Rico Credit System pfp

Rico Credit System

@ricocreditsys

10 Following
68 Followers


Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
@ricocreditsys
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
1 recast
4 reactions

Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
@ricocreditsys
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
1 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
@ricocreditsys
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
@ricocreditsys
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
2 recasts
4 reactions

Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
@ricocreditsys
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
@ricocreditsys
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
@ricocreditsys
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

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Price rate + quantity rate < 0. This means that Rico charged a negative effective interest rate when lending. So it pays borrowers to borrow, until market conditions change.
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
auction-keeper sometimes takes a little bit more time to populate the UniswapV3 NFT CDP information. It's because it has to do some asynchronous calls to figure out how many tokens are in the position(s). It just relies on events for the ERC20 ones so that's easier.
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Risk of liquidation doesn’t depend on price of Rico in the short term. This is because Rico uses an *integral controller*. We’ll only start to see a difference in the collateral requirements if Rico does a sustained dip for a long time. This is an important property.
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Vow and vox feeds look like this now. Vox feed divides by RICO:USDC 0.05% pool price. Price is spot right now so good place to arb. Also a good place to LP.
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Also updated the Getting Started page https://bank.dev/getting-started It's much easier now, we want to show just how easy interacting with a CDP system from the command line can be.
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Updated auction keeper a few minutes ago. https://github.com/ricobank/auction-keeper
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
We made it really easy to interact with RCS from command line bank.dev/getting-started
0 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Diamond Pattern is just the best. I get that there's a security benefit to memory segmentation but *the whole program is yours*, you should be able to refactor it. Modularity is a tool for writing understandable code, not protecting you from accessing the data you allocated.
1 reply
0 recast
0 reaction

Rico Credit System pfp
Rico Credit System
@ricocreditsys
Current Rico collateral types: ARB, DAI, LINK, rETH, USDC, USDC.e, WBTC, WETH, WSTETH Also can put any of these in a UniswapV3 position and collateralize that. One of the benefits of making the CDP management module collateral-agnostic is that it makes it really easy to add new collateral types.
0 reply
0 recast
1 reaction