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R2 protocol: New challenges after successful start-up start!
R2 Protocol starts Ethereum main network with RWAS. Users show dissatisfaction with reward program and deposit.
R2 protocol: New challenges after successful start-up start!
On September 26, 2023, the Ethereum main network of the R2 Protocol was launched at 07:00 UTC. This step marks the beginning of a new chapter in the world of the Real World Assets (RWA), with the introduction of two main vaults: the T-Bills Vault and the private credit vault. According to the information from Crypto News a total value of $ 121,290 (TVL) was reached with over 154,000 users on the platform.
However, the introduction of the reward program was critically assessed by the users. Many felt through the conditions that required a deposit from USDC to unlock 100 R2 tokens. R2 Protocol explained that every user who receives 100 USDC for 60 days guarantees 100 R2 tokens, combined with an annual return of 50% (APY). In order to be considered for the rewards, users must have previously carried out at least one swap in the R2 test network and reach a basic dot shaft.
Reward program and vaults
To increase the returns, users have to connect their wallet and invest USDC in one of the Vaults. The T-Bills Vault offers a net annual return of 4% and is supported by tokenized US state bonds, with institutional support for companies such as Blackrock and Vaneck. In contrast, the private credit vault aims at a net annual return of 9% to 10% and is supported by carefully selected private credit portfolios, supported by partnerships with Fasanara Capital LTD, Mercado Bitcoin and Apollo.
The main network started with a test phase in which over 385,000 registered addresses and more than 50,000 active users were recorded per day. The plans for the start of the native token of R2 are scheduled for the end of 2025, which can be expected to grow and interest in the crypto community.
The mix of innovative and proven financial instruments could be crucial for the acceptance of the R2 protocol and support users in the increasingly complex world of cryptocurrencies. Nevertheless, it remains to be seen how R2 Protocol will respond to the concerns of the users regarding the reward program in order to permanently ensure trust in the platform.