Announcing rTrees – rTrees – Medium
We chose the word ‘activate’ deliberately , because you aren’t spending, locking or investing your DAI. You retain control of it, but instead of just sitting there doing nothing, rTrees energizes your money and puts it to work for a good cause. Who wants their money to be lazy anyway?
In web3, idle DAI is a venal sin.
At the current interest rate of about 5.9%, every 17 DAI that you activate will earn 1 DAI per year in interest, which plants 10 trees. The interest on 170 DAI would plant a whopping 100 trees each year!
Using the dapp
You’ll need a MetaMask wallet with some ETH and some DAI in it to use rTrees. Choose the level of DAI you wish to activate by clicking one of the buttons.
Next, the user interface will guide you through completing the necessary onchain transactions. You’ll need sign two transactions and pay gas to unlock and activate your DAI and begin donating the interest to rTrees.
There is a platform fee of 2% of the donated interest to support the development of rTrees. (Remember, you always keep 100% of your DAI.)
Once those transactions are confirmed (it should take between 30 and 60 seconds most of the time), congratulations! You are now donating interest earned on your DAI to grow real trees and you don’t need to lift a finger to keep contributing!
You can now visit your grove page to see how many trees you’ve grown with interest so far, and check your annual grow rate. Your virtual tree grows as it gets closer to completion. You can think of it like a DeFi-powered arboreal Tamagotchi.
You can also buy power-ups in your grove and give your tree growth rate a boost by activating additional DAI. Click one to see your impact branch out!
Once you’ve established your grove, tell the world how you are planting real trees for free through the magic of donating with DeFi. Click the “Share your grove” button and channel your inner Lorax — tweet for the trees!
To stop donating, click “Stop planting” under the power-ups and submit the transaction from the MetaMask popup. Once confirmed, you’ll then have idle DAI once again (but why?).
Alternatively, you could transfer your actively donating DAI (actually it’s rDAI, which you can monitor in MetaMask by adding the token to your watch list) to someone else, which will keep the trees growing until the recipient decides to stop.
We hope you dig it. If so, you can help support us on Gitcoin Grants, where even a single DAI donation can be matched and magnified (though January 21, 2020).
Questions? Comments? Suggestions? Hit us up on twitter @rTreesDapp or by dropping us an email at email@example.com. You can also learn more on our How it works page. The visual learners among you may wish to check out the rDai explorer, where you can watch the interest stream.
rTrees was made with Dappy — a web3 experience generator that we built to showcase this dapp. It’s comprised of tested visual interface components that guide users through a logical smart contract flow, and we plan to build more stuff with it — stay tuned!