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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Raft's journey since its June 2023 launch has been remarkable. Alongside the addition of new liquid assets in Raft v2, the Peg Stability Module and R Savings Rate have been designed to foster $R's growth and stability for its wider adoption in the market.
Following our commitment to decentralizing the protocol, we're excited to announce more details about the RAFT token.
With the RAFT token in place, Raft is set to transition into a fully autonomous, decentralized organization, governed and controlled by its community.
Our token model revolves around the native RAFT token, designed to encourage community participation, enhance liquidity provision, and allow token holders to influence the protocol's governance.
The allocation for 2,500,000,000 $RAFT tokens has been outlined below:
10.00% (250,000,000 RAFT) of the 21.43% (535,800,000 RAFT) included in Ecosystem & Incentives, is allocated to veRAFT staking rewards.
RAFT token has two core functions:
Governance
Staking
Token holders can provide liquidity in the Balancer pool and stake their Balancer liquidity pool tokens to get veRAFT. Holders of veRAFT can vote on key protocol decisions to drive the growth of Raft while earning RAFT token rewards.
Inspired by Balancer's ve8020, veRAFT enhances liquidity provision and rewards in two stages:
Users provide liquidity to the RAFT/R 80:20 Balancer pool and receive BPT tokens in return.
Users can stake the received Balancer LP tokens (BPT) into the Raft staking contract for up to 2 years. The staking program will distribute 10% of the total RAFT token supply to holders across 3 years.
veRAFT's design encourages immediate participation and long-term commitment. The token stake duration directly affects the governance voting power and the share of the RAFT token rewards. The longer the staking period, the higher the share of rewards the staker will receive.
In the future, the Raft DAO can explore the possibility of sharing protocol revenue with veRAFT holders as the Raft protocol gets further into its path to sustainable profitability.
The choice of an 80:20 pool for RAFT staking provides significant advantages, allowing liquidity providers to maintain exposure to RAFT's potential growth while mitigating the risk of impermanent loss.
RAFT's innovative tokenomics and LP staking mechanism, combined with the strategic use of the 80:20 Balancer pool, are designed to foster active community participation and long-term commitment. Our ultimate aim is to cultivate a dynamic, resilient, and engaged community of token holders.
We can hardly contain our excitement as we bring this update to our thriving community, now over 10,000 users strong.
Details regarding our token launch are coming very soon, so stay tuned.
Website: https://www.raft.fi/
Twitter: https://twitter.com/raft_fi
Discord: https://discord.com/invite/raft-fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
Raft's journey since its June 2023 launch has been remarkable. Alongside the addition of new liquid assets in Raft v2, the Peg Stability Module and R Savings Rate have been designed to foster $R's growth and stability for its wider adoption in the market.
Following our commitment to decentralizing the protocol, we're excited to announce more details about the RAFT token.
With the RAFT token in place, Raft is set to transition into a fully autonomous, decentralized organization, governed and controlled by its community.
Our token model revolves around the native RAFT token, designed to encourage community participation, enhance liquidity provision, and allow token holders to influence the protocol's governance.
The allocation for 2,500,000,000 $RAFT tokens has been outlined below:
10.00% (250,000,000 RAFT) of the 21.43% (535,800,000 RAFT) included in Ecosystem & Incentives, is allocated to veRAFT staking rewards.
RAFT token has two core functions:
Governance
Staking
Token holders can provide liquidity in the Balancer pool and stake their Balancer liquidity pool tokens to get veRAFT. Holders of veRAFT can vote on key protocol decisions to drive the growth of Raft while earning RAFT token rewards.
Inspired by Balancer's ve8020, veRAFT enhances liquidity provision and rewards in two stages:
Users provide liquidity to the RAFT/R 80:20 Balancer pool and receive BPT tokens in return.
Users can stake the received Balancer LP tokens (BPT) into the Raft staking contract for up to 2 years. The staking program will distribute 10% of the total RAFT token supply to holders across 3 years.
veRAFT's design encourages immediate participation and long-term commitment. The token stake duration directly affects the governance voting power and the share of the RAFT token rewards. The longer the staking period, the higher the share of rewards the staker will receive.
In the future, the Raft DAO can explore the possibility of sharing protocol revenue with veRAFT holders as the Raft protocol gets further into its path to sustainable profitability.
The choice of an 80:20 pool for RAFT staking provides significant advantages, allowing liquidity providers to maintain exposure to RAFT's potential growth while mitigating the risk of impermanent loss.
RAFT's innovative tokenomics and LP staking mechanism, combined with the strategic use of the 80:20 Balancer pool, are designed to foster active community participation and long-term commitment. Our ultimate aim is to cultivate a dynamic, resilient, and engaged community of token holders.
We can hardly contain our excitement as we bring this update to our thriving community, now over 10,000 users strong.
Details regarding our token launch are coming very soon, so stay tuned.
Website: https://www.raft.fi/
Twitter: https://twitter.com/raft_fi
Discord: https://discord.com/invite/raft-fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
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