- Just The Metrics
- Posts
- #027: An ISPO that offers USD-backed stable coins as rewards?
#027: An ISPO that offers USD-backed stable coins as rewards?
PLUS: What is Shareslake?
Welcome to This Week In Cardano
Read time: 5 minutes
If you want to:
Quickly gain fundamental blockchain knowledge
Use a metric-base assessment framework to make informed decisions
Have example assessments of major Layer1s already bring you way ahead of 95% of the people in the space
Then this eBook is for you👇
Hi Cardano Community,
Welcome to This Week In Cardano - your daily Newsletter covering the major updates in the Cardano Ecosystem!
This is what we have for you today:
🤔 An ISPO that offers USD-backed stable coins as rewards?
💰 What is Shareslake?
💎 Gem of the Day
This Week In Cardano
Your Daily Newsletter covering all major events happening in the Cardano Ecosystem
An ISPO that offers USD-backed stablecoins as rewards?
USD Stake Pool Offering Incentives Why it is special?
By participating in the event, users will receive their epoch rewards in RUSD.
Btw, what's Shareslake, and what's RUSD?
Shareslake is a fully stable blockchain ecosystem based on a Cardano sidechain.
The network uses a fiat-backed stablecoin called Redeemable USD (RUSD) as its base coin, which maintains its value by holding a reserve of US dollars.
The Shareslake network was released on May 1st, 2022.
The RUSD was the first stablecoin to reach the Cardano mainnet in September 2022.
Stake Pool Offering and Incentives
Shareslake's special Cardano Stake Pool Offering and Reward-Sharing Program is designed to increase the total supply of RUSD while maintaining the 1:1 collateral.
You can delegate to the stake pool, receive rewards in RUSD and even be eligible for an NFT to claim a part of the earnings generated by the RUSD minting and redemption process.
Why it's special?
Imagine being able to participate in a stake pool offering that not only supports a self-funded project but also allows you to receive rewards in a stablecoin.
Shareslake is a self-funded project since the beginning and the core of the platform, plus some other elements, have already been released, demonstrating the team's abilities and making it easier for users to support them at no cost.
This means users get an actual representation of a US dollar as staking rewards, significantly reducing risk for participants.
How to participate?
To participate, users just need to delegate to the stake pool.
After each epoch, the team will collect the ADA, convert it to USD and add it to the RUSD fiat reserves.
Then, users can claim their RUSD rewards, which will be distributed proportionally to the amount delegated.
Rewards will be available 1–2 days after each epoch end, so there is no need to wait until the end of the event to claim them
There are no restrictions on what can be done with the RUSD after receiving it, users can hold it, trade with it on DEXes, or even send it to their bank account.
Conclusion
Shareslake's Stake Pool Offering and the reward-sharing program is a unique opportunity for users to support a self-funded project and receive rewards in the stablecoin, RUSD.
By participating, users will be supporting a small team that has been working on Cardano for a while with no external funding and that has already released the core of the platform.
For more information and to participate, please visit their website.
Disclaimer:
This is not paid or sponsored content. The information provided in this newsletter is for informational purposes only and should not be considered financial advice. The readers are advised to conduct their own research before making any investments or taking financial decisions.
Interested in sponsoring this Newsletter?
💎 Gem of the Day 🧵
It's Friday, #Cardano 🍻
✅ Time to load insights from #ProjectCatalyst 🏗️
👉 New 'official home' at projectcatalyst.io, Circle's first meetings, and more community updates. Catch the latest updates via issue #62:
🔗 mailchi.mp/iohk/catalyst-…
#ADA $ada
— Daniel Ribar 🐣 (@danny_cryptofay)
2:32 PM • Jan 20, 2023
Ok, that's it for today. If you like what you are getting here, please
Share This Week In Cardano
with friends, family, or just other (crazy 😉) Crypto & Cardano Enthusiasts
Give us Feeback!
We would love to hear from you!
What did you like?
What can we do better?
Which topics are you interested in?
Write us, we will read and answer every email, pinky promise :)
That's it for today, see you tomorrow!
If you want to learn more about Cardano, crypto metrics and fundamentals give us a follow
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
Reply