We have huge plans for 2023, and yesterday we made our first release of the year, a brand-new dashboard built from scratch.
The Shareslake dashboard is the place where people go to mint and redeem the fiat-backed stablecoin RUSD. The stablecoin can be minted in Shareslake and Cardano independently, so when you connect your wallet you will need to select the network.
The new version of the dashboard has one big advance: USD accounts for each user.
When people register in the dashboard for the first time and verify their identity we create a USD account for them. It is an account held in a traditional bank that allows people to store USD within the platform.
The USD account can be topped up with funds directly using a card, through bank transfers, or by redeeming RUSD (getting USD from the fiat reserve by burning RUSD). The funds in the USD account can be moved to the user's personal bank account at any time.
So what’s the main advantage? It allows people to instantly mint and redeem RUSD. When a user mints RUSD the funds are automatically taken from his USD account, added to the fiat reserve and the RUSD appears in the user’s wallet. All that in just seconds. When a user wants to redeem, he has to sign a burning transaction, once the transaction is confirmed funds are added to his USD account from the fiat reserve.
But there is still one amazing advantage of this setup: much cheaper transactions. In the previous version, all the minting and redemptions involved transactions through the traditional systems. Those transactions are typically expensive (around $35 on wires) and slow (around 3 days). The USD accounts in the platform remove those expenses for the users and reduce the waiting time from days to seconds.
Apart from the USD accounts, the new dashboard brings a much-improved UI that helps people understand what is happening at every moment and contains all the information to make people feel safe using it.
We also improved the minting time and security. When someone mints RUSD, it comes from a pre-minting address. This limits any possible security breach to the amount in the pre-minting address. For example, if there is only 10k RUSD in the pre-minting address and the platform is hacked, only 10k RUSD could be stolen. An attacker will never be able to mint RUSD, just steal the amount in the pre-minting address.
Currently, the new dashboard allows you to manage the USD account and the RUSD wallet. We have plans for adding several new tools during the next weeks, so stay tuned!
We wish you all a Merry Christmas and a happy minting!