Alongside its recent Bittrex Global exchange listing, Digital Reserve Currency (DRC) has announced a number of significant changes to their DeFi ecosystem that aim to improve the value proposition for the project whilst also rewarding the loyal DRC holders:
The DRC Vault
In a period of uncertainty and fear in the markets, many investors are unsure how to handle their trades and holdings; holding devaluing assets is not desirable for many, especially those that are used to positive returns from yield-farming or other interest bearing products.
The newly released DRC Vault allows DRC holders to deposit their DRC into a community Vault; secure and full of great analytics such as TVL and price charts. The Vault is a symbol of the belief in DRC’s value proposition. It is simple; hold, show the desire to hold and get rewarded through DRC’s intrinsic growth alongside external rewards.
These external rewards can be considered as gifts, or donations, from the community. Many community members have already pledged to provide donations of all kinds (NFTs, tokens, swag, etc.) to those that support DRC in its journey. The Community-owned DRC Fund has accumulated a large amount of DRC (>15m) to incentivize those in the community. By entering the DRC Vault, users are leaving their digital signature upon the oath to bring DRC forward. These digital signatures, live on the blockchain, are also how rewards will be distributed.
Current proposal for rewarding DRC Vault Depositors is as follows:
- Weekly distribution to 1random address: 50,000 DRC
- Monthly distribution to 1 random address: 250,000 DRC
- NFT Drops (i.e. Hashmasks, Spunks, AI Art, Wicked Craniums and more)
The minimum requirements to qualify for these rewards are:
- The wallet address must have an active deposit in the DRC Vault
- At least 50,000 DRC must be deposited to qualify for the DRC Rewards
- At least 100,000 DRC must be deposited to qualify for the NFT Rewards
- The deposit must be for at least 30 days uninterrupted
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DRC Community Engagement
Moving forward, the DRC community is now the locus of attention. The decentralised DRC Foundation Fund has stockpiled donations and rewards for the community to benefit from. The DRC Discord will become a hub of activity including tournaments, contests, information sharing and generally a place to feel comfortable in the incredibly turbulent space of DeFi.
With these initiatives, it is clear that the holders of DRC believe in its future and value proposition. For a token with a small market cap such as this, it is almost unheard of to see the distribution of holdings that DRC has. Alongside the holders, those who are carrying the vision forward include prominent and well connected people in the space.
The Roundtable is a central part to the internal debate, and will become even more so. The GEN00 and GEN01 NFT Holders are an important part of the decentralised discussion and community accountability model. To gain access to the exclusive Roundtable Chat, users must hold either GEN00 or GEN01 NFTs, gained through donations to the Foundation Fund.
The concept of idea sharing is important to DRC and if a community member has a proposal that they think will benefit DRC, they can receive funding for their idea.
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Expanding globally and attracting a strong community requires people to speak the local language, understand the mindset of the people and to provide that bridge to help onboard users — together the DRC Community can reach a wide audience.
Currently, the DRC Foundation fills a gap between the centralised authority of traditional project governance and the ineffective efforts of a dispersed community. However, if the DRC Foundation did not exist, DRC would function no differently. This is the essence of decentralisation.
Whether DRC is a long-term hold, a short term speculation, or even just an interesting project to watch grow, the core ethos is fully decentralised operations. The objective is to provide a real, coherent and functioning framework for DRC to thrive and function without ANY centralised efforts.
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