Table of Contents
About Rulerprotocol.com
Rulerprotocol.com is a lending platform where users can borrow their preferred cryptocurrency with any other cryptocurrency as collateral. It aims to fill the gap by enabling no liquidations as long as borrowers pay back on time, interest rates determined by supply and demand, fixed-rate loans at the moment of borrow/lend, fungible loans that can be tradable anytime & anywhere.
Rulerprotocol.com is airdropping a total of 3,333 RULER to users who participated in Cover Protocol, Yearn Ecosystem, and Inverse governance via snapshot.page and to Ruler Protocol testing program participants. All eligible participants will be able to claim 2 RULER tokens.
How To Join Rulerprotocol.com Airdrop
First Step
Visit the Ruler Protocol claim page.
Second step
Connect your ETH wallet.
Third Step
If you’re eligible, then you will see the “2 RULER” claim button.
Fourth Step
Claim it to receive 2 RULER tokens.
Fifth Step
Governance participants of Cover Protocol, Yearn Ecosystem, and Inverse (via snapshot.page) and users who’ve participated in the Ruler Protocol testing programs are eligible to claim the tokens.
Six Step
You will only be able to claim your tokens for 20 days. All unclaimed tokens will be sent to the treasury.
Seven Step
For more information regarding the airdrop, see this post.
Ruler Pairs
Rulerprotocol.com pairs are at the core of Ruler Protocol. Each pair consists of the following elements:
- Collateral token (ex. wBTC)
- Paired token, the token users have to payback (ex. Dai)
- Expiry, the time users have to pay back (ex. 12/31/2021)
- Mint ratio, the ratio of collateral to paired token. 10,000 mint ratio @ $30,000 collateral price = 300% collateralization ratio
Each Rulerprotocol.com pair issues two fungible tokens (rTokens). rTokens are minted for each staking event by a borrower. The Ruler capital token (rcToken) represents the right to collect the payments of the loan after expiry. The Ruler repayment token (rrToken) represents the obligation to pay back the loan and receive the collateral before expiry. If borrowers don’t payback on time, the loan is considered defaulted, and collaterals are forfeited by the borrowers.
Two Fungible Tokens (rTokens – rcToken & rrToken)
Rulerprotocol.com Two fungible tokens are minted when a user deposits collateral into Ruler for each Ruler Pair. Based on the collateral type, there will be a mint ratio between the rTokens and the collateral. For example, 1 wBTC deposited as collateral may mint 10000 rTokens (300% collateralization ratio @ 30000 wBTC price).
Ruler Capital Token (rcToken)
The rcToken represents the right to collect loan payments (in paired tokens) after expiry.Borrowers can sell rcTokens for paired tokens to complete the cycle of borrowing (receive paired tokens in the end and deposit collateral to begin with). Each rcToken is eligible to collect 1 paired token when no defaults.
RULER Token Distribution
Of the 1,000,000 Rulerprotocol.com tokens, the distribution among various parties are as follows:
- Community: 750,000 RULER. Among which,
- ◦ Liquidity Mining: 300,000 RULER — will be used for liquidity mining across the lifetime of the protocol for providing capital and liquidity.
- ◦ Contributor Mining: 140,000 RULER — developers, artists, etc. whoever can improve Ruler Protocol will be rewarded from the treasury for the work they contribute.
- ◦ Treasury: 300,000 RULER — It’s important that there is a DAO treasury upon launch for the greater community to decide how to allocate it.
Disclaimer:
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