RICO is now live, conceptualized by the deceased founder of MakerDAO Nikolai Mushegian

RICO is a new stable coin described as a free-floating stability primitive designed with an emphasis on automation and market rate discovery.

RICO was the intended designed behind DAI.

RICO in comparison to assets like DAI and RAI:

• Rico uses a controller that makes it behave more like an independent central bank currency (rather than a USD peg like Dai, or a wrapped USD perpetual swap like Rai). Note: This comment is outdated, as the Rai team has updated their controller to be more like the original design.
• Rico is a multi-collateral system, with an incentive-compatible non-governance mechanism for adding new collateral types

A quick rundown. Those of us in CT over the past 2 years all well know about the terrible event that happened to "@deleteshitcoin" (https://twitter.com/delete_shitcoin) in Puerto Rico.

He made this tweet on the 28th of October:

CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and caribbean islands. They are going to frame me with a laptop planted by my ex gf who was a spy. They will torture me to death.

Then, he mysteriously drowned on the 28th of October.

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Before this, he was conceptualizing a new kind of stable token called RICO. It interestingly uses the ERC-2535: Diamonds, Multi-Facet Proxy standard

Well, RICO just launched on Arbitrum https://app.bank.dev/

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This is a big step in decentralized finance stable coins. Let's all support them and use the product.