The Weekly Reflection #1
January 1, 2021
This document is the first weekly reflection AMA put on by the RFI community for the RFI community. The next AMA will be held Wednesday 6 January 2021. The Weekly Reflection is both a live AMA and a weekly newsletter, and is a product of the Reflect Foundation. The live AMA will happen every Wednesday at 9PM UTC in the community telegram channel linked here.
We will be publishing a weekly newsletter called “The Weekly Reflection”, which will be a text based condensed version of the live AMA and will be published 2 days after, every Friday on a weekly basis. The Weekly Reflection Newsletter will contain the updates shared during the AMA as well as the vision for the future and where the team will focus its efforts in the coming weeks/months.
Mark your calendars, we hope you can join us for future episodes as well.
RFI Introduction
Reflect is a global yield generating protocol that seamlessly compounds RFI tokens in users wallets. Reflect works by applying a 1% fee to each transaction of RFI and instantly splitting that fee among all holders of the RFI token. This simply means if you hold RFI, you will earn more RFI. Hold and Earn baby, Hold and Earn. Holders do not need to stake or wait for fees to be delivered. Fees are awarded by the smart contract and are immediately reflected in the holders balance.
Project Updates
Community Roadmap
Here’s our community roadmap, it speaks for itself!
December Accomplishments
- Reflect saw its FIRST project launch with its native token backed by RFI as a store of value.
- Reflect saw its FIRST project make the decision to migrate existing ETH liquidity and choose to replace this ETH with RFI, recognizing the value of RFI as a more effective store of value as yield-generating asset.
- Reflect saw multiple projects offer RFI staking/farming pools which allowed RFI holders to double-dip (and even triple-dip) in some cases on the yield earned! For more information on available pools and APYs, see this article by community member Dylan Carter.
- We released our public community dashboard, built by one of our community members, Brayden linked here.
- The RFI Treasury Fund was formed & seeded. Multiple programs are active to continue the growth of the Treasury. In the last week, the community voted on 8 dedicated members to be part of a multisig account & all funds are now secured in the new Treasury multisig account linked here.
- We have 20+ projects that have completed integrations and another ~20 integrations that are in discussions/in-progress.
- Finally and most importantly, we have ORGANIZED and formed into 3 separate (equally important) sales channels:
- Retail User Growth — lead by @RFIJesus
- Utility (e.g., exchange listings, ecommerce platforms accepting RFI as a currency, RFI debit/credit cards, etc.) — lead by @CryptoDamo
- Project Integrations — lead by @El_Crypto_Chapo & @stevenakatomi
Currently in Progress
- Centralized Exchange (CEX) Listing — This will open up our user base to a completely new demographic, provide exposure for us & will also allow us flexibility to create some custom financial products using the power of RFI. We believe strongly that we’ll be able to get this done in 1Q2021.
- Stablecoins Backed by RFI — Some highly active community members have considered this to be the ultimate statement of legitimacy as a store of value. If RFI sits right next to gold, Bitcoin, ETH, USD & Euro as a store of value backing the same digital asset…we feel this sends a very strong message to the world.
- Products being built around RFI to provide a deeper entrenched value & broader ecosystem of offerings:
- RFI Farming As A Service (FAAS) platform
- Launchpad for RFI Integrated Projects
- Exclusive hosting site for all RFI staking & farming pairs
Q/A Session
Q: What are the plans for governance? There should be a way for RFI token holders to lock in their tokens for governance/voting. What are you plans to further fund the treasury?
A: RFI itself doesn’t require governance and is better without it. The token was complete at launch and is in full circulation (and deflating thanks to the Black Hole!). For the treasury, we’ll be determining the best way for contributors to direct the funds. This is a proof of concept for how any project, company, or community can pool funds in RFI and direct them to shared purpose. We’re excited to explore the various ways people can collaborate using RFI! Some early thoughts about potential treasury usage & structure was outlined in a Medium article written by a community member. I’ll grab the link……
https://deepthinkabundance.medium.com/grand-plan-the-supernova-community-treasury-fb9cfd4d1f58
Q: Any update on audit?
A: For those that might not know, one of our integrators (Union Capital) offered to fund an audit for RFI by Certik. Currently the Certik team is off on holiday until 1/4, but they should be able to complete the audit by mid-Jan for internal review. We also have discussed additional audits by at least one other global firm in a different market segment. More to follow….
