Reverse Protocol 2.0 - Community Governed Treasury

[Cman]

Name of Project

Reverse Protocol

Proposal overview

Reverse Protocol is a community governed treasury protocol employing Farming as a Service to create sustainable UST returns for stakers of Reverse’s utility token - RVRS.

Reverse Protocol is employing a treasury of approximately $1.45M across 17 different investments both in Harmony and also across other blockchains. The RVRS holders govern the deployment of the treasury in the Reverse Discord; members propose strategies for deploying the treasury to earn yield which are voted on through on-chain community governance.

75% of the yield earned in farming is deployed weekly as a UST airdrop. With the remaining 25% either used to buyback RVRS, compound into the treasury, or build liquidity; depending on algorithms designed to influence the RVRS price.

Reverse originally launched in November 2021 – however Reverse is currently preparing to launch Reverse 2.0 – which includes an updated UI, updated website, new airdrop claim model and additional integrations with Fiat gateways and bridges as well as an externally audited custom ve style Diamond Hand staking contract.

Reverse 2.0 represents a significant improvement on the original protocol and as a result, the Reverse 2.0 push is going to involve a heavy marketing and partnership component.

Reverse currently has 8,600 followers on Twitter and 5900 members in the Discord.

Our Mission

Reverse Protocol aspires to be the first ever community run treasury protocol that delivers sustainable rewards.

We want to create an opportunity for people with limited DeFi experience to get exposure to investment opportunities without having to manage them themselves.

At the same time, we want to foster and grow a community of experienced DeFi investors who can benefit from sharing their ideas for deploying the community run treasury.

Core Team

Cryptina - Dev - FoxSwap
Ignacio - Dev - Artemis
Limi - Business and Treasury Management - Cryptopigs
Cman - Business and Treasury Management
Trigs - Business and Treasury Management

Proposal ask

We are requesting $50k as part of the launch grants for the launch of Reverse 2.0 and veRVRS
This funding will be used to fund development, UI design, marketing and partnerships.

As per the launch grant guidelines:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

Justification

Reverse Protocol is a world-first community governed treasury protocol operating in the growing FaaS space

Reverse has already delivered $500,000 in UST airdrops to RVRS holders

Reverse is consistently bringing funds into Harmony through farming on other chains

Reverse has to date invested >$125k into other Harmony native projects and will continue to do so

Metrics for success

• New UI out of beta
• 2000 wallets with RVRS staked in the new veRVRS contract within 1 month of launch
• 5000 daily active users in 3 months

External links

Docs: Introduction - Reverse Protocol

beta updated Reverse App: https://rvrs.app/

Medium: Reverse Protocol – Medium

Twitter: https://twitter.com/RVRSProtocol

Discord: Discord

veRVRS Explanation: Diamond hands through veRVRS. Introduction | by Reverse Protocol | Medium

[igeboya]

No doubt with Reverse Protocol since know it

[Darkmatter]

I worked personally with the RVRS team for several weeks and they’re a great group of people. They’re transparency and communication with the community is the best I’ve seen on the Harmony network.

I have no doubt that if they stay consistent RVRS will be one of the best protocols on the Harmony network and in crypto! Congrats RVRS!!! Please fund this proposal because these guys absolutely deserve it and I’m excited to see how they use it!

[iTower.ONE]

Great job team, keep going!
Glad to see this DeFi project on Harmony Network! These guys are bringing value from other block chains onto Harmony!

[Happy_Cat]

Actually, RVRS is good project
I still hold it until now
they give you free ust just for staking RVRS

[Avicenna]

RVRS Protocol is the FIRST true DAO that sources investment ideas from the community and implements them with their treasury. I have learned more re: crypto investing in the RVRS discord than I have from articles and other paid services. I think that RVRS has the potential to become one of the largest FaaS (finance as a service) protocols in crypto due to their unique positive feedback loop system. They have utilized the time since launch to fine tune their mechanics and are poised to make their community money during both bull and bear markets. Don’t take my word for it, hop into the discord and see for yourself. The vibe is immaculate and I couldn’t imagine a better use of Harmony’s money than to support RVRS!!! The grant money will easily pay for itself by the exposure Harmony network will get as a result of RVRS’s growth.

[theacidhoe]

This community is very strong and helpful towards each other. On top of that, it’s hard to overlook the fact that it is currently bringing money into Harmony but also supporting other Harmony projects. A grant here would essentially equal a grant to several other projects.

