A narrative description of the purpose of the project is provided.
Response
Reserve's mission is to make it possible for anyone to own and earn their share of the world's wealth. The project addresses the difficulty of holding diversified, fully asset-backed portfolios onchain: its Decentralized Token Funds (DTFs) are fully asset-backed ERC-20 tokens created with Reserve's open-source contracts, so users can hold diversified baskets of assets through a single token.
Reserve comprises two related protocols: a Yield Protocol for baskets backed by yield-bearing ERC-20 collateral on Ethereum, Base, and Arbitrum, and an Index Protocol for wrapping baskets of ERC-20 tokens into fungible assets that rebalance through onchain Dutch auctions without authorized participants or intermediaries. In July 2026, Index DTFs backed by tokenized US-listed equities (via Ondo Global Markets) launched on BNB Smart Chain.
RSR is an ERC-20 governance token that unifies governance, risk management, and value accrual across the Reserve ecosystem. It enables governance participation, provides first-loss overcollateralization when staked on Yield DTFs, and receives value accrual through fee-funded market buys and burns of RSR from Index DTF platform fees.
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Nevin Freeman | Co-founder & CEO | Serial entrepreneur and free thinker working on approaches to non-fiat money based on traditional assets. He’s the Co-Founder and CEO of Reserve and President of Confusion Capital, a foundation-like entity that supports the Reserve ecosystem by funding public goods, driving ecosystem development, and conducting special projects. |
Matt Gertler | General Counsel | Previously co-founded and served as General Counsel and Senior Analyst at Digital Asset Research. Other past experience includes associate positions at Milbank LLP and Promontory Financial Group. |
Patrick McKelvy | Director of Engineering | Spent six years building financial smart-contract applications on public Ethereum and private forked-Ethereum networks before joining Reserve in late 2022. |
Ivan Camps | Head of GTM | Previously worked in Investment Banking in the Technology sector before joining Reserve in 2023. Leads business development and partnerships and is involved in product design and GTM strategy. |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
Response
The protocol codebases are open source and published in the reserve-protocol GitHub organization under the Blue Oak Model License v1.0.0. DTF governance bodies do not own IP. Reserve trademarks are registered to ABC Labs.
Deployed protocol instances are open-source smart contracts on permissionless public blockchains; ABC Labs neither controls nor operates any version of the Reserve Protocol onchain. For Index DTFs, the Admin is expected to be a DAO operating through FolioGovernor and a timelock; it can add and remove basket assets, set fees and fee recipients, set auction timing, assign roles, and manage the optimistic selector registry, subject to a default 48-hour timelock and hard-coded ceilings, and it cannot seize collateral directly. The Auction Approver configures auctions; the Platform Fee Registry is controlled by the platform owner multisig.
RSR holders can stake on Yield DTFs and vote-lock for Index DTF governance, gaining authority over basket changes, parameters, contract upgrades, fee splits, and other governance actions, and in some Index DTFs a pro-rata claim on fee distributions to governance token holders. These powers are constrained by timelocks, role sandboxes, and hard-coded ceilings, and staked RSR on Yield DTFs can be seized to absorb collateral losses.
RSR holders receive value accrual through fee-funded RSR buy-and-burn on Index DTFs, and governance token holders can claim a pro-rata share of distributed fees where a DTF routes fees to them. Token holders do not have any other rights.
The control surface relies on token-based onchain governance and role-scoped administration rather than direct ABC Labs control over deployed protocol instances: timelocked Admin powers, configurable governance roles, vote-locking for Index DTFs, and RSR staking-based governance for Yield DTFs. ABC Labs states that it neither controls nor operates any version of the Reserve Protocol onchain
Because there is no single DAO or legal wrapper for tokenholders, there is no dissolution mechanism at the tokenholder level. Individual DTFs can be wound down through their own governance processes. Since Index DTF tokens represent a share of the underlying assets backing the DTF, such tokenholders can always redeem their DTF token for the underlying collateral.
Do the following for the Primary Foundation, defined below. If the primary foundation does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a "new foundation/DevCo" was created, then detail the "new foundation/DevCo".
Response
No Foundation
Do the following for the Primary Developer Company, defined below. If the primary Developer Company does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a "new foundation/DevCo" was created, then detail the "new foundation/DevCo".
Response
ABC Labs, LLC, a Delaware limited liability company with its head office in Nevada. ABC Labs is the company leading Reserve protocol development and bringing the Reserve service interfaces (including Register / app.reserve.org) to users.
The protocol codebases are open source and published in the reserve-protocol GitHub organization under the Blue Oak Model License v1.0.0.. DTF governance bodies do not own IP. Reserve trademarks are registered to ABC Labs.
Powers over DAO, treasury, protocol-controlled resources, and token administration — ABC Labs states it neither controls nor operates deployed protocol instances onchain. ABC Labs generates revenue through staking RSR and participating in the DeFi ecosystem.
There is no Foundation.
ABC Labs neither controls nor operates any version of the Reserve Protocol onchain
ABC Labs received initial funding from Confusion Capital and generates revenue through staking RSR and DeFi participation. Index DTF platform fees are currently used to market-buy and burn RSR rather than being paid to ABC Labs.
Definition (for this section): An Affiliated Protocol Contributor (APC) is a non-issuer company - not the protocol's primary Foundation or DevCo - that materially contributes to the protocol's code, operations, governance, or funding. For example, Blockworks Advisory would be considered an APC of Ethena because it materially contributes to its operations through Ethena's risk council. Provide a structured description per APC. If no APCs exist, state that explicitly. Items below apply per APC; if an item isn't applicable to a given APC, leave it absent and note why briefly.
