Reserve Rights (RSR) is the central governance token of the Reserve ecosystem. Reserve is a platform for creating DTFs (Decentralized Token Folios), which are the decentralized, self-custody, onchain version of ETFs. DTFs created on Reserve are called RTokens, and there are two types: Yield RTokens and Index RTokens. When staked on any Yield RToken or locked on any Index RToken, RSR holders gain governance rights to propose and vote on basket and configuration changes. For Yield RTokens, staked RSR serves as overcollateralization, providing first-loss capital in the unlikely case of a collateral default in exchange for a portion of revenue. RSR tokens can also be held unstaked if preferred.

Wrapped Bitcoin (WBTC) is an Ethereum token that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. It is not Bitcoin, but rather a separate ERC-20 token that’s designed to track Bitcoin’s value. WBTC was created to allow Bitcoin holders to participate in decentralized finance (“DeFi”) apps that are popular on Ethereum. Through a WBTC partner, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin, and vice-versa. The BTC that backs WBTC is verifiable through a “proof of reserve” system that verifies the 1:1 backing between minted WBTC tokens and Bitcoin stored by custodians. WBTC is maintained by a group called the WBTC DAO that consists of over 30 members. It was originally started by BitGo, Ren, and Kyber.