Development Update: March 2, 2021: Core Lending Functionality Deployed to Ropsten Testnet
Starting today, unFederalReserve will provide bi-monthly development updates until Mainnet launches. We are pleased to report on the progress we have made over the past several weeks, and we know that we could not have met our milestones without the constant support and feedback we received from our community. Your exercising the utility of the eRSDL token via encouraging messages, survey taking, thought leadership contributions and enthusiasm for this project have kept us motivated and focused, and helped us get to this point.
~ Ryan Medlin & Howard Krieger
Website Updates Have Been Incorporated
Based on community and influencer feedback, we have compiled a detailed list of additional milestones and items to finish by the end of March. Some of the changes have been made and are now live (e.g., the team image quality and alignment issues noted by our community).
Reserve Lending® — Operational DeFi Platform is in Testing
Reserve Lending® is currently in the testing stages as we prepare it for release. We are on schedule to complete the first phase of our roadmap, and expect to have a fully operational DeFi platform by March 30, 2021.
Ropsten Testnet — Core Lending Functionality is Deployed
Community members can now supply any token they would like from our initial token list, and can also earn a return or borrow a token from the list. Development is using temporary solutions for the price feeds until the upcoming Chainlink® integration is completed (see examples below).
In addition, we are putting final touches on our Reserve Lending® function in the Ropsten Testnet, so we can invite users to assist us with Alpha testing and usability feedback.
If you are interested in being an Alpha tester in the Ropsten Testnet, please let us know at email@example.com
Operational Security and Audits Have Started
Detailed operational security plans for Mainnet deployment have begun. We are also in discussions with unFederalReserve’s security and audit partner, and we’re working to solidify operational plans, including audits of our Reserve Lending® platform smart contracts and the upcoming $eRSDL token max.
- Distribution of the $eRSDL token will be capped at 475 million by June 2021
- At this pace, we expect to meet security and audit requirements for an on-time product launch
- The fork of Compound used as the baseline for Reserve Lending® has many forms of audits already, and has been on Mainnet for more than a year
$eRSDL, Pricing Oracles, and Chainlink®
We would like to thank our community for the introduction to Chainlink®.
After a collaboration session with their team, unFederalReserve identified a secure pricing oracle for its initial set of tokens; Chainlink® is the best option for secure, available, pricing feeds for our Reserve Lending® calculations.
For that reason, we may not be able to provide lending for the $eRSDL token until we establish a Chainlink® price oracle setup. We are choosing a Tier 1 exchange for our next exchange listing. That way, the price feed cannot be manipulated. We expect to be able to add $eRSDL to our lending platform by late April/early May.
Features to Complete Before Official Release of Reserve Lending® Platform
- Integration of Chainlink® pricing oracles
- Integration of $eRSDL rewards for user liquidity onboarding
- Determination of additional, if any, APY of $eRSDL rewards, per a detailed analysis and report (users can expect this report in an upcoming development update)
- Rewards provisions from the current company Developer Account (which has a large reserve designed to incentivize the community this year, and beyond)
- No minting of new tokens will occur
- Changes needed, if any, from Security Audit Company
We are on schedule for an end-of-Q1 Alpha release, which is four weeks away! We’re excited to be here with you all and head into the next phase together.