The Weekly Reflection #3

Reflect Foundation

Published in

Reflect Foundation

15 min readJan 15, 2021

January 15, 2021

Welcome to the third weekly reflection AMA by the RFI community for the RFI community.

Our main topic today is The Reflect Foundation Treasury. We look forward to sharing some history, current status & future plans for this instrumental part of our growth.

RFI Introduction

Reflect is a global yield generating protocol that seamlessly compounds RFI token in users wallets.

Reflect works by applying a 1% fee to each transaction of RFI and instantly splitting that fee among all holders of the RFI token.

This simply means if you hold RFI, you will earn more RFI.

Holders do not need to stake or wait for fees to be delivered. Fees are awarded by the smart contract and are immediately reflected in the holders balance.

We like to refer to our 3 Pillars of $RFI:

Simple — Hold and earn. That’s it.

Safe — No smart contract risk, keep tokens in your own wallet

Sustainable — Deflationary on Growing Network of integrating projects, consistent volume

Progress Update

Community Growth

The leadership team continues to monitor the health & growth rate of our community. The last week has some positives to highlight, but also some areas of concern.

Our Telegram community has grown to 4,750 members this week. +800 members week-over-week. Great stuff!

The Reflect Foundation’s Twitter account now has nearly 450 followers. If you haven’t already, please follow our official account at www.twitter.com/ReflectFndtn/.

Our total real wallet holders declined week-over-week from 2614 to 2523 (-3%). The following charts have been updated from last week with current data.

Increasing our total wallet holders will be our primary focus area for improvement in the next 1–2 weeks. The leadership group has set a goal to increase our # of wallet holders to 5,000 (2X current) within the next month.

Exchange Listing Update

We are making strong progress on our first CEX listing. Current discussions indicate that they will integrate both the fee collection & distribution mechanisms to truly be part of the RFI network — super excited to see this happen! We are also working to secure a DEX solution that will reduce gas fees for on chain trades. In addition, an application has been submitted for listing on Matcha and are pursuing additional DEX listings as well.

Project Integrations/Ecosystem Development

This week, our partner Beast DAO completed their successful launch after a raise of nearly 600 ETH! Thank you for all your support. We believe this platform will be an essential part of the Reflect ecosystem long-term.

Beast DAO has partnered with Certik, one of the leading auditing firms. With this partnership, we now have an auditing firm included in the Reflect ecosystem as well.

We received 3 commitments this week from projects to form RFI liquidity pairs & 2 of these will be providing utility and/or liquidity mining options for RFI holders.

Lead Investor/VC Investment Update

The leadership team has spoken with multiple VC’s & large investors this week. The feedback that was received from these folks was incredibly valuable. Reflect, as it stands today, is not ready for institutional-type investment. Until we have a central structure in place and an entity that would allow for venture capital money, we’ll be focusing our efforts on additional angel investors. In parallel, we are developing the structure in preparation for VC investment at a future time.

Currently in Progress

A robust marketing plan to educate the space about what Reflect is doing will kick off on Monday January 18th. Now that we have our vision outlined & an incredible story to tell, it’s time to shout it from the rooftops and share our passion with the world.

Once people understand RFI, the power of the protocol becomes apparent. We’ll be asking for your help in the coming weeks to spread the word and help us with this education to drive the growth of the community forward!

We are generating a large repo of sales/marketing content and materials from the fantastic entries from the Meme Contest that will be highly beneficial as we look to further spread our message in the coming weeks.

All of this content will be publicly available to the community, organized by @CryptoDamo, we all have access to it as we leverage the RFI Army!

Thank you all who participated this week!

Main Topic of The Day: The Reflect Foundation Treasury

It should go without saying, but the treasury is an essential part of any community owned project. A brief history of the Reflect Treasury:

What It Was

Prior to the Reflect Foundation being born, our community treasury was held in Chapo’s personal wallet. For many reasons, this was obviously not ideal. A few weeks ago, a multisig wallet was created, fully securing our treasury funds with 8 of our leaders on the multisig account. For those who are unfamiliar, a multisig account is one that is set up so that funds cannot be moved without authorization from multiple parties (multi-signature requirement).

