Rico Credit System

@ricocreditsys

16 Following

73 Followers

Rico Credit System pfp

Rico Credit System

Something important to understand is that there's no cost to mine RISK. mine() takes no arguments and burns no tokens. It only mints to msg.sender. And since RICO is backed by RISK, then... The point is that RCS is a game. Same as Bitcoin. Free unless the market decides it's not. RCS is standalone and it's immutable. It builds stability mechanisms into what otherwise would be a memecoin like BTC or ETH.

0 reply

0 recast

4 reactions

Rico Credit System pfp

Rico Credit System

https://bank.dev/rico1_lite

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

https://www.youtube.com/watch?v=8J8YwK2hlQ8

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

That's the word I've been looking for - contextual! It's a concept very relevant here. Because once we lock out then the definition of "credibly neutral" is largely out of our hands. What is a validator's opinion on what's credibly neutral? It's context-specific. Not enough characters...

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

RCS0 has been drained. We're investigating and working on shutting down the remaining ilk. Since there are no funds left, we're turning off the UI. Sorry everyone. Will update soon on next steps.

0 reply

0 recast

2 reactions

Rico Credit System pfp

Rico Credit System

the problem of credibly neutral stability is so important because without it the network’s security depends on the speculative value of the native token institutions are NOT coming when the network is secured by ETH. find another way

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

happy birthday nikolai too bad context was deleted but i'd just make it clear: it doesn't count if you have the net value add without the token, and just say that revenues must be paid in the token

0 reply

0 recast

3 reactions

Rico Credit System pfp

Rico Credit System

Liquidation opportunity. Check it out, great opportunity to get up to speed. Join our chat for help.

0 reply

0 recast

0 reaction

Rico Credit System pfp

Rico Credit System

Problem is the space’s leaders are receptive to ideas they’re iffy at best about. DAOs are not a use case and anyone who thinks honestly and thoroughly about it can see that. But everyone loves DAOs so people are scared to fragment the community. The lie hurts more long-term.

0 reply

0 recast

0 reaction

Rico Credit System pfp

Rico Credit System

New feature: Just added RICO as an ERC20 token type accepted for UniswapV3 position collateral. Now LPs in the RICO:USDC pool can also short RICO against their positions when the price rate is low (like right now). ⛱️⛱️⛱️

0 reply

0 recast

2 reactions

Rico Credit System pfp

Rico Credit System

Going to add support for UniswapV3 positions that contain RICO tonight. Will add a new strategy: shorting against the RICO:USDC pool.

0 reply

0 recast

2 reactions

Rico Credit System pfp

Rico Credit System

Stablecoins with external dependencies are artificially propped up by the DeFi bubble. Once the bubble pops there'll be no reason to run on mainnet or even L2. They'll either provide non-blockchain frictionless payment infra or spin up private appchains. They can offer lower fees that way.

0 reply

0 recast

0 reaction

Rico Credit System pfp

Rico Credit System

New thing. Update par/price rate button. Poke par price and price rate. If market > par, price rate goes low. If market < par, price rate goes high. Effect accumulates with hours since update. It's the game. 🎮🎮🎮

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

Gm ☀️ Always iterate, never claim decentralization until you've ossified. *Definitely* don't fiddle with parameters. When it works, it works. Immutable contracts behave differently and pre-lockout adjustments have no value. It's not done till it's done. ☀️☀️☀️

0 reply

0 recast

0 reaction

Rico Credit System pfp

Rico Credit System

New stats, hope this helps. Our friend from @manifold gave us the idea. You can use the command line to poke. We made it real easy.

0 reply

1 recast

4 reactions

Rico Credit System pfp

Rico Credit System

New: helpful revert reasons in UI. Had some people including us forget about dust limits and other gotchas, so this should help.

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

New: helpful revert reasons in UI. Had some people including us forget about dust limits and other gotchas, so this should help.

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

Put a fix in auction keeper. Need to make sure that when reading events the simulated state doesn't wait on a promise. Interesting. It's like a one-stop shop for viewing all of Rico's most important configuration parameters. Maybe should add hook-specific parameters next. Liquidation ratios etc.

0 reply

0 recast

1 reaction

Rico Credit System pfp

Rico Credit System

Check out feedbase for divider and multiplier and other hyper simple feed utilities one might like and use. They don't define incentives. Layer whatever you want on top. Here's how we get gold-denominated feeds by composing existing modules.

0 reply

0 recast

1 reaction