On Aug 18, 2021, BitMart hosted a telegram with eRSDL team members Howard Krieger (CEO & Co-Founder) sharing valuable insights to our community members for the unFederalReserve (eRSDL) project. unFederalReserve offers simple, overnight cash management solutions to its small bank and non-bank lender customers.
For those who couldn’t participate, here’s a short recap:
[AMA]
BitMart Admin:
Q1. Are you going to change the name since it keeps coming up? Having to step around it seems counter productive.
Howard:
The name defines who we serve. Wear it proudly here: https://www.branditpromo.com/stores/unFederalReserve
85% of assets more or less are held by the top 15 banks, yet more than half of small business loans come from outside the group. If you count non-bank lenders that ratio is even more out of whack.
The cost of those loans is tied directly to the cost of funds for those smaller banks and non-bank lenders. The smaller banks generally get liquidity from debt to larger banks. Non-bank lenders may have one or two sources of capital whose terms are often inconsistent with the draw length (time) or risk profile of the non-bank lender.
The Federal Reserve plays a key role in maintaining the currency, trade balance, inflation and monetary policy. We serve the unFederalReserve’d by helping them help themselves.
BitMart Admin:
Q2. Are unFederalReserve concerned about Tethers legitimacy considering the government probe, and questionable backing and history of those in charge?
Howard:
We are as much a passenger on this journey as anyone else in this market. We follow the news, rely on market sentiment as illustrated by its utility and go from there. This market is rife with rational uncertainty. "rational uncertainty" means that it is okay to have some fear and act accordingly. It is prudent to do so.
It is the nature of the space right now, and all we can do is look for one another and push for clarity, and trusted opinions. The good news is our team of advisors has hundreds of years of combined experience in consumer markets, and are expert in financial risk assessment: https://www.unfederalreserve.com/team
BitMart Admin:
Q3. What does the team like to do in their spare time?
Howard:
We work harder: https://unfederalreserve.medium.com/development-update-august-9th-2021-940fcd8b820c - check out our latest dev update here.
In all seriousness, the community abides by five keys or principles: Safety, Courtesy, Inclusion, Efficiency, Show. Part of safety includes making sure you take time to separate from the work.
Our business is 24/7 and global in reach. Some of the team bike, some hike and others spend time with their families and friends. So generally, I’d say it's the same stuff you do in your spare time.
BitMart Admin:
Q4. Does the team have any plans of rewarding the early adopters that suffered from the liquidity exploits caused by lack of proper basic architecting by the unfed team?? Airdrop perhaps?
Howard:
Our community of early adopters has grown to a small movement 13,000 people strong. https://etherscan.io/token/0x5218E472cFCFE0b64A064F055B43b4cdC9EfD3A6
We greatly appreciate the continuing support from our early adopters, and we thank the new folks who use ReserveLending - https://lending.unfederalreserve.com/. The best thing we can do is continue working towards and knocking out our roadmap.
If you are new, and want to learn more about our platform, please go read here: https://lending-docs.unfederalreserve.com/product
Any and all incentives or rewards provided to supplier/borrowers will be based on the strategy in play, and with community feedback. We are launching a forum for just these matters. So, when ReserveFunding launches, for instance, we will likely provide incentives for behavior that increases adoption of that product.
The community has a say, today, in the strategies we pursue and their input will be solicited as decisions are crafted around token attributes, token listings and ways to achieve our adoption goals.
BitMart Admin:
Q5. You have announced some staking and/or yield farming that you are doing for some revenue to @Unfederalreser1. How does that play into the project's tokenomics, what does it mean (if anything) potentially for token holders?
Howard:
unFederalReserve formed an Asset-Liability (“ALCO”) community around a month ago with a number of responsibilities. Among them, ways to use the treasury to execute business strategies, design and test systems, and experiment with different asset types to improve our understanding of the fiat-crypto ecosystem. Protecting the $ersdl community is job one.
https://unfederalreserve.medium.com/the-olympus-project-and-unfederalreserve-non-correlated-assets-df2d09f2fd0f But, one of the strengths of ReserveFunding will be the users’ ability to diversify into investments non-correlated with Ethereum, but with the ability to stick to Ethereum-based contracts. With our recently signed MOU, we have a course chartered to partner with an alternative asset platform.
This begins the process for onboarding non-bank lenders, which in turn indoctrinates them into crypto-adjacent treasury related services.
BitMart Admin:
Q6. Can you explain the buybacks and what is going to happen with those tokens?
Howard:
So, I’m big on semantics. A buyback, in my interpretation, is something where a company has sold something and now is literally buying it back from the public. That is not what’s happening here.
Our treasury, including what’s being generated by the reserve factor, is investing in a variety of DeFI and CeFI strategies for the reasons outlined earlier. We need to begin building and testing the ability to buy our token, place it in a custodial wallet in a licensee’s name, and provide access to software by detecting its presence in the wallet.
