Rico Credit System pfp

Rico Credit System

@ricocreditsys

10 Following
73 Followers
Rico Credit System pfp
Rico Credit System
@ricocreditsys
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.
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Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
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Rico Credit System pfp
Rico Credit System
@ricocreditsys
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
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Rico Credit System pfp
Rico Credit System
@ricocreditsys
Liquidation opportunity. Check it out, great opportunity to get up to speed. Join our chat for help.
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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.
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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). ⛱️⛱️⛱️
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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.
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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.
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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. 🎮🎮🎮
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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. ☀️☀️☀️
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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