Summary
This proposal aims to adjust the eUSD Revenue Share percentages to the Fintech apps based on the amount of eUSD they are holding relative to the current eUSD Market Cap.
Initial Rev Share Proposal.
Current eUSD Fintech RevShare Split:
Ugly Cash: 4.4%
Sentz: 3.4%
stRSR: 89.2%
Proposed eUSD Fintech RevShare Split:
Ugly Cash: 4.6%
Sentz: 3.5%
stRSR: 88.9%
Ugly Cash destination address:
0x12ec148a193BA7b3a141ce6d02AdE326883d28D9
Sentz destination address:
0x2e3F334f9035aAB204347508415dEc785cd5075E
Abstract
eUSD, the Electronic Dollar, is censorship resistant and safety-first stablecoin that brings together diversified, highly liquid backing with anti-bank run overcollateralization. Created on the Reserve Yield Protocol. Learn More about eUSD on X.
“Ugly Cash” is a financial technology platform, not a bank, that primarily focuses on enabling users to send US dollars to Latin America at no cost, essentially acting as a “digital bridge” for international money transfers, particularly targeting underserved communities and offering features like checking accounts and debit cards through a partnered bank. Learn More about Ugly Cash: Website, X.
“Sentz” is a free global payments app that allows users to send and receive money from clients and businesses around the world. The future of cross-border payments allows for instant money transfers at a fraction of a cent. For the fastest and safest way to send payments use Sentz. Learn More about Sentz: Website, X.
Problem Statement
The Reserve ecosystem has the most voting power of any non-founder entity in the Curve DAO. The Reserve ecosystem uses this voting power to incentivize eUSD pools(and other RToken pools) on Curve and throughout DeFi on multiple Networks. However, eUSD is missing one key component and that is distribution. Distribution can take many forms, but one key to successful distribution is a central entity(or entities) to help further drive adoption outside of DeFi.
After USDC launched 6 years ago, it partnered with Coinbase, this allowed for the distribution and rapid growth of USDC. eUSD needs distribution to bring it to other individuals and businesses outside of DeFi. It is not enough to only incentivize eUSD within DeFi; it needs distribution for rapid growth.
Rationale
Sentz and Ugly Cash are to eUSD what Coinbase is to USDC. This proposal does lower the RSR staking yield. However, if this proposal is successful, the goal is to drive growth to eUSD. With a much larger eUSD market Cap the RSR staking opportunities will be greater. In the short term we are sacrificing a small part of our individual piece of the pie, with the goal being to grow that overall pie much bigger. This is an experiment and there is no guarantee that this will work. But with such a large overcollateralization buffer(213%), the market conditions allow for the continued experiment of this proposal and future adjustments alike.
Risks:
This proposal lowers the overcollateralization of eUSD. However, in the current market conditions this is not a risk as the current overcollateralization is 213%.
- Yes, I am for this proposal
- No, I am against this proposal