Swap RSR at the Best Rate

What is RSR?

RSR is the ERC-20 token of the Reserve ecosystem, which lets anyone create asset-backed currencies and index baskets on-chain. Reserve calls these products DTFs, Decentralized Token Folios: Yield DTFs are baskets of yield-bearing collateral, historically known as RTokens, while Index DTFs, introduced in January 2025, track a basket the way an index fund does.

The token's job is to sit at the risky end of that system. RSR stakers act as insurance capital for Yield DTFs and as the default governance electorate for Index DTFs, and in return they receive revenue and fee flows from the products they stand behind.

How RSR works

Staking RSR on a Yield DTF mints stRSR, whose exchange rate to RSR rises as that DTF shares revenue with stakers. If a collateral token in the DTF defaults, the protocol mechanically seizes staked RSR and sells it to recapitalize holders, an even haircut across that DTF's stakers driven by on-chain price feeds with no vote in the loop. Unstaking takes a delay, two weeks by default, during which the position earns nothing but can still be slashed.

On Index DTFs, RSR is the default governance token: vote-locking it on a specific folio gives voting weight over that product's basket, parameters and upgrades, with a one-week unlock delay. A portion of every Index DTF's minting and TVL fees is used to buy RSR on the open market and burn it.

RSR supply and tokenomics

The supply is fixed at 100 billion RSR, all preminted, with slightly more than half circulating as of mid-2026. The rest sits in two project-controlled wallets: the Slow Wallet, which funds ecosystem initiatives behind a hard-coded four-week delay on every withdrawal, and the Slower Wallet, administered by Confusion Capital, which keeps the delay and adds a throttle of at most 1% of total supply per four-week period.

Working against that overhang, a share of every Index DTF's fees market-buys RSR and burns it, permanently removing tokens from circulation. Both sides of the supply story, treasury releases and fee burns, are observable on-chain.

Who builds RSR

Reserve was co-founded by Nevin Freeman and Matt Elder, with early backing from investors including Peter Thiel and Coinbase Ventures. The token launched in May 2019 through a Huobi Prime sale, and the project's first product was a stablecoin app aimed at people in high-inflation economies, with Venezuela an early market.

In January 2024 the project named Confusion Capital as the entity managing funding for the Reserve ecosystem, which includes the app company Best Friend Finance and the protocol developer ABC Labs. The protocol itself is governed product by product, by RSR stakers and vote-lockers rather than by those companies.

How RSR is governed

Reserve governance is per-product rather than protocol-wide. Each Yield DTF is governed by the RSR staked on it, which votes on collateral baskets, parameters and upgrades. Each Index DTF is governed through vote-locking by whatever token its creator designated, RSR by default. There is no single Reserve DAO with authority over everything, so the token's voting power is exercised one folio at a time.

What people use RSR for

Everything RSR does involves choosing a product to stand behind, so a position in the token is really a portfolio of commitments rather than a passive holding.

• Stake on a Yield DTF to earn part of its revenue in exchange for providing first-loss capital.
• Vote-lock on an Index DTF to steer its basket, parameters and upgrades.
• Hold unstaked RSR, which carries no yield, no vote and no slashing risk.

RSR risks and considerations

Staked RSR is designed to lose money in bad states: a collateral default in the DTF you back is paid for by seizing your stake, mechanically and without appeal. The unstaking delay keeps a position slashable for weeks after you decide to leave, and staking revenue depends entirely on whether the products you back attract usage.

Nearly half the supply sits in project-controlled wallets; withdrawals are delayed and throttled on-chain, but the overhang is a standing consideration. The project has also shifted strategy before, from a single stablecoin app to a permissionless product factory, so the roadmap can move again. RSR exists on other networks through protocol deployments and bridges; this page lists the original Ethereum contract, so verify addresses against Reserve's documentation when trading elsewhere.