Ruler Protocol (RULER)
(Redirected from Ruler Protocol)
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:
- No liquidations
- Supply and demand determine interest rates
- 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."
"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):
- "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.
- 500,000 tokens — Treasury: Used for all other areas, including but not limited to rewarding contributors, new onboarded team members, and bug bounties.
- 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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