The community wallet and our strategy

When Project Ririsu! came to life, we had in mind to distribute minting revenue as well as royalties from secondary sales toward a community wallet.

This wallet (0xC369e19708Cb7cdabE7a1B6fc4E6b3c53Cc348d9) at the time of writing this article is holding 33.5 ETH for a value of near 95k USD.

In this text, we will go through the purpose of the community wallet, how we plan to use the funds for the project and how we will use DeFi protocols to generate yields for the community in the meantime.

The purpose of the community wallet

For many projects, a community wallet should be directed to the community. By having different incentives, merch, giveaways, etc.

At Project Ririsu! those perks were already in our roadmap from day 1 and have been delivered without even touching the community wallet!

In our values, the funds within the community wallet will be used to achieve and accomplish the vision of Project Ririsu!

Building an entire ecosystem and brand around Riri isn’t something that can be done easily. The funds that sit in the community wallet will pay for the development of the project and the brand including salaries, operating expenses, and diverse artists.

The best way to give back to the community is by achieving what everyone is expecting from the start; A fun and overwhelming experience in the Riri world.

Who can manage the community wallet?

The community wallet is managed using a Gnosis safe. A safe is a smart contract that enables the management of assets and performs transactions behind a multi-sig.

So in order to perform payments, send giveaways (ex: NFT) or do transactions to manage the treasury assets, multiple signatures are needed to validate and confirm the transactions.

Currently, 3 signatures out of 5 possible signers are needed to perform any actions. The committee is composed of many members from the Ririsu! team, having in mind different perspectives but working toward the same goals and objectives.

The multi-sig committee is composed of :

Yarieos — Founder
spam — Founder
src — Developer
Druskidru — Lead Community Manager
Baowolf — Project Advisor

Our treasury strategy

In the introduction, we mentioned that we currently have ETH from the minting phase and royalties that are sitting currently idle in the community wallet.

As we want to have a long-lasting community wallet that will be used to make progress in achieving our vision, we need to manage it carefully, but also think about generating yield to accomplish more.

Many options can be used to invest community funds in this space. Some projects are investing in blue-chip NFTs. Some others are risking their assets in the microcap projects.

For Ririsu!, we are seeking a balance between yield, security, and responsibility. The crypto market has seen rocky mountains in the last months. As we want to have funds for the long run, we cannot risk seeing the community wallet balance melt because of the market volatility.

Our goal will be to split our assets into two different strategies.

The first half of the community wallet will be converted into stable coins and will be staked in major and recognized DeFi protocols such as Yearn, Curve, and Convex. We believe we can seek yield from 8 to 12% with a low-risk strategy.

Even though there are always “new options” that can give more yield for stable coins, we believe that relying on heavily proven protocols is the best option. This strategy could be revisited anytime the dynamic of the crypto space is changing.

The second half of the community wallet will be converted into staked ETH. Protocols such as Lido and RocketPools offer yields of around 4%. We can provide liquidity for staked ETH on Curve and Convex for an extra 2 to 3% in yield. This strategy gives the ability to stay exposed to Ethereum while putting them to work.

We expect to see this strategy bringing more yield when the Ethereum network will change from a PoW (Proof of Work) consensus to a PoS (Proof of Stake) consensus.

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https://www.ririsu.io/ — Ririsu NFT is a project driven to give utility back to the holders.

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Project Ririsu!

Project Ririsu!

https://www.ririsu.io/ — Ririsu NFT is a project driven to give utility back to the holders.

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