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Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

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With mainnet approaching the testing phase, it’s time to take a deeper dive into the explorer that will serve as the first front-end for Reserve.

If mainnet — the launch of the protocol on the Ethereum chain — brings us the backbone of the Reserve Protocol, dApps are the senses — the ways to interact, deploy, mint, redeem, and stake.

Reserve has commissioned the first browser dApp from LC Labs, the source code of which will be available soon after launch, assisting other parties who come along and build their own dApps to interact with the Reserve Protocol.

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

When a user first arrives at the dApp via their web browser, you will be offered a global overview of the RTokens platform.

But before we get there, let’s assume you want to take an active role in the RToken process, connecting your wallet up for a more personalized view:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

After that you will be into the personalized dashboard, providing both individual and global values:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022
All token names and values in the following images are for illustrative examples only

At the top left of the dApp, you will see any RTokens you own, as well as your IP (Insurance Provider) tokens — these represent your staked RSR balances.

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

Underneath your personal holdings, you find the Global Dashboard, showing usage stats from across the entire RToken ecosystem (including the off-chain use of RSV).

This is followed by a look at individual RTokens in the Compare RTokens grid, arranged by market cap:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

A key figure you may wish to pay attention to includes “+ Insurance”, which shows you the effective collateralization when insurance by RSR holders is taken into account.

Drilling down, you may wish to look at the backing of an individual RToken.

Here you can see the backing of this particular RToken, comprised of seven assets of varying amounts:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

You may be starting to get a feel for the design by now, which is aimed to make Register intuitive and easy-to-use, and also to serve as inspiration for future dApps.

On the overall approach, designer Erik said: “Register should be thought of as a tool, which is very useful for specific needs.

“We are not trying to draw you into specific behaviours, or make you come back more than you need to, and design-wise I personally aim toward the Tlon (Urbit) inspired ideal of calm computing.”

Staking will be a key part of the dApp for any RSR holders, so here is a quick re-cap of how staking works before going further.

An RToken is (in all ideal scenarios) fully collateralized at all times, with RSR offering a safety net on top, so this figure is 100% + the insurance on top.

So a key figure within the dApp is the Staking APY, providing the annual yield an RSR staker might expect to accrue, based on a 30-day rolling average.

The APY will be variable — and can be calculated by taking into account:

  • the market cap of the RToken
  • the revenue the RToken earns,
  • the percentage of that revenue shared with RSR stakers

divided by

  • the total amount of RSR staked.

For a brief recap and visualization of how this works in practice, here’s a visualisation of a growing RToken:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

To the left, we have an example where the yield of the $100M RToken has incentivized $25M of RSR to be staked, and therefore insuring the RToken.

Let’s say someone comes and mints a large amount, doubling the circulating supply to $200M. Let’s also assume that the underlying collateral keeps yielding the same % (for the sake of simplicity).

This would mean that current stakers have double the amount of revenue coming their way, but the RToken holders end up with less insurance.

This new increased yield should however bring additional RSR to stake, therefore bring the insurance to a similar level as before.

For a more detailed understanding of how insurance and staking works within the Reserve ecosystem, have a read below:

The Reserve Protocol is the “operating system” that drives the stablecoin platform, agnostically allowing creation of collateralized stablecoins.

We have interested parties who are keen to employ their ideas of what a stablecoin should look like, from a collateral and governance perspective.

While it will take some effort to create an RToken, there’s not a huge barrier to entry, just a bit of work and thought. We estimate someone can deploy their own RToken using the default collateral plug-ins and default governance within about an hour.

So far we have spoken with people interested in launching everything from “low yield, low risk reserve currency” to “branded in-game stable currency” to “medium-risk high yield savings products”.

For these users, the RToken Deployer UI is the starting point:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

To the left, you’ll see an example setup of an RToken with 3 underlying target units, meaning there’s a mix of what the collateral tokens have as their target price.

You also define the initial scale of your RToken, aka how much of each target unit should be used to create 1 RToken.

To the right of the primary basket you’ll see one emergency collateral list for each target unit.

This is ranked list of which collaterals you would want to swap a defaulting token with. The diversity factor defines how many collaterals in the emergency basket should be used to replace that unsound collateral.

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

You can add a new collateral type, however it will not be as simple as adding the address of any ERC-20 token.

Instead, there needs to be a “plug-in” contract that might vary a bit depending on whether it’s a simple stablecoin, defi yield token, a random volatile ERC-20 token, and so forth.

We will be launching with several types of “plug-in contracts”, but if you want something completely new, you will need some technical expertise.

There’s more to creating your own RToken, but we will save that for hands-on demos.

The minting and redeeming dashboard is unique to each RToken, and provides links to everything needed around the stablecoin, including staking, auctions and governance.

The sidebar items are RToken specific, which means they will only show when viewing/filtering the UI through your selected RToken.

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022
Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

Seen through the lens of our dark mode theme below, you will see the flow of minting RTokens.

It’s not a one-click feature, but it’s pretty close, and the UI will walk you through the required steps, which will vary slightly depending on if this is a first mint, and the amount being minted.

But in essence, the process is:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022
  1. Select the amount you want to mint (restricted by the required collaterals in your connected wallet)
  2. Approve the Reserve Protocol to use these collaterals by signing a transaction
  3. Sign the mint transaction

If you’re minting a smaller amount and there is only a small level of minting activity overall at that moment, the collateral will turn into minted RToken in your wallet within one block.

However, if you’re minting a large amount or there are other transactions taking place, your mint will be in line/pending until there’s room for you.

In this slow mint scenario, you will be required to do an additional transaction to move minted RToken to your wallet.

Why is the slow mint required? We won’t go into details in this article, but restricting how much can be minted in every block protects against a certain exploit in a potential black swan event.

That said, keep in mind that minting won’t usually be the most efficient way for an everyday user to acquire RTokens. We expect this to be used by market makers and others in a similar position.

We are getting close to the full launch of the protocol, expected in Q3/Q4 this year, and the dApp will be the primary way, initially, of interacting with the protocol.

Protocol Head of Platform Thomas Mattimore said: “The dApp has been carefully designed to be as transparent as possible, highlighting exactly how an RToken works so users can easily find any information needed to mint, redeem, and deploy RTokens.

“We’re especially focused on making it easy to find summarized usage numbers both on-chain and off-chain in Rpay, from which the data will be anonymized.

“It has been a great relationship between the protocol developers and the dApp creators, working closely side-by-side.

“Seeing both parts come together, and being able to interact with the protocol, has been highly rewarding, and we can’t wait to share it with the world.”

Stay in touch with us over the coming weeks while we consider launching on a testnet, and keep an eye out for video walkthroughs and tutorials as we prepare to cut the ribbon.

And one last note, we’ll swing back around for a deep look at the staking and un-staking process, but here’s a quick preview:

Talking dApp: Taking a deeper look at Reserve’s first explorer | by Smeddy-o | Reserve | Aug, 2022

📚 Would you like to know more about Reserve? Read about our project here.

📚 Looking for the latest news? Follow our Website, Twitter, and Medium for updates. Enter Discord and Telegram to join the conversation.





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