FOR IMMEDIATE RELEASE — ReserveLending Product Closure
Residual Token Inc.’s foremost obligation is to the safety of its ReserveLending users. To that end, repairing the ReserveLending codebase would defer, not cure, the issues associated with an obsolete codebase. The Compound fork used (i.e. version 1) requires extensive updates as the third-party software it leverages has migrated on without backwards compatibility in a number of cases.
Thankfully, the program served its purpose as a testbed for P2P smart contract logic, incentives-based lending, whitelisting and binding legal agreements to contracts to create the most robust crypto P2P lending and borrowing program domestically. At its peak there was over $700 million TVL, and over 32,000 transactions occurring without incident for its 10,000+ users.
Residual Token, Inc. will continue with a mission focused on advisory and consulting permissionless blockchain companies on borrowing and lending software, regulatory issues and overall operations.
The company will look for opportunities to leverage the knowledge gained from the codebase to work with other protocols on their P2P, cross-chain and omni-chain savings, borrowing and lending solutions. We have already started three such conversations with extant multi-chain DEX providers where we would be building P2P code from scratch anyway.
All the IP, including the codebase, will remain readily accessible to the team along with reams of documentation supporting the program.
The user interface (UI) for ReserveLending is disabled but suppliers and borrowers can interact directly with the smart contract if they need to payback a loan or remove supply. Directions on how to do this are located here: Step-by-Step Guide to Manually Using ReserveLending Contracts
The Company cannot help with the manual process, and following that process is at the user’s own risk. Please leverage the Telegram and Discord communities, Reddit, ChatGPT or other forums if you have trouble following the steps. If there are questions that arise universally, such as a contract address or some other setting, we will provide that information to the user base on a best effort’s basis.
CHANGE IN LEADERSHIP
Duke Togo is stepping down as CEO to focus full-time on the launch and development of ReserveDAO.
Residual Token, Inc. is committed to the DAO’s success and requests all eRSDL hodlers join the DAO’s Telegram channel. Please make yourself known to the DAO leadership team as spots are available and broad participation is required to successfully govern the DAO. Residual Token, Inc. is a separate legal entity from the DAO and beyond its financial support, will not be an agent, affiliate or related party to the DAO.
BRANDING
Residual Token will begin migrating away from the unFederalReserve brand, and return focus to the Residual Token brand name. This includes the website, social media and other communication platforms. The “un” logo is trademarked, however, and as a result will continue to be used until such time as another logo or brand device is generated.
STRATEGIC GOAL
Residual Token will continue on with its ReserveFunding product and act as a consulting and advisory company for forward thinking financial services ventures interested in incorporating blockchain technology or products into its ecosystem. The ReserveFunding platform will remain in place and seek out broker-dealer partners wishing to find investors from the crypto hodling community.
The income Residual Token earns on the DAO investment, ReserveFunding activity and from the advisory services it intends to offer, will be used in accordance with the original eRSDL tokenomics: the buy and burn model. Instead of licensing technology, Residual Token will use other revenue sources to buy and burn eRSDL on an ad hoc and time-to-time basis.
FREE UP LIQUIDITY
Leadership at Residual Token has good reason to believe that there are no active borrowers on the platform, and that extant borrowers have no intention to repay monies owed to suppliers regardless of the current loan-to-value.
At some point, all collateral factors in the lending pools will be reduced in an attempt to clear the bad loans off the platform. All eRSDL retrieved as a result of leaderships attempt to clear the platform will be burned. This event could result in the single largest reduction in circulating supply to date. Other value received will be used to help keep supplier’s withdraw, ear-marked for investment into the DAO or other Residual Token, Inc. projects.
OTHER INFORMATION
It is management’s understanding that ReserveDAO may set up an “un-” token contribution pool, where users can send their “un-” tokens received as part of the supplying function and/or eRSDL tokens in exchange for an allotment of RSRV tokens. There is no guarantee that DAO will take this course of action. There are risks associated with taking advantage of that offer, and any transaction with ReserveDAO is unrelated to Residual Token, Inc., its agents or affiliates.
There is no guarantee that suppliers, even following manual processes, will be able to retrieve their supply, as this condition is unprecedented for the platform’s software.
MANUAL FUND RETRIEVAL
Residual Token has created an article that describes the steps one can use to connect to the ReserveLending smart contracts. If you are a supplier or borrower and wish to attempt to withdraw your supply or payback your loan, then leverage any information you can find to help. Unfortunately, Residual Token, Inc. does not have the in-house resources to assist in this process.
CONCLUSION
Residual Token, Inc. will continue to support ReserveFunding and offer services as a consulting and advisory firm in the blockchain and financial services space. The token, eRSDL, will have nominal utility at this point, but the Company stands by its commitment to use a portion of the income of Residual Token, Inc. to buy and burn tokens from the market.
Thank you for your trust, patience, and understanding. Together, we’ll create a brighter, more promising future.
Your continuing support is appreciated.
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Although the material contained in this website was prepared based on information from public and private sources that Residual Token, Inc. d/b/a unFederalReserve believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Residual Token, Inc. expressly disclaims any liability for the accuracy and completeness of information contained in this or any article.
This article, our website, social media posts and other public forum materials are distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. The information, opinions and views contained herein have not been tailored to the objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Residual Token, Inc. does not have any obligation to provide revised opinions in the event of changed circumstances.
All investment strategies and investments involve risk of loss. Nothing contained in this website should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a finance, tax or legal professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal objectives, needs and risk tolerance. Residual Token, Inc. expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
