Greetings ReserveDAO Community,
As a follow-up to recent announcements made in the Telegram group, we would like to present ReserveDAO’s first DEV update! Our early steps towards “Buying a Bank” are exciting and the daily increase in mission awareness is inspiring! $RSRV is one-step closer to becoming a reality as whitelisting is now in full effect!
The bank ReserveDAO buys will serve crypto-native and crypto adjacent institutions. Creating a safe harbor for them involves solving an interesting set of puzzles; namely, security, ease-of-use and regulatory compliance. Persistent, negative macroeconomic global conditions and increasingly sophisticated attacks on blockchain infrastructure are formidable headwinds. The global economy is still getting over COVID-19 supply chain issues, high energy prices due to geo-political events, and of course, the rising of interest rates from central banks around the world as they try to fight off inflation. (Editor’s note: Central Banks are fighting inflation by making it more expensive to buy things. Hmm.)
These challenges will not deter us, and in fact, present an opportunity to display ReserveDAO’s use case across decentralized finance (DeFi) and traditional finance (TradFi). Meanwhile, new regulations and rulings put forth by varying regulatory groups offer more clarity on how DAO’s should operate.
Our community approach has clearly been the right way to go with the SEC’s recent ruling on Ooki DAO, for example. DAO’s must act as a decentralized group, and we have to have quorums and proposals. I as the CEO and Co-Founder of the DAO cannot just make decisions on my own without the approval of hodlers (members).
I am forever grateful for the opportunity to get to execution, and the above context is something all of us need to think about. Please enjoy the DEV update and thanks to all who have contributed.
Best, Duke Togo
Roadmap and Timeline
With the project nearing the end of its creation phase, let’s go over what’s been done to date:
- Established whitelist rewards criteria for unFederalReserve $eRSDL holders and the role eRSDL will play in the $RSRV ecosystem.
- Defined the role of the RSRV token in the ecosystem as a governance token, but RSRV will be able to be used to claim an equity position in the DAO’s bank purchase fund. (Note: This is where RSRV will separate itself from all other DAO’s before it. The DAO itself and its members will not only have a digital asset to hold and trade, but a token that represents an equity interest in a bank.)
- Established relationships with other DAO’s that will help us build a product and or have shown interest in using our protocol post-launch.
- Established a banking relationship with NextBank, International that is fine with working on OUR timeline for a strategic investment (aka. Not quite buying a bank, but a modicum of control and a nice return on a preferred equity investment), and, separately, have a tally of possible outright acquisitions!
These modest achievements are essential in testing the interest hypothesis for the DAO itself.
“wat left, wen launch?”
The roadmap is subject to completion of the kick-off phase and hitting those capitalization milestones. In a nutshell, here’s what we see rolling out through year-end:
- Launch webpage (expected timing is early to mid-November)
- Launch constructing dApp (this will be done after we hit the Phase I of our budget in our bootstrapping process)
- Marketing strategy development for interested hodlers and acquisition / investment targets
Please note that the language on the pages is not complete, and we continue to alter elements as our market survey data comes back to us and the product evolves. Please feel free to provide feedback in our TG or Discord channels.
Reserve DAO “Front” Page
The “Front” page, whitelisting, and the map to find your safe harbor of choice have been laid out for deployment. The front page will give you access to our different community pages, direct links to our different safe harbors the protocol will offer, including unFederalReserve’s #ReserveLending and #ReserveFunding pages.
You will see direct links to our future Medium page and official ReserveDAO documents. I’m sure most of you notice an “Early Access” tab, this will direct you to our S.A.F.T if the community approves the vote. It should be noted that all bonuses that are offered on the Whitelisting criteria will be offered on our S.A.F.T as well as any launchpad event we decide to do following the S.A.F.T!
These pages will give the DAO a better sense of validity and visibility to the crypto community and give our own community a chance to begin to interact with the project.
Use this page to confirm that your wallet is part of the whitelisted population. If it is not there, and you think that oversight is in error, then reach out to community managers to kick-off the research process. Please be prepared to share evidence that you qualify for the whitelist, including being doxxed to confirm certain balances and transactions can be tied to an person or entity. Safety first, second and third.
Reserve DAO “Safe Harbor” page
Although times out there are uncertain, we are continuing forward. If we all waited for the perfect time to do something, we would never get anything done in this world. That is why moving forward, we believe it is best to begin bootstrapping ourselves and utilize a launch pad that is beneficial for all parties involved. We will launch a vote on Oct 20, 2022 and run the vote until Oct 27, 2022.
This vote will approve the team to start a S.A.F.T on our webpage and pursue ALL of the launch pads that were listed in the launchpad article. We hope you all have enjoyed the process as much as we have and thank all of you for your continued patience and support for the ReserveDAO and unFederalReserve teams. Stay safe and see you all aboard!
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