Greetings PUBLISH0X community, today I want to introduce you to the newest synthetic asset I just discovered on the ecosystem, Rise Protocol. Until now, the crypto world has been introduced too many synthetic assets mainly pegged into 1 USD. Here comes the first difference of RISE: The Rise Protocol's token is not pegged into any kind of cash! It's directly pegged into 0.01 ETH. Besides that, the rebase mechanisms work a little differently than the others to protect the RISE token holders. Now let's start with the basics.
What is Rise Protocol, briefly?
Rise Protocol is a synthetic asset which pegged not into the stable currencies, into the dynamic values of different kind of crypto assets. With that feature, the Rise Protocol claims to be the first-ever project to follow the possible market sentiment changes instantly. At first, 1 RISE token is pegged into 0.01 ETH but in the future, according to the changing mind of the RISE holders and governors, it can be changed to any other asset. Existing and transforming with the popular market structure, the value of RISE token is predicted to increase over time together with increasing blockchain mass adoption.
Rise Protocol is a synthetic rebasing asset with the unique ability to peg to any asset or combination of assets.
Assuming that all Publish0x users have brief knowledge about AMPL, RISE has not completely different world on its own. The rebases occur daily, they can go in both directions, and they must happen if the peg price isn't inside of the 5% ratios. In addition to all that known and basic features, the RISE Protocol team added many more to protect the believers and holders. For example, the positive rebases occur daily at 20.00 UTC every day but negative rebases can only happen when the price is far down from the 5% peg range in 3 consecutive days. So, the time effect will happen in 72 hours and negative supply change is set to happen as late as possible! On the other hand, there is a tax mechanism while working with the RISE token. By utilizing the tax mechanism, the RISE protocol team aims to punish the sellers while adding these 'taxed' tokens into different pools for the community's priorities.
As I explained above, RISE token supply is affected by all movements of its holders with the core aim of rewarding them all. The supply is mainly set to increase over time via positive rebases and the least possible negative rebases while the tax scheme is set to be to burn 40% of all taxed RISE instantly. So, it is expected that the user holdings will increase while the total supply is continuously decreasing. The main aim is to reward the believers, as I have said previously.
Who is/are Behind the RISE Protocol Project?
There is no clear information about who are the core team of the RISE Protocol. It's only said that the members decided to stay anonymous because they're talented and worked for previously known projects. It may be seen as a natural outcome of being DeFi project. There are only 7 members listed on the RISE Protocol website. But they are only the development leaders, some community managers, and marketing specialists. You can check the list here.
The Rise Protocol team have chosen to stay anonymous for employment and personal reasons that could jeopardize their careers. All members are well known in other communities with some involved in other known projects as well.
The Native Token: $RISE
All cryptocurrency projects have their own token, Rise Protocol too. RISE is the native token of the Rise Protocol. The price is pegged to 0.01 ETH or 20.43$ at the time of writing. This is the expected price of the RISE token but it's not achieved always. And the actual price is out of the 5% range from 20.43$ (19.4$ - 21.45$) there must be a rebase to help the price to run towards the expected one. The team has prepared a 'Dashboard' page for the ones that want to follow the details of the current RISE price, possible rebase time, and the direction of rebase effect. You can check here.
According to the current statistics, the actual price is 14.42$ but it's expected to be 20.38$. So we need a negative rebase, basically. But it must last at least 3 consecutive days to occur a negative rebase. So that the current rebase part is shown as 0%. It means that there is no supply adjustment today and we hope time will affect the users to boost the price until USD value 0.01 ETH at the time of rebase.
RISE token is created on the ERC20 network to reach more audiences. Initially, the total token supply is set at 100,000 RISE but according to Etherscan statistics, the current supply of the RISE token is 244,432. Please check the contract address before making any transactions: 0x3fa807b6f8d4c407e6e605368f4372d14658b38c
The only feature that RISE differs from other synthetic asset projects is not only the lagged negative rebases. The other main features can be said as follows:
- Frictionless Yield: As I have told you above, there is a tax mechanism for the RISE token transactions. If you are a RISE buyer on Uniswap or any other listed platforms, there is no tax to be paid. But if you are a seller, you must pay 2% tax. Besides that, if you send your RISE to another address, you'll face 5% tax. 1% of sell tax is sent to BURN, Liquidity Locking, and Liquidity Providers. The remaining 2% from the sell actions along with regular transaction taxes is sent to the YIELD pool to be distributed directly to the RISE holders.
- Supermassive Black Hole: Each RISE token transaction will feed the BURN address. Currently, 11% of the total supply is sent to the BURN address. It counts more than 27,000 RISE tokens. If there are sellers, the BURN address will continue to grow.
- Dynamic Peg: Currently, the RISE token expected value is set to be 0.01 ETH. But it's not valid forever. It means that any governance action has the right to change the pegged asset and value anytime. Please be sure to follow the official Twitter account and join the Telegram group to be updated!
- Automatic LIquidity Generation and LP Reward Distribution: Liquidity generation and provision is community action. Anyone can contribute to the pool with any amount of assets. But for the RISE token specifically, the collected taxes are used to generate, grow and further feed the pool instantly after the sell action on Uniswap. Along with LP generation, the remaining taxes are divided proportionally to the Liquidity Providers.
The Security of RISE Protocol
The contract has audited by CTDSec and WarnOnRugs, separately. You can either check the full audit report here or follow the official Twitter account to be updated instantly! Please always DYOR before investing to prevent possible loss of funds due to contract failures.
What to Expect from the RISE Protocol More?
As you can see from the Litepaper, there is a roadmap showing milestones until the end of 2021. All the written objectives have been achieved so far. For Q2, the Protocol team has some plans to announce more partnerships along with the introduction of a governance platform. The only partner of Rise Protocol is Holder.Finance now.
In Q3, the core aim is to implement a ChainLink oracle to show the actual price with no more faults. By utilizing ChainLink oracles, the team expects a better rebase structure along with more feed for the RISE holders. Please go to Litepaper or check the image below to learn more about their roadmap.
*This article is created to spread the awareness of Rise Protocol and its features by utilizing my own experiences, the Litepaper, and the Rise Protocol Blog. None of the words above contain any kind of investment advice! Please DYOR (Do Your Own Research) before investing.*
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