3333332 Thanks to all participants in the successful SOURCE SHO

Dear ReSource community,

Thank you for your overwhelming support and trust. If you’re reading this, you probably know that the goal of the ReSource project is to fundamentally change the logic driving credit and debt, rendering them supportive of a collaborative economy that will deliver prosperity for all. This is not a trivial ambition, and we are very well aware of the fact that it would be unattainable without your support, input and trust; so thank you for being with us.

On Wednesday, November 17 the SOURCE SHO has been successfully completed, with the complete SHO budget of 3,333,332 SOURCE having been allocated to thousands of participants worldwide.

In fact, to our immense excitement, the event was oversubscribed by hundreds of percentages, days before it began. On top of that we recently learned that the SOURCE SHO was the biggest SHO conducted on the DAOMaker platform. 22.7 Million DAO ($90 Million at time of staking) have been staked by 4538 participants to enter the SOURCE SHO; 2201 of which won the opportunity to be eligible for a SOURCE allocation.

Besides DAOMaker, thousands more have entered the SHO event at Gate.io, Anypad and Infinitypad. You can view the full SHO statistics by following these links.

We would also like to use this opportunity to thank the following funds who, among others, have participated in the private SOURCE allocation round:

Jump Capital, Figment, IBC Group, Teller Finance, Eutopia Ventures, AnyPad, InfinityPad, Fractal Renaissance, INV Ventures, Usopps Club, Joy Fund, Spark Capital, OneBlock Labs, Halvings Capital, True P&L, Red Hat Capital, AVstar Capital, and R-930.

We also want to thank the Celo validator community for their great support along the way: DSRV Labs, Nonce Classic, The Passive Trust, and Tango LLC.

And of course, many more thanks to our Angel backers:

Ramesh Nair, Anthony Yoon, Michelle Lai, Konstantin Zagaynov, Federico Nitidi, MONEY PARTY, Jeremie Vaislic, Lionel Rebibo, Gavin Birch, Gaurav Dar, Simone Giacomelli, Rouven Heck, and Federico Nitidi.

In total, ReSource has raised $3,000,000 from private backers, and additional $1,500,000 from SHO participants. With this we want to extend 5 Million thanks to all our supporters and new community members. Onwards and upwards and welcome onboard.

What happens next?

SOURCE goes live on secondary markets

On Monday, November 22nd, SOURCE went live on the following venues

Gate.io (ETH/SOURCE), Gate.io (USDT/SOURCE), Pancakeswap, Ubeswap

With the courtesy of CELO and UBEswap, liquidity provision for the SOURCE\mcUSD trading pair will be incentivised with 50,000 SOURCE, 26,160 UBE and 8,180 CELO per month.

On top of that, SOURCE staking will go live on the ReSource network, beginning 2022\Q1, which is right around the corner.

ReSource Approaches Mainnet

On the protocol and marketplace development front, ReSource approaches complete decentralization with underwriting soon to be delegated to a distributed network of underwriters and all hosting ported to IPFS.

Later in 2022 the mobile client of the ReSource marketplace will be available globally, and rUSD payments integratable on all merchant websites. This will allow any website to add a “Pay with ReSource” option to their checkout funnel. This will happen in parallel to ReSource expanding globally, and accepting credit applications from around the globe.

For more updates on how to use your SOURCE to underwrite credit lines, stake and earn rewards stay tuned here, follow us on twitter and join our telegram.

Thank you again for your support,
Your friends at ReSource.

A blockchain-based mutual credit network for businesses.