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When was the Reserve Rights (RSR) coin issued?
The Reserve Rights (RSR) coin was officially launched on December 18, 2019, following the Token Generation Event (TGE).
Dec 13, 2024 at 11:41 am
When was the Reserve Rights (RSR) Coin Issued?
Background:
Reserve Rights (RSR) is a stablecoin cryptocurrency designed to maintain a stable value pegged to a basket of fiat currencies, including the US dollar, euro, Japanese yen, and British pound. The RSR coin serves as the primary utility token within the Reserve Rights ecosystem.
Reserve Rights (RSR) Coin Issuance Timeline:
Initial Coin Offering (ICO):
- The Reserve Rights ICO took place from September 20 to October 12, 2019.
- During the ICO, 1 billion RSR tokens (50% of the total supply) were offered at a price of $0.10 per token.
- The ICO raised approximately $100 million, making it one of the largest stablecoin ICOs at the time.
Token Generation Event (TGE):
- The Reserve Rights TGE occurred on December 18, 2019.
- During the TGE, the RSR tokens purchased during the ICO were distributed to investors.
- The TGE marked the official launch of the Reserve Rights platform and the RSR coin.
Continuous Issuance:
- After the TGE, Reserve Rights implemented a continuous issuance mechanism for RSR tokens.
- Under this mechanism, new RSR tokens are minted when demand for the stablecoin exceeds the available supply.
- The issuance is controlled by an algorithm that adjusts the minting rate based on supply and demand dynamics.
Token Burns:
- Reserve Rights also employs a token burn mechanism to regulate the supply of RSR tokens.
- When there is excess supply of RSR, the project uses a portion of its revenue to purchase and burn RSR tokens, reducing the circulating supply.
- This burn mechanism helps maintain the stability and value of the RSR stablecoin.
Current Issuance and Allocation:
As of February 2023, the total supply of RSR coins is approximately 1.9 billion, with a circulating supply of around 1.2 billion. The remaining tokens are held in reserve for future issuance or other purposes. The breakdown of the RSR token allocation is as follows:
- ICO: 50%
- Reserve: 20%
- Ecosystem Fund: 20%
- Team and Advisors: 10%
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