Q: Do you have a solution to slippage problems on Uniswap and the risks of using a DEX?
A: Interesting question here. In short, the answer is liquidity. Lots and lots of liquidity. We’re working on it! 😉
Q: Based on RFI tokenomics, it doesn’t seem attractive for exchanges to list RFI — how are you addressing this?
A: Exchanges are happy to list any token so long as there is volume they can capture. There are some unique challenges with respect to CEX listings for RFI given that we don’t have team tokens and require liquidity provision…but I view it two ways (both positive):
1. Centralized Exchanges have been locked out of participating in the DeFi space up to this point and they’re scared as hell. DeFi is the fastest growing segment of crypto right now and they’re getting left behind. RFI could potentially be their avenue into the DeFi space, since it’s a TOKEN vs a staking contract. This is a huge opportunity for us to provide them with a solution to a problem that they’ve been staring at for quite a while!
2. If we, as a community, are successful in driving user growth, utility & project integrations…we will see increased VOLUME. Exchanges get paid on volume, so we actually are aligned with our goals.
Q: Which exchanges are you guys targeting to get listed on in q1, and what steps are you taking to get listed on those exchanges?
A: Can’t speak to any details until things are confirmed and in stone, but we think you’ll be pleased with the results. I can share that we are fully engaged and working closely with a top tier exchange and hope to finalize a listing in 1Q2021. One of the things I’m personally most excited about!
Q: Are we trying to preserve our 1% tax when it comes to CEX’s?
A: Great question. Like any other integration, the world is free to do what they want with RFI…we can’t stop anyone from acquiring RFI and using it. With that said, I think exchanges would be very short-sighted to not distribute the yield to their users internally. The exchange that gives its users the yield earned will get the volume, which is ultimately what they want. There isn’t much incentive for an exchange to actually capture and charge their users an additional 1% TX fee & redistribute it to the RFI network (all holders), so that may or may not happen…but dreamers can dream, right? The RFI community would fully support a CEX who would do this, however….and it would allow a CEX to claim they’re fully integrated into the DeFi space….
Q: What is with all the RFI forks? Why are there so many? How do we know some aren’t superior to RFI?
A: The clones are proof we have a POWERFUL product with RFI. All the biggest DeFi projects are loaded with clones. Yearn, Ampleforth, etc. All you need to do is look at their structure to see how they’re inferior. Fees greater than 1% are unsustainable. Fees going to centralized dev pools are unattractive and create a single point of failure, etc. The real value we have, as the only ORIGINAL, is the fact that we have this community of people who will drive the project to unimaginable heights. I can assure you, the clones don’t have 1/10 of what we have here from a human capital perspective. And in this space, that’s everything.
Q: Have you already started development of RFI casino and lottery? Do we have to worry about regulatory issues?
A: Yes — development for the RFI casino and lottery has started…if you consider planning/collaborating/etc the start of development. rficasino.com domain name has been secured & I have a team of devs that are working on the first WEB3 casino game of chance. I hope to launch the BETA for RFICASINO.COM in mid 1Q2021. The lottery is something that has been discussed and believe we’ll see go live around the same time as the casino. Still working through detail/platform/structure/etc.
With regards to regulatory issues….One of our community members has offered to conduct a free legal review of RFI to show we’re not a security…THANK YOU!
Q: How can we sit comfortably and hodl when whales are earning so much per day from fees that they earn, isn’t that a lot of potential sell pressure through the entire life of the project?
A: Yes, the price affects the value of your holdings…but it’s a true statement nonetheless, you DO earn more RFI. The flipside is that lower prices mean more RFI distributed per dollar transacted. We hope no one is here for a quick flip. If you see the potential and believe in this community, you should be quite happy in the coming months and beyond.
Q: Regarding to the treasury, when are these “matching” pledges from whales going to come?
A: The matching funds will come when the community has put up their $25k to match! Currently I believe we’ve received a little less than $9K worth of donations. All pledges are from true believers and they’re excited to be able to do this for the community!
Q: Does the foundation own the development of the contract and the network as well?
A: The Foundation doesn’t own anything formally, though it will steward the Treasury (with eventually decentralized governance of the funds). It’s going to be an incorporated entity tasked with supporting the growth and success of the Reflect ecosystem.
Q: A couple friends of mine criticise RFI as not being decentralised at all, because of the fact that Morpheus (and only him) has control over what addresses can be blacklisted. Is there a plan to fix this in any way, and perhaps decentralise that aspect further?
