RaftRaft Security Incident: Post-Mortem Analysis and Recovery Plan
On 10 November 2023 at 18:59:23 UTC, Raft encountered a complex security incident, resulting in the minting of ~$6.7 million unbacked R, subsequently, the attacker sold R, causing R's depeg. A public announcement of the exploit was made on 10 November 2023 at 19:18 UTC.The IncidentExploit Transaction: https://etherscan.io/tx/0xfeedbf51b4e2338e38171f6e19501327294ab1907ab44cfd2d7e7336c975ace7 Raft Exploiter: https://etherscan.io/address/0xc1f2b71a502b551a65eee9c96318afdd5fd439fa Exploited ...
RaftSolvency Unlocked: Liquidations and Redistributions
In the thrilling world of decentralized finance, solvency and stability are the dynamic duo that guarantee user trust and adoption. Enter Raft, a decentralized lending protocol that allows people to take out stablecoin loans against capital-efficient collateral. Raft’s first stablecoin is called R and is backed exclusively by stETH (Lido Staked Ether). With its eyes set on becoming the number one stablecoin within the decentralized ecosystem, R relies on the powerful tag team of liquidations ...
RaftUnveiling Raft's LP Staking Mechanism
In our previous blog, we introduced RAFT tokenomics, providing a brief glimpse of how veRAFT fosters community engagement and long-term commitment. Let's dive deeper into veRAFT's mechanics and discover the benefits it offers to the community.RAFT Use CasesRAFT serves two primary functions within our ecosystem:Staking: RAFT token holders can provide liquidity into the RAFT/R 80:20 Balancer pool and stake their Balancer LP token (BPT) into the Raft staking contract for up to 24 month...
Raft will voyage again
RaftRaft Security Incident: Post-Mortem Analysis and Recovery Plan
On 10 November 2023 at 18:59:23 UTC, Raft encountered a complex security incident, resulting in the minting of ~$6.7 million unbacked R, subsequently, the attacker sold R, causing R's depeg. A public announcement of the exploit was made on 10 November 2023 at 19:18 UTC.The IncidentExploit Transaction: https://etherscan.io/tx/0xfeedbf51b4e2338e38171f6e19501327294ab1907ab44cfd2d7e7336c975ace7 Raft Exploiter: https://etherscan.io/address/0xc1f2b71a502b551a65eee9c96318afdd5fd439fa Exploited ...
RaftSolvency Unlocked: Liquidations and Redistributions
In the thrilling world of decentralized finance, solvency and stability are the dynamic duo that guarantee user trust and adoption. Enter Raft, a decentralized lending protocol that allows people to take out stablecoin loans against capital-efficient collateral. Raft’s first stablecoin is called R and is backed exclusively by stETH (Lido Staked Ether). With its eyes set on becoming the number one stablecoin within the decentralized ecosystem, R relies on the powerful tag team of liquidations ...
RaftUnveiling Raft's LP Staking Mechanism
In our previous blog, we introduced RAFT tokenomics, providing a brief glimpse of how veRAFT fosters community engagement and long-term commitment. Let's dive deeper into veRAFT's mechanics and discover the benefits it offers to the community.RAFT Use CasesRAFT serves two primary functions within our ecosystem:Staking: RAFT token holders can provide liquidity into the RAFT/R 80:20 Balancer pool and stake their Balancer LP token (BPT) into the Raft staking contract for up to 24 month...
Raft will voyage again
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Since its inception, Raft has been guided by the vision of a fully decentralized financial system.
Today, we’re excited to share our plans for further advancing this vision, including the launch of our governance forum, taking us another step closer to true decentralization.
Raft’s launch marked a significant milestone in the DeFi landscape by introducing R, the most capital-efficient USD stablecoin backed by stETH (Lido Staked Ether).
The protocol enables a high degree of capital efficiency, safety, and decentralization, all for the benefit of our community.
Decentralization is at the core of Raft’s mission.
We believe in a financial system where control and decision-making powers are distributed among its users, fostering an environment of transparency, trust, and resilience.
A decentralized protocol is by its nature less prone to the single points of failure or control that characterize centralized systems.
However, achieving decentralization while maintaining the safety and security of the protocol is not a straightforward task.
Raft's initial governance structure consists of a 3/5 multisig controlled by a combination of Raft and outside members.
We’re also taking steps to progressively decentralize the protocol governance, including through the creation of the Raft Governance Forum.
As part of our ongoing commitment to fostering an open dialogue and collaboration with our community, we're thrilled to announce the launch of the Raft Governance Forum.
This forum will serve as a space for our community to discuss proposals, voice their opinions, and actively participate in decision-making to shape Raft’s future.
Register and start participating in the discussion here.
Raft is built on the principles of safety and efficiency. The core parts of our smart contracts are immutable, ensuring the security and stability of the protocol.
Yet, we’re committed to providing a platform where the community has a say in its evolution.
This commitment will be realized through the adoption of a governance-minimized approach, creating an efficient, transparent, and community-driven protocol.
The scope of Raft's governance will be limited to several main areas:
Appointment of The Liquidity Committee: The Liquidity Committee will play a crucial role in managing the liquidity of the protocol and ensuring its smooth operation.
