Ruler Protocol (RULER)

Basics

• Started in / Announced on: 26-1-2021
• Closed down the project on 5-9-2021
• Mainnet release:
• From their introduction (26-1-2021):

"Ruler Protocol is a lending platform where users can borrow their preferred cryptocurrency with any other asset. It aims to fill the gap by enabling the following:

1. No liquidations
2. Supply and demand determine interest rates
3. Fungible, tradeable loans"

History

• From DeFi Prime (8-3-2021):

"Developed by the Cover Protocol team, Ruler’s launch reportedly led to the breakup of the Yearn + Cover Protocol partnership."

• Closed down the project on 5-9-2021

Token

Token Allocation

• From their introduction (26-1-2021):

"You will be able to earn $RULER by using the product or by contributing to the protocol. We will also airdrop $RULER to users who have participated in governance for Cover Protocol and other Yearn ecosystem protocols via Snapshot.page."

• An improvement proposal was accepted by the community, reducing the emissions (21-3-2021):

"The new tokenomics will significantly reduce the current emissions that were scheduled to have 17.75% of the total supply released after the 3 month mark. Instead emissions will now be reduced to 12.8% at the 3 month mark, even including the addition of the xRULER changes being added this week."

• From their blog (30-4-2021):

1. "250,000 tokens— Liquidity Mining: Will last one year (ends in March 2022). This includes both pool 2 and rewards for lending pools. If there are remaining $RULER, it will be sent to the treasury. Any additional liquidity mining emissions can be directed by governance, using treasury funds.
2. 500,000 tokens — Treasury: Used for all other areas, including but not limited to rewarding contributors, new onboarded team members, and bug bounties.
3. 250,000 tokens— Founding Team Salary: No changes. Vested over two years."

Utility

• Governance token.

Other Details

• From Yield Farmer (14-3-2021):

"The project’s lending offerings are resistant to liquidations thanks to the project’s two-token system. As for these two tokens, they’re the rcToken, which mark a claim on loan repayments after expiry through a token like DAI, and the rrToken, which is a tokenized obligation to repay a Ruler position that you can pay back as you please and thereafter retrieve your collateral."

Technology

Implementations

• Built on: Ethereum, will expend to BSC (30-4-2021), but closed down before that (5-9-2021).

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