A: It’s more than likely we’ll never use the blacklist for anything other than the RFI/ETH pair on Uniswap and maaaybe the Black Hole if it gets out of hand. Morpheus himself has advocated not using the blacklist at all. Even if he did, the entity being blacklisted could just play a shell game by moving the tokens to other wallets. This is literally the only point of “centralization” in Reflect, and after careful consideration there (so far) appears to be no good reason to use it.
Q: Chapo — with you being the de facto leader & face of Reflect and also working on paid marketing and promotion for other projects, do you see a conflict of interest here? How will you protect Reflect’s reputation? Whether you like it or not, you’re tied to RFI and its image.
A: Oooooo this is a great one. This is a question/criticism I’ve received a fair amount, so this is awesome.
I am more focused than ever to ensure that I maintain a reputation of integrity, for myself & for Reflect. I have refined my own personal process with respect to vetting projects prior to engaging in any promotional or marketing activity, going well beyond what any other influencer in the space is providing. For any project I affiliate with, I am personally doing private KYC with the owner/dev/team, as well as using personal resources to determine legitimacy. I am committed to being personally invested in any project that I work with as well, so obviously will focus on deeper due diligence & focus on projects that bring true value to the space. I am careful to affiliate only with projects that either bring value to RFI or are unassociated in any way. In short, RFI is my prime focus & I’m fully committed to its success. I will do everything in my power to not jeopardize Reflect in any way through my other workings in the space, but rather leverage the value that my status as an influencer may provide. I’ve found that my marketing/promotion background has been our strongest source of integration leads, so this can be a huge benefit for Reflect and all RFI holders!
Q: The adoption of $RFI by other projects has been astounding, what is the benefit of projects pairing their native tokens with $RFI? How does such adoption benefit $RFI?
Projects have quickly realized that holding all or some of their reserves in $RFI as opposed to exclusively in $ETH represents an extremely unique opportunity because $RFI provides passive revenue on its share of reserves, and will likely outperform $ETH. The upside for $RFI is much greater, given the current valuation & the superior growth rate for RFI vs ETH. Combined with the network effects of cross collaboration of communities, this represents a win win scenario for projects to pair their native token with $RFI gaining both value and potential new audience. Likewise, the benefits for $RFI holders is represented with the increased transactional volume that leads to an increase in distribution to each of us $RFI holders. The more volume transacted on such pairs, the more 1% taxes are collected and more yield distributed to our wallets.
Q: Is there a plan in place to buy a parcel or land (decentraland — cryptovoxels) so we as creators could showcase our NFTs and increase exposure?
A: Thats a great Idea and so this can go 1 of 2 ways, either a community member buys the land or we put it up for vote that our treasury buys it. I personally want to care for our creators as much as possible. This is definitely one of the ways we can uplift our creators. @RFIJesus is running a content creation program linked here. Any other ideas that you guys have to love on and take care of our creators please connect with me.
Volunteer Call to Action
Lastly, it’s not what Reflect can do for you. It’s what we can do for each other. WE ARE ALL VOLUNTEERS, REMEMBER THAT!
Want to Contribute?
Fill out this form & let us know what talents you have that you’re willing to share to continue to drive this project forward!.
Thanks again everyone, as you can see…2021 should be a very exciting year for all of us here!
Welcome Reflect Foundation
What is it?
The Reflect Foundation is the first of many organizations made by the community. That’s it, in its simplest form. The aim of the foundation is to help drive long termed sustained volume for RFI by increasing utility, increasing our holders, and increasing our integrations.
Leadership
The most de facto leaders in the Reflect community will be a part of this foundation but our hope is that this organization will inspire the greater community to make their own orgs that contribute to the Reflect ecosystem in their own unique way.
Please always remember, Reflect is a COMMUNITY. We have certain individuals who are taking a more active role and heading up efforts, but there are no individuals here that are responsible for our success. It’s up to all of us to make sure we drive Reflect in the right direction.
The website for the Reflect Foundation is being built right now and should have a lean release in the next few days. Over the coming weeks it will become full of helpful material & will evolve into a functional product and asset for our community to utilize, both internally & externally.
Links
💻 https://www.reflectfoundation.org/ [still being built]
🐦 https://twitter.com/ReflectFndtn
☎️ https://t.me/ReflectFoundation
👾 https://discord.gg/MVeyS2DKa8
