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...
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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...
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Welcome to Raft v2: Experience a revamped economic design, improved scalability, and enhanced capital efficiency.
Discover two crucial additions to the Raft ecosystem: The R Savings Rate and the Peg Stability Module.
Start earning a 6% fixed APR on your R now.
Scroll for more details.
The R Savings Rate is an innovative program tailored to foster R’s growth, stability, and utility as a predominant stablecoin, building upon the Dai Savings Rate’s success.
You can now convert your R to RR, the yield accruing ERC20 token of the R Savings Rate. While your RR token balance remains the same, the corresponding R value continues to grow with the R Savings Rate. Currently, you can earn a 6% fixed APR.
Earn a fixed yield by participating in the R Savings Rate.
But that’s just the tip of the iceberg! Here’s how you can benefit from the R Savings Rate:
Stable & High APR paid in R: The R Savings Rate will be more competitive than what is provided by other stablecoins. Additionally, our 6% APR is paid in R, avoids exposure to price fluctuation.
Simplicity: The R Savings Rate ensures users enjoy the freedom of hassle-free staking and unstaking, with no lock-in periods or cooldown intervals. The user interface is super simple, and the contracts have been audited.
Cross-Chain Compatibility: Envisioning the future, the R Savings Rate contract is devised to be compatible with subsequent cross-chain deployments. This pivotal step ensures that users can effortlessly deposit R into the R Savings Rate across many chains.
Here’s a quick step-by-step guide to using the R Savings Rate:
Buy R
Go to app.raft.fi/savings and Deposit R
That’s it! You can now earn a 6% fixed yield on your R.
The Peg Stability Module (PSM) is a tool that Raft has implemented to stabilize the price of R, through a hard peg mechanism ensuring it remains anchored at $1.
By facilitating swaps between R and DAI at a fixed rate, the PSM now enables a tight and stable peg for R.
The PSM enables users to perform the following actions:
Swap 1 DAI for 1 R: The user deposits DAI and mints an equivalent amount of R. The PSM contract converts DAI into CHAI, which starts accruing yield. This is done when R's price is higher than DAI’s price.
Swaps 1 R for 1 DAI minus fees: The user deposits R and receives an equivalent amount of DAI minus a fee. This swap can be executed only if the PSM holds enough DAI in the reserve. This is done when R's price is lower than DAI’s price. To enable the accrual of DAI in the PSM, the fee is set at 100% and it will be lowered over time.
Further borrowing using the one-time fee vaults of stETH and rETH has been halted. All existing borrowers remain unaffected.
As new interest rate vaults go live next week, users will be able to generate R using WBTC, WETH, swETH, (w)stETH, cbETH, and rETH as collateral.
More information coming soon!
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
Documentation: https://docs.raft.fi/
Welcome to Raft v2: Experience a revamped economic design, improved scalability, and enhanced capital efficiency.
Discover two crucial additions to the Raft ecosystem: The R Savings Rate and the Peg Stability Module.
Start earning a 6% fixed APR on your R now.
Scroll for more details.
The R Savings Rate is an innovative program tailored to foster R’s growth, stability, and utility as a predominant stablecoin, building upon the Dai Savings Rate’s success.
You can now convert your R to RR, the yield accruing ERC20 token of the R Savings Rate. While your RR token balance remains the same, the corresponding R value continues to grow with the R Savings Rate. Currently, you can earn a 6% fixed APR.
Earn a fixed yield by participating in the R Savings Rate.
But that’s just the tip of the iceberg! Here’s how you can benefit from the R Savings Rate:
Stable & High APR paid in R: The R Savings Rate will be more competitive than what is provided by other stablecoins. Additionally, our 6% APR is paid in R, avoids exposure to price fluctuation.
Simplicity: The R Savings Rate ensures users enjoy the freedom of hassle-free staking and unstaking, with no lock-in periods or cooldown intervals. The user interface is super simple, and the contracts have been audited.
Cross-Chain Compatibility: Envisioning the future, the R Savings Rate contract is devised to be compatible with subsequent cross-chain deployments. This pivotal step ensures that users can effortlessly deposit R into the R Savings Rate across many chains.
Here’s a quick step-by-step guide to using the R Savings Rate:
Buy R
Go to app.raft.fi/savings and Deposit R
That’s it! You can now earn a 6% fixed yield on your R.
The Peg Stability Module (PSM) is a tool that Raft has implemented to stabilize the price of R, through a hard peg mechanism ensuring it remains anchored at $1.
By facilitating swaps between R and DAI at a fixed rate, the PSM now enables a tight and stable peg for R.
The PSM enables users to perform the following actions:
Swap 1 DAI for 1 R: The user deposits DAI and mints an equivalent amount of R. The PSM contract converts DAI into CHAI, which starts accruing yield. This is done when R's price is higher than DAI’s price.
Swaps 1 R for 1 DAI minus fees: The user deposits R and receives an equivalent amount of DAI minus a fee. This swap can be executed only if the PSM holds enough DAI in the reserve. This is done when R's price is lower than DAI’s price. To enable the accrual of DAI in the PSM, the fee is set at 100% and it will be lowered over time.
Further borrowing using the one-time fee vaults of stETH and rETH has been halted. All existing borrowers remain unaffected.
As new interest rate vaults go live next week, users will be able to generate R using WBTC, WETH, swETH, (w)stETH, cbETH, and rETH as collateral.
More information coming soon!
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
Documentation: https://docs.raft.fi/
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