What it is now

As of today, all funds that belong to the RFI Treasury are in this account — here’s a current look at our project treasury:

You may notice the large spike in treasury balance that occurred yesterday. This was driven through the sell-out of our VIP NFT’s! In a little less than 2 hours, we raised 40+ ETH…something this community should be very proud of!

Funds from the NFT sale went to Chapo’s personal wallet. He promptly transferred the 40+ ETH to the multisig wallet to ensure security. This was the last tie to Chapo’s personal wallet; all treasury transactions will be through the multisig wallet moving forward.

Note: We plan to keep the majority of the treasury balance denominated in RFI. We truly believe that it is a better store of value than ETH, so we intend to put our money where our mouth is! A limited amount of funds will be kept in ETH, as some of the project expenses will need paid in ETH to those parties that will not accept RFI for payment.

Spending limits have been defined for the multisig account:

$2500 — Leadership Team Individual Daily Limit. This empowers the leaders to make minor spending decisions and allow for fast growth without bottlenecks. Expenses like graphic design, gas fees for transfers, minting NFT’s, etc can be handled quickly and on the fly without the need for multisig approval and a delay.

$10,000 — Multisig Leadership Group Spending Limit. The community voted for the 8 people who are part of the multisig to do what is right for the project. For expenses <$10K, the multisig group has the autonomy for spending.

>$10,000 — For any expense/cost/initiative greater than $10K, it will be brought to the entire community for discussion & vote. For large expenses like this, we want to ensure we have full support from our token holders and allow for input on the spend.

What it will be | Treasury Governance

Our vision for the Treasury is to go to a true governance model in the future.

We are still fleshing this out of exactly what this will look like. Our plan is that the community of RFI holders of governance tokens will control the Treasury. This concept is under consideration and development — more to follow.

Community Highlight

A new section in our Weekly Reflection, the Community Highlight recognizes those adding significant value to the Reflect ecosystem.

All contributors — small and large — are incredibly important to our growth, and we’d like to acknowledge those putting in exceptional effort for the greater good.

In our first Highlight, we’d like to feature none other than the saviour himself: @RFIJesus!!

The legend precedes him already, but for those who don’t know: this gentleman has taken it upon himself to be THE RFI Evangelist — in every sense of the term.

Drawing on a wildly successful career in the Bay Area tech/startup scene, the counsel and advice RFI Jesus provides is simply unparalleled — especially for a decentralized community.

He is dedicating his EXTREMELY valuable time, knowledge, connections, resources, and capital to support our shared cause. We all need to be thankful for his commitment — I certainly am.

Please take a minute to show your gratitude with a follow, retweet, comment — or perhaps just buy some more RFI and tell your friends ;)

Thank you, @RFIJesus. For everything you’ve done and continue to do. 👏👏👏👏👏👏👏👏👏👏👏👏

AMA

Q: What is the biggest reason people should buy RFI right now?

A: That’s a big loaded question to kick us off…wow! Where to begin…my passionate FULL response here would probably keep us all here for the next few days, so I’ll try to keep it brief….Some of the biggest events that RFI has been discussing & planning for are finally approaching. As of today we are a $10-$15M mcap project which means we have A LOT of room to grow. We have an ambitious roadmap — but it is ACHIEVABLE. We have a true vision and have already made strong progress on most of the items that we’ve outlined.

Q: What are the future plans for advancing RFI, and what about the security of RFI assets, will RFI create its own dex exchange?

A: RFI is the token of the greater Reflect ecosystem. We have been hard at work building out our network of integrations. This is the first and easiest step to take on this journey of building this ecosystem. A decentralized exchange (DEX) is something that has been discussed & could certainly provide long-term value for the Reflect ecosystem, but this would be a longer-range item & is not a current focus of the leadership group.

Q: Do we have plans for a listing any time soon or would it be after the Audit?

A: An audit is already underway and we expect our first exchange listing to be close behind it.

Q: What guarantees RFI project will not scam investors? There have been a lot of projects coming and defrauding investors, so how can you gain the confidence of investors?