[GaryCal32191080]

Reverse dao has a wonderful community, dedicated and proffesional team .Faas is on another level sustainble profitable and transparent as close as u can at crypto space and all was build without support from vc but from the team and community.Reverse is just starting his journey and every extra hand in this point is a big boost for the future. Hope harmony chain does a thorough check on reverse and let the dapp speak for itself.

[doppypope]

@Cman

Farming as a Service

$UST directly airdropped. Solid team and community. What more can I ask for?!

[Puhx]

If we are looking at DAO’s as the epitome of what we want on Harmony there is no other project delivering not only for their community but for Harmony as an ecosystem more so than Reverse. They are an engaged community focused on long term growth and self-sustainability. And engaged and positive community like Reverse is want we want in the Harmony ecosystem. Please fund this project Harmony, it is a sleeping giant and well deserving!

[dvc.sre]

Out of all the DAOs out there, Reverse Protocol has one of the brightest communities (who generate the DAO investment proposals) and best culture. After an initial “rough” go of it, first from not being an OHM clone when people thought it was one and then again from the decline of anything that was a treasury DAO, a true diamond has been formed.

The team stuck through a lot of hate (take a look at the Discord the days after launch!) and the community members that have stuck with the team have truly become one of the best projects out there.

Why? Because the goal of RVRS is to invest in other projects that the community deems worthy through the process of discussions and proposals. Not only has RVRS invested in many native Harmony projects, but also goes cross chain. This seems like it would fit perfectly within the Harmony vision of bridging ecosystems.

RVRS has been through the ringer and is stronger than ever and poised to take advantage of current market conditions to offer a simple yield bearing model: hold RVRS and get paid in UST on Harmony. The economics are very straight forward without the ponzinomics that often flood the cryptoverse. The treasury holds yield bearing assets across chains and distributes yield, simple as that (but also not simple with all that goes on in the background to manage such a treasury!).

[hakimlukman1704]

rvrs is a good project, where the order has been set in the preparation. have clear goals and expectations in its formation. hope to be something big in the future

[FreeMagee]

Love this project, the team and the direction we as a community are headed. RVRS really deserves some attention for what it is achieving… Support would be even better!

[Trigs]

The community behind RVRS is without a doubt the absolute best people in crypto that I’ve come across. I’ve had the privilege to work with most of the community members that have commented on this proposal, along with many many others, and I can say that I am proud to consider them a part of my crypto family.

We are on a great journey together and I am grateful for the support Harmony has shown us so far, and I hope to continue to do great things for Harmony and the broader community that we are all a part of!

[FreeMagee]

Absolutely, couldn’t agree more whole heartedly

[0xpauliusMon]

Have been from the start and observing how rvrs protocol changes and evolves, it was a rough start, but the team and community didn’t give up and worked hard. No other community have i seen besides RVRS which would be a true DAO. We have good team activity in discord and proposals about treasury, voting and talks about future of rvrs aswell. RVRS is unique, never have i ever seen such Faas model in crypto and i think a lot of people would come to harmony just for RVRS. There is a lot i have to say, but other comments describes it well. RVRS truly deserves a grant, we already have a lot of gaming project on harmony network, harmony can have more than that, so thats why i think RVRS project should get a grant. Cheers Reversoooooors!!!

[Cman]

Just wanted to share some screenshots of our new UI for anyone that might be familiar with the old Reverse UI.

Much improved and mobile friendly now too.

Here’s a little video we put together to celebrate the release of the new RVRS UI and app.

Reverse Protocol

[Carazy]

Reverse is a true community run treasury. I feel like I’m part of every investment. Right now market cap is quite a bit lower then our treasury value so it feel like I’m getting more for my investment then I could get alone.

I’ve also learned a ton about various projects through all the different proposals.

[essalacher]

Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund. We are in the process of reviewing your proposal and will assign a representative on behalf of the Grants Ops team.

We would also love to have the Harmony community participate to ask questions and provide feedbacks.

If you have more details to add, please do so by replying to this thread.

[Cman]

Wonderful, thank you very much for the feedback! We’re thrilled to be in a position to put forward this proposal for consideration and looking forward to hearing from the Grant Ops team.

We would also love to see some more comments and feedback from the Harmony community and we’re more than happy to answer any questions that come up!