The story of Reserve
If you only have time for one video, or need something quick to share with a friend, then this video (broadcast during the launch event) encapsulates the story of what Reserve is doing.
Duration: 35:19
Notes on Reserve
Intro
Start with an introduction from Nevin Freeman, co-founder of the Reserve Project and Thomas Mattimore, Head of the Reserve Protocol, explaining how you can watch these videos to make the most of it.
01:23What is Reserve
Nevin Freeman talks about the Reserve Project, explaining the missions of the Protocol and RPay side and how both sides are connected.
01:45Back-story
Know the story behind the Reserve Project, from the values and attitude of the early team, rooted in the Effective Altruism movement, with ambition to address global challenges, to the launch of RPay and Reserve Protocol.
19:05Risks of decentralized governance & how Reserve mitigates them
How does Reserve combat these challenges? Introducing 'Governor Alexios'. It ensures a thorough and transparent protocol change procedure, from proposal creation to final execution, with time windows set for threat detection.
06:45Depeg risk
We illustrate the mechanisms RTokens employ to maintain their peg, safeguard against bankruptcy, and defend users from underlying asset depeg events. The core mechanism? Arbitrage.
01:53Preventing bankruns
How do RTokens mitigate this? The answer is straightforward: through unwavering transparency. With RTokens, users can independently verify fund existence, offering peace in turbulent times.
01:21Smart contact security best practices from Reserve
We highlight our commitment with 93% code coverage, utilization of advanced security tools like fuzzing and static analysis, and our ongoing collaboration with the Ethereum security community.
04:57Deep dive into Reserve Protocol
Discover the intricacies of the Reserve Protocol. Dive into how RTokens work, from collateral baskets to minting and redemption, without getting lost in code details. Whether you're a newbie or seasoned, there's something for everyone.
29:15RSR use and speculation
You'll discover the dual role of RSR in governance and over-collateralization, and learn about the opportunities for income through staking RSR tokens. Nevin breaks down the value drivers of RSR, exploring market forces, the process of deploying R tokens, and the potential revenue for RSR stakeholders. Plus, get an honest perspective on the challenges of RSR speculation, the relationship between market dynamics, and the core team's approach to market hype and regulatory compliance.
10:27Tokenization
Confusion Capital CEO Nevin Freeman explores the concept of tokenization — specifically, the process through which offchain assets become tokenized and how we decide what assets should be tokenized.
03:28The long-term goals
Confusion Capital CEO Nevin Freeman highlights the two primary long-term challenges that must be addressed for asset-backed currencies to thrive.
03:22Expectations
Confusion Capital CEO Nevin Freeman explores how RTokens’ asset baskets might evolve over time from primarily U.S. Dollar-denominated to more diversified tokenized assets.
01:25Reserve Talks
Founder’s introduction
The start of our Protocol Launch Day. Nevin Freeman talks through the reason of our existence - including why inflation seems to be an ever-present problem, and the tools we think we can use to fight it and help people keep their purchasing powers over decades. Welcome to asset-backed currency.
50:40Asset-backed currency
An outside look at how a future RToken could look, by serial entrepreneur Tom Currier. There are many directions an asset-backed currency could go, and here is a bright take on a unique pathway.
13:31Reserve Protocol
Know the story behind the Reserve Project, from the values and attitude of the early team, rooted in the Effective Altruism movement, with ambition to address global challenges, to the launch of RPay and Reserve Protocol.
55:53Protocol Launch
How does Reserve combat these challenges? Introducing 'Governor Alexios'. It ensures a thorough and transparent protocol change procedure, from proposal creation to final execution, with time windows set for threat detection.
17:46eUSD RToken
We illustrate the mechanisms RTokens employ to maintain their peg, safeguard against bankruptcy, and defend users from underlying asset depeg events. The core mechanism? Arbitrage.
48:37RPay
How do RTokens mitigate this? The answer is straightforward: through unwavering transparency. With RTokens, users can independently verify fund existence, offering peace in turbulent times.
22:36Register.app
We highlight our commitment with 93% code coverage, utilization of advanced security tools like fuzzing and static analysis, and our ongoing collaboration with the Ethereum security community.
25:00Reserve’s future
Discover the intricacies of the Reserve Protocol. Dive into how RTokens work, from collateral baskets to minting and redemption, without getting lost in code details. Whether you're a newbie or seasoned, there's something for everyone.
59:22RToken Deployment
Basics
How to Deploy an RToken in about 5 minutes
This video demonstrates how to deploy an RToken on the Reserve Protocol using register.app. The process involves defining the RToken name, ticker, primary and emergency collateral baskets, revenue distribution, and governance parameters, followed by deploying the RToken and governance smart contracts.