A: Here in the Reflect community, SAFETY is one of our 3 pillars.

The RFI smart contract was complete at launch and all tokens are already in circulation. There is no way for RFI to scam you, the bulk of RFI’s liquidity is locked & at this point, the code cannot be changed. Beware other projects that use RFI’s fee share model. Many of them are scams!

RFI is the first protocol that allows you to earn yield while you keep control of your tokens in your wallet at all times.

This is one of our fundamental value propositions — SAFETY.

The simplicity of earning yield by just buying & holding inherently makes the process of earning yield safer.

Q: We have heard/seen some information about clones boldly claiming that they are better than RFI and will eventually replace us. What is RFI doing to prevent this from becoming a reality?

A: Bitcoin and Ethereum are not even close to being the best at what they do, but they are the dominant protocols. Why? Because they were first, and had tremendous communities supporting growth and adoption of their revolutionary products. Reflect is exactly the same. We were first (shout-out to Morpheus). Clones are a compliment, and validation that we’re doing something worth copying.

The value of the protocol is not in the code itself. It’s in all of you, it’s in the strength of our community and our ever-growing network.

The Reflect ecosystem is what provides “the moat” — it is not something that you can CTRL-C + CTRL-V

The gap between RFI and “the rest” that are copies/clones/forks/etc is widening by the day. Our network is stronger, we were first to market, and our pace of growth is faster.

Q: I see that Kashaf has been posting breadcrumbs about a CEX integration in the Price Discussion group. How close is this to coming to fruition?

A: CEX listing is getting closer by the day. Listing agreements are on their way over, I will be handling the KYC on my own identity and the integrations expected have been agreed by the tech teams. Exciting times.

Q: Do you know if the CEX will distribute fees in real time, or will they be pooled and sent out at a certain time? Very excited that RFI will be in front of thousands of new crypto enthusiasts, congrats on all achievements so far.

A: Very good question, and something I didn’t actually think about. Currently, we’ve agreed the full integration with distribution as agreed. In terms of the event timing of settlement of the distribution, that hasn’t been discussed. I have noted that down, and will take that up with the tech teams tomorrow.

Q: Do you have a future plan to build a global community from all countries, providing opportunities for ambassadors and influencers to work with RFI in developing communities around the world?

A: We would LOVE for RFI to reach every community in the world! Especially the Global South where the fiat economy has either left them behind or outright taken advantage of them. This channel right here is the currently the global meeting place for the Reflect community. We have so far seen 8 additional telegram groups started to represent different language communities. If you’d like to create a new language community for RFI let us know! We’d be happy to get you started.

Our partnerships, integrations & collaborations with people & projects around the world will allow us to continue to expand our reach. For instance, the CEX listing that we are pursuing is Asia-based. Once this is complete, we will have an asset in Asia that will help us drive additional growth in our user base in that area of the world, as well as provide connections to projects that may benefit from RFI integration.

Again — this network effect is the secret sauce.

Q: Can you go into more details on what VCs highlighted were current barriers to entry?

A: The nature of our decentralized protocol and community creates challenges with respect to offering an investable structure for VCs. Without equity shares to issue, VCs don’t have a traditional pathway for investment, much less modeling any sort of ROI.

As a side note — It seems to be a recurring theme that VC’s are in love with the simplicity of RFI & have suggested this is the message that we lead with. Reflect makes the complex world of DeFi simple. This is THE major problem that RFI solves.

Q: I’m new here so forgive me if I’m being naïve but in regards to the Treasury what happens if 80k isn’t enough?

A: This project doesn’t NEED a treasury fund to be successful — organic growth will happen with or without spending. Sweat equity can go a long way with a community as strong as this one. However, funding for the project goes a long way at ACCELERATING this growth. We’ll be able to reach our goals faster with a larger treasury balance, bottom line.

Q: Is BeastDAO still expecting to add to the RFI liquidity pool with the launch of their first token?