Response
Confusion Capital, Inc., a Delaware corporation and the parent company of ABC Labs, LLC — Confusion Capital supports the Reserve ecosystem by funding public goods, supporting ecosystem development, and conducting special projects.
Powers over DAO, treasury, protocol-controlled resources, and token administration — Confusion Capital administers the “Slower Wallet,” which holds unissued RSR subject to a hard-coded 4-week withdrawal delay and a throttle of no more than 1% of total RSR supply withdrawable in any 4-week period.
Confusion Capital holds the USER role on the Slower Wallet contract (4-week delay + 1%-of-supply-per-4-weeks throttle).
Slower Wallet withdrawals have funded Confusion Capital’s operations. As of August 2026, withdrawals are currently paused but may be unpaused in the future. See Confusion Capital communications for current status.
Response
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
RSR | 2019-05-21 | Treasury — unlocked operating wallet | Treasury | 2.85 | 2850000000 | 100 | 2850000000 | Circulating at TGE | Treasury operating wallet; fully unlocked at TGE. | |||||
RSR | 2019-05-21 | Treasury — Slow Wallet | Treasury | 55.75 | 55758000000 | 0 | 0 | Non-circulating treasury; excluded until withdrawn | Treasury reserve held in a wallet with a hard-coded 4-week on-chain withdrawal delay; funded May 21, 2019. Not a fixed vesting schedule — each withdrawal is subject to the 4-week delay. Since January 2024, a portion of funds flows to a Slower Wallet (0x0774dF07205a5E9261771b19afa62B6e757f7eF8, administered by Confusion Capital) that keeps the 4-week delay and adds a throttle: max 1% of total RSR supply withdrawable per 4-week period. | 0x4903dc97816f99410E8dfff51149fA4C3CDaD1b8 | ||||
RSR | 2019-05-21 | Team & Advisors | Team | 20.0 | 20000000000 | 100 | 20000000000 | Circulating at TGE | Team and advisor compensation. | |||||
RSR | 2019-05-21 | Strategic Partners | Strategic partners | 5.0 | 5000000000 | 100 | 5000000000 | Circulating at TGE | Strategic partner incentives. | |||||
RSR | 2019-05-21 | Seed round investors | Investors | 12.39 | 12392000000 | 100 | 12392000000 | Circulating at TGE | Seed round sale at $0.0004 per token. | |||||
RSR | 2019-05-21 | Private/strategic round investors | Investors | 1.0 | 1000000000 | 100 | 1000000000 | Circulating at TGE | Private/strategic round sale at $0.0020 per token. | |||||
RSR | 2019-05-21 | Huobi Prime sale (public) | Public sale | 3.0 | 3000000000 | 100 | 3000000000 | Circulating at TGE | Public sale via Huobi Prime: Round 1 600M tokens at $0.0006; Round 2 2.4B tokens at $0.0011. Unlocked, no lockup. |
If there are not post-TGE token compensation plans, state explicitly they do not exist. If there are, state each of (A)–(B) below.
Response
All tokens for insiders and employees have been vested and are unlocked.
All tokens for insiders and employees have been vested and are unlocked.
Disclose current token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury. Do not disclose individual payments to advisors receiving fiat-only compensation.
Response
Employees and contractors are partially compensated with unlocked RSR as part of their compensation.
ABC Labs and Confusion Capital
Employees and contractors are partially compensated with unlocked RSR as part of their compensation.
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment.
Response
None
For each wallet that holds Unissued Tokens or is essential to operations (e.g., foundation, operations, treasury, investor reserve), disclose:
Response
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Slow Wallet | Treasury holding unissued RSR | Ethereum | 0x4903dc97816f99410E8dfff51149fA4C3CDaD1b8 | Locked smart contract wallet controlled by Reserve project team; hard-coded 4-week onchain delay after initiating each withdrawal | |
Slower Wallet | Treasury holding unissued RSR | Ethereum | 0x0774dF07205a5E9261771b19afa62B6e757f7eF8 | Administered by Confusion Capital; keeps the 4-week withdrawal delay and adds an onchain throttle capping withdrawals at 1% of total RSR supply per 4-week period |
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
Response
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
Confidential | Terms are confidential |
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
Response
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Confidential | Terms are confidential |
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
Response
Index DTF platform fees are programmatically used to market-buy RSR and burn it; roughly 100M RSR had been bought and burned cumulatively through mid-2026. Additionally, Confusion Capital has stated it was a net buyer of RSR in 2024 and 2025.
Unable to disclose
Unable to disclose
Unable to disclose
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
Response
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Seed round | Debt instrument | June-July 2018 | 12,392,000,000 | Locked until mainnet launch; currently unlocked |
Private/strategic round | Debt instrument | May 2019 | 1,000,000,000 | None; unlocked |
Huobi Prime public sale | Not applicable for a public exchange sale | May 22, 2019 | 3,000,000,000 | None; unlocked |
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
Response
No Foundation exists, ABC Labs is the DevCo, and DTF governance functions as the DAO layer across the platform.
ABC Labs received initial funding from Confusion Capital and generates revenue through staking RSR and DeFi participation. Index DTF platform fees are currently used to market-buy and burn RSR rather than being paid to ABC Labs.
Fee flow: https://docs.reserve.org/core-components/index-dtfs/fees Buy-and-burn activity: https://dune.com/starl3xx/rsr-burn
Confidential
Confidential
RSR buy-and-burn activity: https://dune.com/starl3xx/rsr-burn
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
No exploits affecting tokenholders or protocol funds as of 2026-07-29
N/A
N/A
N/A
N/A
N/A
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Response
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Reserve Rights is solely responsible for the content, accuracy, and legality of its disclosures.
