DRC — May Update
Welcome back to another DRC monthly update! April and early May was a busy month for DRC as we saw the expansion of the Digital Reserve Vaults, increased marketing efforts, and an appearance at the Boston Blockchain Conference. We’ll go over what was accomplished over the last month as well as what is planned for May.
Looking Back
The Digital Reserve
DRC released the third Digital Reserve vault based on a portfolio proposed by DRC Core Contributor Josh and approved by the overall community. The third Digital Reserve Vault includes the following allocations:
$FARM (Harvest Reward Token) — 35%
$MPH (88mph Reward Token) — 30%
$ETH — (30%)
FARM is the native reward token for Harvest Finance, a community driven project where users can deposit funds and pool them together with other users. Thanks to automated farming, Harvest Finance takes the guesswork out of finding pools with the highest yields to maximize returns for its users.
MPH is the native reward token for 88mph. 88mph is an Ethereum protocol allowing users to lend their crypto assets at a fixed-interest rate. Depositors are rewarded in $MPH tokens.
Users can head over to the Digital Reserve page to deposit their DRC holdings into the vault if they would like exposure to these tokens.
Looking at the performance of the 1st Digital Reserve Vault since its inception, we see an overall return of 32%, outperforming initial estimates. Thanks to the current run of BTC and ETH as well as Gold, Vault 1 users saw increased performance across the board for all three assets in the portfolio.
Digital Reserve Vault 2 also outperformed inflation thanks to its 5% allocation to Gold and 5% allocation to Bitcoin, which helps users outpace inflation rates much easier compared to simply holding a stable coin like USDC alone.
NFT
DRC continues its DRC GEN01 NFT distribution after its successful completion of its GEN00 NFT sale. To date, a total of 40 GEN01 NFTs have been distributed. If you would like to receive one, users can head to the DRC Foundation page to view the Foundation wallet. A contribution of 1000 USDC is needed in order to receive an NFT.
Only 100 NFTs have been created with no additional GEN01 NFTs being created. 100% of the funds generated from the fundraiser will be used for getting DRC on a centralized exchange in the near future. To everyone who has contributed for either the GEN00 or GEN01 NFTs, thank you! Your contribution helps advance DRC’s marketing and developmental efforts as we continue as a community funded token.
Marketing
Coinciding with the release of the third Digital Reserve Vault, DRC ramped up its marketing efforts during the month of April. We saw DRC featured in CoinTelegraph, BeIn Crypto, and CoinCodex, among others. We also saw an increase in videos on Youtube and higher mentions by crypto influencers in the Twitter space. An introduction video about DRC was created and uploaded to YouTube which explains DRC, the Foundation, and the DRC ecosystem in a digestible format that is easy to understand for both newcomers and experienced crypto traders in the space.
A new, community specific Telegram group was created for DRC Spanish speakers! This brings the total number of region-specific Telegram channels to seven as DRC continues to interact with holders in their own language, getting to know their culture. Click here if you’d like to join the new Spanish DRC Telegram channel!
Digital Reserve Currency was also invited to and participated in Boston Blockchain Week on May 4th. Maxim Nurov along with Core Contributors Christian and Maxwell spoke to a group of attendees who learned about DRC, its ecosystem, and its future plans in a presentation followed by a Q&A session. If you missed the event, check out this video to hear what Maxim said as he welcomed users to the event!
DRC was excited to participate and looks forward to additional conferences we can participate, both virtually and in person.
Looking Forward
DRC Token
Over the last couple of months, the Digital Reserve Vaults have played a central focus in DRC’s marketing and developmental efforts in order to expose the platform to an array of investors. Moving forward in May, attention will shift back to the DRC token and helping newcomers in the crypto space see the DRC token as a potential store of value. The DRC token is the most integral part of the DRC ecosystem and is the key to an entire ecosystem being built for the DRC community. As additional use cases are being built, we expect demand for the DRC token to increase considering it is the first stop in the DRC ecosystem.
The Digital Reserve
The development of the Digital Reserve remains the primary focus of the DRC Foundation. With three vaults completed, a minimum of three additional vaults are currently in development. DRC holders can propose new tokens for the 4th Digital Reserve Vault, with the process currently in its voting stage. If you’d like to propose a token or three, head over to our Discord channel for information and the criteria we’re looking for in a token!
The 4th Digital Reserve Vault will complete the “Alternate Asset” vault section of the platform. Vaults five and six will focus on interest bearing vaults, allowing depositors to earn interest on their deposits. More information on these vaults will be coming over the next few weeks.
With the release of Uniswap’s V3, the Digital Reserve Vaults will be upgraded to be compatible with the new platform. In addition to the upgrade, a full audit of the Digital Reserve Vaults will be conducted and released prior to the DR Vaults being released on Uniswap’s V3 to ensure security standards are met. Once completed, additional liquidity will be added to V3 for the DR Vaults.
Liquidity Pool Unlock
On May 1st, Max’s initial LP tokens were unlocked based on a predetermined agreement between himself and the DRC community. The DRC community will decide the next steps regarding the use of the LP tokens. The total value of the LP tokens are valued at around $1.1m and a proposal is being created to decide what direction to move in as a community. The following plays a role in determining the next steps:
Considerations:
- The LP unlock is currently ~$1.1m
- The DR Vaults require strong liquidity pools to function correctly
- Uniswap is still the most popular AMM in the market
- Potential uses for the funds
- Uniswap v3 has just been released.
The LP fee redistribution was made in the form of the Uni v2 DRC/ETH LP tokens, transferred to the qualifying 51 addresses that have provided liquidity until this point. The transfer was performed by the DR Vaults Developer Wallet.
Marketing
DRC continues to ramp up its marketing as additional efforts are being made to work with additional influencers and crypto news organizations to shed light on DRC’s ecosystem and the DRC token. DRC has found success in Twitter and Youtube and will continue to increase its efforts in those realms while exploring additional avenues to reach new markets.
If you’re new to us, we invite you to join the discussion on Telegram and Discord, and to follow us on Twitter @DRCToken and @DRCVikings to stay up to date on all future announcements!
