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If it's running on Ethereum then users will see $5-20 transaction fees and >20 second transaction times. That's not a great experience for first time users

It is now possible to use so called layer 2 (L2) solutions like zkrollups, considerably reducing fees and increasing throughput (https://vitalik.ca/general/2021/01/05/rollup.html). Loopring is already functioning on mainnet. (https://loopring.org)

Its on Ethereum (guessing from the metamask client).

It's nothing fancy its like an SDR for cryptocurrencies[0]

[0]:https://en.m.wikipedia.org/wiki/Special_drawing_rights

> Initially we are developing on the Ethereum Network but ultimately we expect two-way bridges to enable complete interoperability of the Reserve token across all major smart contract platforms.

Then it would be very similar to MakerDAO?

Yes, in principle it looks very similar to MakerDAO but I think some details are different.

For example DAI is pegged to one USD to make it as useful as possible but "The Reserve token will initially have a target value of $1.00, but is designed to go off of the peg from the US dollar in the long term.".