unFederalReserve Announces June Timeframe for 475mn eRSDL Token Supply Cap
SAN FRANCISCO — January 2, 2021 — Residual Token, Inc. d/b/a unFederalReserve is pleased to announce that the total eRSDL token supply will be capped in June 2021, and that the total supply will not exceed 475 million eRSDL. All websites, whitepapers and other materials will be updated immediately to reflect this policy decision.
Our founder and CEO, Howard Krieger, will appear on Wolf’s podcast, “Bitcoin: Under the Influence” on Wednesday, January 6 at 12 noon PT/3pm ET to discuss this announcement’s details. They will also discuss other matters like the current state of unFederalReserve’s product roadmap, and the impact of the recent SEC/Ripple regulatory action on DeFI more broadly.
eRSDL is considered a utility token with a current outstanding quantity of approximately 355 million tokens. The June date was selected to provide leadership the time to safely implement the cap, while not distracting key resources from their principal product development mission.
Currently, the token’s protocol mints new tokens at a fixed amount per Ethereum (ETH) block; specifically, 100 eRSDL, and it is important to note that unFederalReserve cannot diverge from that minting schedule on a whim. All code changes are locked for 48-hours per earlier action taken by unFederalReserve leadership.
The minting feature that is inherent in the protocol incentivizes the building of a liquidity pool. A sound liquidity pool is the foundational element of our payment latency protection platform. At 475 million tokens, we believe there will be adequate liquidity in the system to support the initial program, and add additional products at regular intervals.
Our decision to implement a cap was developed using online community feedback in the form of a survey, economic information from eRSDL’s highly qualified team of economic and monetary policy advisors, and our own research.
As a continuing demonstration of its utility, we strongly encourage eRSDL holders to participate in our online community, where all opinions are respected and considered. We have observed and adopted Disney’s Four Keys: safety, courtesy, efficiency and show as our own. We strive to positively execute those keys on behalf of our stakeholders with every decision we make.
We are grateful for the community’s participation and feedback. We will continue to provide community updates and solicit feedback on the cap implementation plan as those steps become more tangible.
Please continue leveraging our online channels to share your thoughts on all aspects of the unFederalReserve project, and visit our website at https://unfederalreserve.com/.