hot wallets and that it will cover all losses with company funds, including the stolen RSR. We've been in direct contact with Binance's team since our last update, and they've moved quickly and responsibly, confirming that they will be re-purchasing the missing 3.38B RSR promptly.

New from Binance co-CEO @_RichardTeng's video update:

• Binance has set aside over $6.34B of company funds to cover the stolen assets. About $5B of that is already held in the exact tokens affected (he named USDC, USDT, BTC, ETH and BNB).
• It's buying the remaining assets through market and OTC channels. Because the Reserve treasury does not have an appetite to reduce its RSR position, in the case of RSR we believe Binance will acquire on the open market through a professional market maker.
• Binance withdrawals are paused while the team rebuilds and retests its withdrawal system. It hopes to reopen them before Sunday. Until then, RSR on Binance can't be withdrawn.
• A full proof-of-reserves report has been promised by Monday. That's where you'll be able to check that RSR balances are fully backed. We infer from this that the RSR re-purchase will be completed by Monday.
• Binance is working with law enforcement, blockchain analytics firms, token issuers and other exchanges to trace and recover the stolen funds.

On Reserve's side, nothing has changed since our last update. We'll keep monitoring and share more as Binance does.

Richard Teng Verified account @_RichardTeng Oct 30

An update on the security incident.

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