Following much anticipation, this week’s Town Hall featured Ryan Medlin, CTO of unFederalReserve. Ryan has been working tirelessly behind the scenes on all of the technical API’s, Dev and blockchain work. Having Ryan at the helm this week was a privilege, as he provided a unique look into the DEV updates for unFederalReserve, and laid out the tech strategy for the project moving forward.
In this recap, we will be breaking down some of the exciting technical updates for unFederalReserve, and what each of these updates may mean for the project.
Let’s dive in:
The town hall began by highlighting the new demo of the ReserveFunding product. As usual, Ryan showed off the team’s beautiful UX design and flow. The Demo also gave us a sneak peek into the various upcoming vaults while highlighting their user-friendliness. The Plaid integration showed how simple it will be for users, with a couple clicks of the mouse, to link a bank account that will be able to fully participate in the alternative fund strategies of ReserveFunding, taking advantage of all that it has to offer.
As discussed in previous town halls and AMAs, the various vaults will make use of fallow cash by placing it into fields such as Mezzanine Debt, Term Loans, and Higher Yielding Debt.
Plaid makes the process of connecting to a bank simple. This was the first in-practice demonstration of what the unFederalReserve team has been preaching about: the power of an easy on-ramp to be a key aspect of bridging the gap between central finance and DeFi.
BUG BOUNTY PROGRAM
Ryan discussed the implementation of a Bug Bounty Program, and the incentives that unFederalReserve plans on providing for the promotion of this program. Ryan mentioned that a significant award will be provided to those who submitted statements with facts to the team. He mentioned that anyone would be able to provide this information and be rewarded up to $150,000. This amount is significant enough that it will attract white hat hackers to work with us to further secure the project.
Bug Issue Types:
- Economic Security
- General Security
- Pen Testing
- Basic Bugs (causing concern)
MATIC TOKEN RELEASE
As we know, the community voted on adding $MATIC (Polygon) to our ReserveLending platform. Ryan anticipates $MATIC to be up and running on the platform within the next week. Ryan explained that it would begin in a zero-collateralization factor as the team tests the token through the platform. The collateral percentage will then increase conservatively over time, depending on the nature of the coin.
Ryan revealed plans for a website refresh in the next 30 days that will be product-driven, in order to more effectively introduce our products to users visiting the unFederalReserve website. There will be visual metrics added to the site which will reflect the current state of the business. Ryan predicts that “various folks will like it, investors will like it, (and) people coming to the product will have a better idea of what we offer and our value propositions.”
Ryan further predicted that “The next 30–60 days are going to be completely amazing with developer updates.” We’re excited to see further improvements by Ryan and the DEV team during this time.
RESERVE FUNDING EARLY ACCESS
Early access of ReserveFunding will also be rolled out in the next 30–60 days. This will be a key feature on the website, and the product features will be fully explained. Once it is up and running, Ryan mentioned that users will be able to sign up early for ReserveFunding by entering their information and becoming KYC compliant. Ryan also said that this early access will be limited.
Once the early access period has ended, the team will be releasing the full platform to a larger audience. Expected integrations include Plaid, Fireblocks and Circle.
Ryan revealed, “We have a third party to do fund documentation and accreditation.”
The team continues to focus on being safe while getting a stable and competitive APY%.
NORTH AMERICAN AMBASSADOR FOR DOT — Hired
Ryan is excited to have Chris join the team and Chris has been key in opening talks with various exchanges and getting us listed on tier one exchanges. Ryan mentioned that Chris may help unFederalReserve get listed as an exchange on DefiLlama, DefiPulse and CoinGecko.
Getting properly listed on these sites will help unFed by greatly increasing awareness of the project, which will ultimately lead to more holders.
Our proposal was voted on and approved unanimously by the community. Adding Bancor will bring further value to our holders by allowing for Single Sided Staking options and impermanent loss insurance for those using liquidity pools. We strongly encourage users to look into Bancor to get a better understanding of the benefits of the platform.
Due to illiquidity, we will be remarketing the ReserveLending platform to better incentivize more users to take part in the product’s features. Ryan mentioned that we would have a driven marketing campaign to the platform and add distribution rewards. Ryan also clarified that this time, the rewards would be conservative but simultaneously long enough to incentivize long-term use. This campaign will be set into motion around the same time as the website update.
The two main changes:
- Long term conservative distribution rewards will be issued.
- Collateral rates will be lowered over the next 2–3 weeks.