A: Yes, I was on the phone earlier with @BeardofJustice, ETH is set a side ready to create the pool which will be done by @IYF_Finance. Should be expected anytime now. As a side note — I also understand that Beast DAO will be offering liquidity mining of the unsold tokens to allow BEAST/RFI liquidity providers to farm the unsold BEAST tokens!

Q: DeFi has three departments: DEX, consolidated assets and loans. What does RFI focus on? What real solutions will you bring to DeFi and what exact problems do you want to solve?

A: One of the focuses for RFI is in lending. We have our friends at YLD building lending against assets, whilst we have some of our leadership group looking at further ways to leverage RFI as an asset for further lending and/or collateralization. All these solutions remove sell pressure from the asset since any RFI holder would not need to sell their RFI in order to further explore DeFi. RFI is an extremely unique project. By the end of the year, it’s possible that RFI is a collateralized asset with lending/borrowing platform & a DEX as well. We believe that frictionless yield delivery completely redefines DeFi as a whole — so the Reflect ecosystem will touch every part of it (eventually).

Q: Are there videos I can watch in order for me to get to grips with what RFI is please as I’m a proper novice when it comes to this?

A: Yes! Here’s the best one we’ve seen so far: Best video out for this https://www.youtube.com/watch?v=2Qin6fXXddQ&feature=youtu.be

Q: Are there any particular partner integrations RFI would ideally look at? Given the choice of any?

A: Yes — the quality of questions seems to get better every week. Thank you all! We’d love to see ecommerce platforms and payment providers integrate RFI into their services and for centralized exchanges to list RFI *and fully integrate the fee share function*. We’re also excited to grow beyond the boundaries of DeFi and crypto into the wider world of traditional financial products and markets. Most projects that I’ve spoken with personally, we are able to find a way to leverage the power of RFI to benefit them & create a win/win for both them & the Reflect Community.

Q: Will there be a cut off for the blackhole if deflation gets out of control? Who controls this? Would we all get to vote?

A: This remains to be seen. We don’t expect the black hole to get out of control but we do have a mechanism to protect the project if it does. It’s a blacklist function that creator Morpheus can use to block a wallet from receiving fees. However, it has only ever been used to block the ETH/RFI pair on Uniswap from getting fees (because otherwise there would be constant downward pressure on the token price) and we’d like to never use it again for anything else. If we chose to ever use this function, it would certainly be a community decision via vote.

Q: How big is the team? Are the team members public? If not, do they plan to be public in the future?

A: The whole community is the team! The RFI token was released on Uniswap COMPLETE, FINISHED, DONE. The community has stepped up since day one to give the token utility and value. Hang out in this telegram channel and you’ll see the most active members helping bring RFI to the world. We are (and will always be) an eclectic group of both public & anonymous people. Our diverse skill sets are what makes us shine!

Q: What is the most important thing a new (or old) RFI member can do to help stimulate volume on the network?

A: Buy RFI, share with your communities, bring others into our community, and create great content that helps spread the word about RFI on social media!

Q: Who are the other people who are in the Multisig?

A: DrWho, Brayden, Damo, Grant Cox, Kash, S2Bomb and Senor Cheeks.

Q: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can you tell us, What interesting topic makes your project different from other projects?

A: Simple. RFI was complete at launch and is in full circulation. No empty promises here. 🤘

Thanks so much everyone!! Through varying leadership roles, we’ve learned that the old saying “it takes a village” has never been more applicable!

We’ve been able to witness the incredible talent that exists within the Reflect community and we want to emphasize how important our varying skillsets are!

Each of you play an important role in the success of this project, whether it be big or small. Remember that.

Call to Action

Subscribe to the Weekly Reflections email list to get notified on the article’s release → https://www.reflectfoundation.org/the-weekly-reflection/

🏦 Contribute to the Treasury → link to address.

This is a multi-sig wallet owned by the core members of the community, votes go out for what to spend on. Any thing that needs funding comes from this treasury, like marketing, CEX listings. Please contribute $RFI or $ETH with what you can, even 5 RFI will go a long way.

Help projects Grow a Pair and download and take this infographic to your favourite projects or projects in presale, and encourage them to launch with BeastDAO and pair with RFI.