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ERD Launches First Season of $USDE Blind Mining Campaign

· 4 min read
ERD Research Team

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We’re excited to announce the launch of our first Blind Mining Season, ‘Mine the Reserves.’ Below, we’ll include all of the important information to know about the mining event, ERD protocol launch, and more.

Key information
  • ERD launched its $USDE stablecoin and decentralized lending protocol on December 6, 2023.
  • The USDE stablecoin is the native token on the ERD lending protocol. Users can collateralize ETH, rETH, stETH, or a combination of these into Troves to mint USDE.
  • The protocol will hold the first Season of its blind mining campaign, ‘Mine the Reserves,’ from December 7 12:00 UTC through December 19 11:59 UTC.
  • In this campaign, users that interact with the protocol will receive ‘ERD Reserve Points.’ ERD Reserve Points will be recorded internally and considered at a later date.
About the ‘Mine the Reserves’ Blind Mining Event
To encourage early adoption, ERD will hold a blind mining event that will be separated into multiple Seasons. Points will be awarded based upon each wallet’s individual daily weighted contribution across the entire protocol.

ERD Reserve Point totals will not be publicized, rather recorded internally and considered at a later date.

  1. The first Season, “Mine the Reserves,” will be held from December 7 12:00 UTC through December 19 11:59 UTC. Subsequent Seasons will be announced periodically.
  2. In this campaign, users that deposit ETH, rETH, or stETH to mint USDE will receive ‘ERD Reserve Points.’

There are additional opportunities to earn Points by participating in community events. More information on the ongoing ‘Community Reserves Hub’ event can be found in the official ERD support Discord.

Notes:
  1. Troves opened prior to the event will still qualify for the event; however, they will be considered to have been opened at the time of event launch.
  2. The mining event will also have an upper limit on daily points based upon Trove size, and every USDE minted over this limit will earn Points at a depreciating rate.

To begin participating in this ‘Mine the Reserves’ Season, join the protocol at https://app.erd.xyz. To learn more about the ERD protocol, visit the protocol Docs at https://docs.erd.xyz. For additional questions, open a ticket or ask the team in the official ERD support Discord.

About the ERD protocol launch
Ethereum Reserve Dollar launched its $USDE stablecoin and decentralized lending protocol on December 6, 2023. Following nearly one year of development, the protocol surpassed $300,000 TVL in its first 24 hours. Its repository is open sourced and can be found in the project’s Github.

The ERD team is delaying the launch of a governance token to initially focus on sustainable protocol development and expansion. This is a stark contrast from standard industry practices, which have been known to launch early-stage fundraising campaigns centered around governance tokens at the cost of long-term ecosystem health.

Experience the protocol at https://app.erd.xyz.

GLHF, miners. See you on the other side.

About ERD
ERD is a decentralized lending protocol that enables users to borrow in USDE, a stablecoin pegged to the US dollar, using specified LSDs and blue-chip DeFi tokens as collateral. It offers a minimum collateralization ratio of 110% and secures loans with a stable pool containing USDE and other Ethereum-based assets.

ERD aims to address the dominance of centralized stablecoins and offer a truly decentralized, capital-efficient alternative. The benefits of ERD include low variable interest rates, high capital efficiency, direct redemptions, and decentralization. Its goal is to become a truly decentralized reserve asset on the Ethereum network.