06:46How to get your RToken listed on Register.app
In this video, you will learn how to add your custom RToken to the LC Labs/Rtokens GitHub repository. The video explains the step-by-step process, starting with forking the repo, uploading your token logo, and updating the json file with your token's details.
03:16RToken Deployment Walkthrough
1/7 - What are RTokens?
This video provides an overview of RTokens, which are fully on chain 1:1 asset backed currencies. It explains how to mint and redeem RTokens using the Reserve Protocol smart contracts and introduces the concept of over-collateralization with staked RSR tokens to ensure stability.
02:53
2/7 Selecting your RToken´s
primary basket
The video explains the permissionless deployment of an RToken using the Reserve Protocol. The deployment process involves completing a form in the deployment wizard, specifying the RToken name, ticker, mandate, and primary collateral basket, which can be volatile, stable, or yield-bearing assets.
07:34
3/7 - Selecting your RToken's
emergency basket
The video explains the concept of the emergency collateral for RTokens in the Reserve Protocol. The emergency collateral is a separate basket of tokens used only in case of a default in the primary collateral.
09:27
4/7 - Revenue Distributions for
RTokens
The video discusses revenue distribution and auctions in the Reserve Protocol. It explains that revenue from yield-bearing collateral tokens is shared with RToken holders, RSR stakers, or arbitrary Ethereum addresses.
17:10
5/7 - Advanced Parameters for
RTokens
This video walks deployers through the different configurable RToken parameters, such as revenue auction length and redemption throttles.
25:266/7 - Governance for RTokens
The video explains the flexible governance options for Reserve Protocol. Users can deploy with a custom governance contract or use the default Governor Alexios system, allowing token holders to create and vote on proposals.
06:58
7/7 - Minting an RToken & Early
Liquidity
The video provides a step-by-step guide on minting an existing R token using register.app's UI.
03:53Next Steps
Nevin & Taylor on RToken
Governance
The video discusses Reserve Protocol's timelock controller and a governance contract to manage the RToken.
01:04:34
How to mint an RToken on
Register.app
In this video you will find a guide on how to mint an RToken on the Reserve Protocol. Luis Camargo, the main developer of Register.app will tell you all the ways you can issue an RToken.
04:37
How to redeem an RToken on
Register.app
This video is a step-by-step guide on redeeming an RToken in 2 minutes.
02:03Anyone can create an RToken
In a similar way as how anyone can create a new trading pair on Uniswap, anyone can permissionlessly create a new Reserve stablecoin (RToken) by interacting with Reserve Protocol’s smart contracts. The protocol applies a system of factory smart contracts that allows anyone to deploy their own smart contract instance.
Creating an RToken can be done either by interacting directly with the Reserve Protocol’s smart contracts or any user interface that gets built on top of it. The first user interface for these smart contracts will be released by ABC Labs the company that's leading protocol development. Besides the creation of RTokens, this user interface will also support exploring usage and stats related to RTokens, RToken minting & redeeming, and RSR staking.
Non-compatible ERC20 assets
The following types of ERC20s are not supported to be used directly in an RToken system. These tokens should be be wrapped into a compatible ERC20 token to be used within the protocol. A concrete example is the use of Static ATokens for Aave V2.
- Rebasing Tokens that return yields by increasing the balances of users
- Tokens that take a "fee" on transfer
- Tokens that do not expose the decimals() in their interface. Decimals should always be between 1 and 18.
- ERC777 tokens which could allow reentrancy attacks
- Tokens with multiple entry points (multiple addresses)
- Tokens with multiple entry points (multiple addresses)
- Tokens that do not adhere to the ERC20 standard in general
Advanced RToken parameters
When deploying an RToken, the deployer has the ability to configure many different advanced parameters. The following list goes into detail about what these parameters do and some of the factors the deployer should keep in mind to set them.
As many of these parameters concern the Protocol Operations, we advise reading through that section of the documentation first—as it will give the deployer the necessary context to fully understand all parameters.
Trading delay(s)
The trading delay defines how many seconds should pass after the basket has been changed before a trade can be opened.
A collateral asset can instantly default if one of the invariants of the underlying DeFi protocol breaks. If that would happen, and we would not apply a trading delay, the protocol would react instantly by opening an auction. This would give only auctionLength seconds for people to bid on the auction, making it very possible for the protocol to lose value due to slippage.
The trading delay parameter may only be needed in the early days - before we get to a point where there is a robust market of MEV searchers. We expect that this parameter can be set to zero later on (once a robust market of MEV searchers is established).