Treasury Fund Management: The allocation of the treasury funds will be a community decision, ensuring that the funds are used in a way that benefits the entire Raft ecosystem.
Protocol Fees: The community will also have a say in the setting of protocol fees, which are critical for maintaining the economic balance of the protocol.
Additional collateral types: The community will have the ability to extend the types of collateral that can be used to mint R.
Chain deployments: The community will be able to steer the direction of future growth for Raft, including deployments on other chains.
Future partnerships and grants: The community will help in the development of business partnerships and integrations, as well as the creation of new grants.
The RAFT token will be the democratic pulse of the Raft protocol, extending voting power to its holders on pivotal governance matters.
These include decisions related to the governance scope described in the section above, future direction of the Raft product, the allocation of treasury and ecosystem funds, potential partnerships, and the possibility of changes to the RAFT token supply.
Our vibrant community has been the bedrock of our journey, akin to the early pioneers of Raft.
Their belief and involvement has been instrumental in the success of Raft's launch so far and their ongoing support will keep driving its growth in the coming years.
The adventure is just beginning, and we're thrilled to have you join us.
The road to decentralization is a challenging but rewarding journey. At Raft, we are committed to making this journey with our community.
We look forward to continuing to build a truly decentralized, secure, and efficient protocol, with our users at the heart of every decision we make.
Contribute to Raft's growth and apply for a Raft Grant.
From writing Twitter threads to developing frontend interfaces, your skills can help shape Raft's future.
Check our Grants page for more details and application guidelines. We can't wait to see your contributions!
Website: https://www.raft.fi/
Twitter: https://twitter.com/raft_fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
Since its inception, Raft has been guided by the vision of a fully decentralized financial system.
Today, we’re excited to share our plans for further advancing this vision, including the launch of our governance forum, taking us another step closer to true decentralization.
Raft’s launch marked a significant milestone in the DeFi landscape by introducing R, the most capital-efficient USD stablecoin backed by stETH (Lido Staked Ether).
The protocol enables a high degree of capital efficiency, safety, and decentralization, all for the benefit of our community.
Decentralization is at the core of Raft’s mission.
We believe in a financial system where control and decision-making powers are distributed among its users, fostering an environment of transparency, trust, and resilience.
A decentralized protocol is by its nature less prone to the single points of failure or control that characterize centralized systems.
However, achieving decentralization while maintaining the safety and security of the protocol is not a straightforward task.
Raft's initial governance structure consists of a 3/5 multisig controlled by a combination of Raft and outside members.
We’re also taking steps to progressively decentralize the protocol governance, including through the creation of the Raft Governance Forum.
As part of our ongoing commitment to fostering an open dialogue and collaboration with our community, we're thrilled to announce the launch of the Raft Governance Forum.
This forum will serve as a space for our community to discuss proposals, voice their opinions, and actively participate in decision-making to shape Raft’s future.
Register and start participating in the discussion here.
Raft is built on the principles of safety and efficiency. The core parts of our smart contracts are immutable, ensuring the security and stability of the protocol.
Yet, we’re committed to providing a platform where the community has a say in its evolution.
This commitment will be realized through the adoption of a governance-minimized approach, creating an efficient, transparent, and community-driven protocol.
The scope of Raft's governance will be limited to several main areas:
Appointment of The Liquidity Committee: The Liquidity Committee will play a crucial role in managing the liquidity of the protocol and ensuring its smooth operation.
Treasury Fund Management: The allocation of the treasury funds will be a community decision, ensuring that the funds are used in a way that benefits the entire Raft ecosystem.
Protocol Fees: The community will also have a say in the setting of protocol fees, which are critical for maintaining the economic balance of the protocol.
Additional collateral types: The community will have the ability to extend the types of collateral that can be used to mint R.
Chain deployments: The community will be able to steer the direction of future growth for Raft, including deployments on other chains.
Future partnerships and grants: The community will help in the development of business partnerships and integrations, as well as the creation of new grants.
The RAFT token will be the democratic pulse of the Raft protocol, extending voting power to its holders on pivotal governance matters.
These include decisions related to the governance scope described in the section above, future direction of the Raft product, the allocation of treasury and ecosystem funds, potential partnerships, and the possibility of changes to the RAFT token supply.
Our vibrant community has been the bedrock of our journey, akin to the early pioneers of Raft.
Their belief and involvement has been instrumental in the success of Raft's launch so far and their ongoing support will keep driving its growth in the coming years.
The adventure is just beginning, and we're thrilled to have you join us.
The road to decentralization is a challenging but rewarding journey. At Raft, we are committed to making this journey with our community.
We look forward to continuing to build a truly decentralized, secure, and efficient protocol, with our users at the heart of every decision we make.
Contribute to Raft's growth and apply for a Raft Grant.
From writing Twitter threads to developing frontend interfaces, your skills can help shape Raft's future.
Check our Grants page for more details and application guidelines. We can't wait to see your contributions!
Website: https://www.raft.fi/
Twitter: https://twitter.com/raft_fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
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