[RFC] Introducing PEBL

PEBL PEBL RFC
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Introduction: PEBL is a yield-bearing flatcoin operating like a crypto ETF, built on DeFi markets via the Reserve protocol. It leverages ETH, WBTC, and USDC to capture growth of the crypto market but also reduce volatility.

Mandate: PEBL aims to be a reliable, permissionless, yield-bearing store of value backed by long running and Crypto assets.

Deployer: zkOps, a passionate user and investor in DeFi with a background operating traditional finance (tradFi) and tech companies, passionate about crypto sovereignty.

Collateral Asset Backing:

  • ETH: 30%
  • WBTC: 45%
  • USDC: 25%

Revenue Distribution:

  • 85% to PEBL holders
  • 12% to RSR stakers
  • 3% to PEBL Treasury & Grant pool

Product Differentiation: Dynamic basket management, overcollateralization protection, and stable yield through diversified assets. The overall goal is to provide a more accessible method of investing in Crypto ‘beta’ on-chain. This will be the most conservative of the planned RTokens.

The majority of RTokens today are variations on USD pegged assets. Our goal is to evaluate the Reserve Protocol as a method of launching, scaling ETF-like products on chain.

Go-To-Market Plan:

  • Dedicated Dapp: Launch a dedicated Dapp to power minting, community engagement, and investment tracking. Provide access to other Reserve Protocol assets for saving e.g hyUSD, eUSD

Additional guidance wanted on successful patterns used by other projects.

This will hopefully be the first of many ETF like products we launch on Reserve Protocol. This first project will be used as a validation.

Simple Test for Validation

Test: Achieve $2M in Total Value Locked (TVL) within 6 months.

Metrics to Track:

  1. Liquidity Growth: Monitor the increase in PEBL’s liquidity across DEXs and CEXs.
  2. Community Engagement: Track the growth and activity of PEBL’s community on social media and chat platforms.
  3. Partnerships: Measure the number and quality of partnerships with DAOs and liquidity providers.
  4. User Feedback: Collect and analyze user feedback to identify pain points and areas for improvement.

PEBL logo

PEBL-icon
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Why Reserve.org is a Good Backbone for PEBL

Proven Stability and Security:

  • Onchain Asset-Backing: Ensures transparency and security with verifiable proof of reserves available 24/7.
  • Overcollateralization: Enhances stability and reliability, protecting against market volatility.

Flexible and Dynamic Governance:

  • Staker Governance: Allows continuous improvement of the collateral basket and adaptation to market conditions, ensuring long-term sustainability.

Established Ecosystem:

  • DeFi Integrations: Compatible with various DeFi platforms, enhancing liquidity and usability.

Conclusion

Using Reserve.org provides PEBL with a solid foundation of security, stability, and yield generation, essential for a successful flatcoin project.

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In the absence of anything deep or useful to say, I just want to say welcome!

Looking forward to watching it develop and grow :seedling:

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Many thanks @Smeddy , looking forward to learning more about the protocol and contributing

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For some reason I missed this proposal :pensive: I wanted to say that I am excited about you thinking of RTokens as ETFs, especially if you’d be open to include tokenized commodities/equities in the basket later on. If RTokens could capture some of the trillions of dollars that is currently in TradFi ETFs, that would be a huge value-add to the goal of the Reserve project. Go PEBL!

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Hi,

I missed this as well - like the idea. One question would be WBTC - how good is the peg there and what sort of slips would you set for that? I like that it is offering something new and those who believe BTC and ETH are the way forward should like the easy composition - are these available on Base or would it have to be mainnet?

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hi @Mallo managing slippage will be an issue and the I would imagine the collateral will need to be evaluated during year one as we get feedback on the idea.

WBTC is available on Base: Launching Wrapped Bitcoin (WBTC) on Base | by BitGo Editor | Official BitGo Blog and we are actively looking for individuals with experience building connectors for Reserve.

PEBL will be on Mainnet for the initial evaluation period but I see Base as the long-term home for these ideas.

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Cool idea! Welcome to Reserve ecosystem community :handshake:

Based on your idea, a couple big things for you to consider:

PEBL will be on Mainnet for the initial evaluation period but I see Base as the long-term home for these ideas.

Generally, its not possible to migrate RTokens that are “native” on one chain to be “native” on another. Would recommend choosing mainnet or base as a home, and figuring out which you prefer to bridge to/from.

Collateral Asset Backing:

  • ETH: 30%
  • WBTC: 45%
  • USDC: 25%

Revenue Distribution:

  • 85% to PEBL holders
  • 12% to RSR stakers
  • 3% to PEBL Treasury & Grant pool

I see 1) non-yield bearing collateral and 2) a revenue distribution model :slight_smile:

Which yield bearing ETH, USD, and WBTC might be good here? It really depends on if you see this token being native to Base or Mainnet, but USDC could be Compound V3 on either chain, ETH could be stETH on either chain, and BTC is a bit harder because very little yield in defi. The WBTC collateral plugin could have a TVL fee similar to how ETFs work.

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@mattimost thank you so much!

Is there any data on the most common network for Reserve Rtokens?
I agree on the yield question. We are thinking of using stETH and Savings Dai on Mainnet. Noted on WBTC, perhaps the focus should shift to appreciation of the base assets vs yield.

The fee on the collateral plugin is not something I considered, this could be a much better model and pass the majority of the gains to the holders.

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All good thoughts.

Can check out where RTokens mostly live here https://dune.com/reserve-protocol/reserve-protocol-overview