May 18, 2021
~450 Million MaxCap and LP Rewards Staking APY Adjustment
For eRSDL Uniswap LP Staking participants
How we are meeting the moment:
- Our leadership and commitment to transparent/timely communication
- Reducing dilution of the eRSDL Token due to LP rewards and providing the ability for DeFi listing sites to properly list our project’s information for others to review.
Ryan and I want to thank you for your contributions to this announcement. In the truest form of its utility, the results of your voting initially raised the notion of a maximum token amount, the original target max cap and this newly revised, and lower, maxcap. We are excited to announce the timelock will be placed shortly with the code changes required to establish a MaxCap.
On the domain side, we are making great strides towards realizing goal of Reserve B2B, an institutional grade DeFI program. We are onboarding top notch advisors and advancing dialogue with real world maker/takers, including U.S. banks on ways we will expand access to liquidity, improve safety and increase speed of settlement. We are focused on laying U.S. regulatory compliant rails, and be the only such platform to bring that to market.
This is an exciting time to be onboard with unFederalReserve.
Sincerely,
~ Ryan Medlin & Howard Krieger
eRSDL MaxCap Information
The eRSDL MaxCap will settle in the range of 450 to 455 million total depending on timeliness of execution and internal security audits. LP Uniswap Pool rewards (see below) and the ESTIMATED date of rewards being reduced entirely is June 5th, 2021 (approximate date).
Related Announcements:
https://unfederalreserve.medium.com/reserve-lending-launch-date-and-max-cap-survey-cc81505a4419
https://snapshot.org/#/unfederalreserve.eth/proposal/QmQhEw8VPcJLoufhorFvGh9A3qm8KN4VX632kBRt1rfBaB
1. Execution Plan
Note: In LP adjustment section below, the reduction of token rewards per block is described. As soon as the MaxCap reaches the range stated above, rewards will be reduced to 0 in the same fashion as described below.
LP Rewards staking APY adjustment
2. Current Stats
Current Liquidity: $29,203,412
Current APY: ~400%% as of 5–17–2021 4:32PM EST.
IMPORTANT NOTE: APY is a function of TVL and eRSDL Price that indicate forward-looking statements as well as HIGHLY speculative values that Residual Token, Inc., its agents and affiliates, are NOT responsible for in any way.
https://v2.info.uniswap.org/pair/0x7ba9b94127d434182287de708643932ec036d365
Company Locked Liquidity for Uniswap V2: $754,000 as of 5–17–2021 4:32PM EST.
https://unicrypt.network/amm/uni/token/0x5218E472cFCFE0b64A064F055B43b4cdC9EfD3A6
A liquidity range of 1 million to 2 million will try to be maintained until more Uniswap v3 adoption and a more detailed company plan is in place. Expect this plan in a few weeks.
3. Rewards Adjustment
Rewards will be reduced by 80 percent, down to 20 per block. This gives an ESTIMATED APY of around 100 percent for the next few weeks depending on eRSDL price and TVL in the Uniswap LP pool.
4. Execution Plan
eRSDL is a fork of SUSHI token and its associated MasterChef contracts, including a 48 hour timelock.
See this article for more background information on the options that SUSHI had at the time they reduced its block rewards and set their maxcap of 250 million:
Our token contract:
https://etherscan.io/token/0x5218E472cFCFE0b64A064F055B43b4cdC9EfD3A6#readContract
Our MasterUnChairman (same as MasterChef in SUSHI) contract:
https://etherscan.io/address/0xF8377270af0c864d2b3BAB73BB16c65b05767549#code
Rewards will be reduced to 20 percent of the current total rewards (20 eRSDL per block) on May 20, 2021.
Then, 15 days later, all rewards will be reduced to 0 eRSDL per block. Thus locking the MaxCap within the range stated above.
5. Next steps after these changes are made
- Monitor Uniswap v2 LP pool to ensure good liquidity for an effective trading market. Make any adjustments needed.
- Continue to review Uniswap v3 Liquidity range optimizations to determine how much liquidity is needed for a healthy market there.
- Determine how much is needed to lock liquidity and other incentivization options currently being used after the Uniswap v3 launch