At first, we will base our purchase out of the market on a fixed value to practice the transfer and documentation. Next, we will begin tying the amount of the licensing fee to a percentage of the treasury capital (likely, just the invested capital).
Then, ReserveFunding should be up and running somewhere around this point, and it’s the amount of capital ReserveFunding has deployed which will drive its licensing fee.
Here’s our end goal in a short 30 second video: https://youtu.be/PXGj_3bu_fc
BitMart Admin:
Q7. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is it like this? If not can u tell us, What makes it different from other projects?
Howard:
Our cool swag: https://www.branditpromo.com/stores/unFederalReserve
Seriously, I heard a great line that went something like, “Losers focus on winners, and winners focus on winning.” There are a number of risks. Frankly, there are better capitalized, better connected, better equipped teams to bridge DeFI <> CeFI. There are companies doing it.
I think our competitive advantage is our community, frankly.
To be an eRSDL holder is more than just voting on initiatives. Members direct messages, introduce, write articles, make videos, and take ownership of a portion of the business development and corporate development function.
We have seen steady progress from whitepaper to drawing board to live product. We have achieved every professional goal we set for ourselves.
I’m sure other projects try to do the same thing, so there’s no magic recipe. ReserveFunding will be the first paying customer of unFederalReserve, and so adoption of ReserveFunding products will be key.
That’s the thing to watch. Will people be willing to lock into 30- or 60- or 90- day positions with guaranteed rates in the 8% to 10% range? Would they do so if the money was being directed into underbanked communities and tribal lenders? Is KYCing oneself a hassle or fair price to pay to protect wealth? Does the experience need to be username/password based?
In a way, it's more about answering those questions than anything specific to our team that will determine the winner.
BitMart Admin:
Q8. What bridges will be built and used $eRSDL on the current network?
Howard:
We are always keen for new partnerships. We are focused on product delivery first and foremost. We care about risk and compliance matters, and are looking at software integrations and partnerships that make sense. There have been offers from some protocols to mirror our software, but it is a distraction from our team building its roadmap.
[Free Q&A]
Question from a Community Member:
Q1. How has the experience and background of your team been effective in the success of your project so far?
Howard:
If you check out the teams page https://www.unfederalreserve.com/team you will see more than enough experience to meet the task.
Question from a Community Member:
Q2. What is your Primary goal for this year? Can you share some of your future plans as well as your project and community development plan so that people will understand and build the project strong.
Howard:
Our next product launch, ReserveFunding will set the stage for Q4. We expect hundreds of millions of dollars to be running through our rails to CeFI's, and to begin seeing their excess cash come back into the platform. Our live product is great to see today. Getting to $100mn TVL is a goal for ReserveLending. (https://lending.unfederalreserve.com/ ) very high stablecoin APYs, fyi.
Question from a Community Member:
Q3. eRSDL develops many products, which is an advantage when it can almost meet the needs of users. However, does the development of many make management difficult? How do you ensure the quality of all eRSDL products?
Howard:
We have an Operations manager and project management functions that help execute the various streams. Daily stand-ups, 1:1s and space to actually work are all factored into how the $eRSDL team works. We have a GREAT community moderator team and response apparatus in place as well. Safety first, second and third.
Question from a Community Member:
Q4. As your project is built and grown, how do you take into account community feedback, contributions, and requests?
Howard:
We have a great Discord channel, and if you watch our latest bi-weekly townhall we have many ways to address feedback. Our project is built on community, and we live that mantra everyday. https://youtu.be/1CHRYM74RD0
Question from a Community Member:
Q5. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Howard:
https://discord.gg/8j87FjRuag ... our Discord has multi language channels... We will be doing AMAs in English, Chinese and Russian on a staggered bi-weekly schedule.
Our TG is here (https://t.me/unfedres_staking), but for official communication, the best, first stop is Discord. Once our Forum is up on our website, you can directly interact with other community members there.
Question from a Community Member:
Q6. Do you have an ambassador program available? If yes, how can I join it? And may I know what’s the benefit available for the ambassador?
Howard:
Our Ambassador program will kick-off in earnest in September. Swag, information and other benefits will apply. Only $eRSDL holders will be considered given the closeness to the community day-to-day they will have.
[About eRSDL]
The unFederalReserve (eRSDL) ecosystem offers simple, overnight cash management solutions to its small bank and non-bank lender customers. unFederalReserve’s customers put their excess cash to work as standard deposits while lowering costs of capital in the form of short-term advances. Its DeFI framework offers a modern solution for middle-market Treasurers’ biggest problem today.
[Useful Links]
- Official Website: https://unfederalreserve.com/
- Whitepaper: LitePaperRSDL.pdf
- Explorer: https://etherscan.io/token/0x5218E472cFCFE0b64A064F055B43b4cdC9EfD3A6
- Twitter:https://twitter.com/Unfederalreser1
- Telegram: https://t.me/unfedres_staking
- Linkedin: https://www.linkedin.com/company/unfederalreserve
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