#  Introducing Raft v2

By [Raft](https://paragraph.com/@raft) · 2023-09-04

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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](https://app.raft.fi/savings).

Scroll for more details.

What is the R Savings Rate?
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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.

Benefits of the R Savings Rate
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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](https://gist.github.com/abhishekvispute/9537546b308ce08fdc20090c05b0f7d4).
    
*   **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.
    

How to Start Earning R
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Here’s a quick **step-by-step guide** to using the R Savings Rate:

1.  Buy R
    
2.  Go to [app.raft.fi/savings](https://app.raft.fi/savings) and Deposit R
    

That’s it! You can now earn a 6% fixed yield on your R.

![](https://storage.googleapis.com/papyrus_images/777bcd0a646fe005cef44430841e77ea3ac78c0381a0e9843e96a0b934b754f3.png)

Peg Stability Module
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The [Peg Stability Module (PSM)](https://docs.raft.fi/raft-protocol/how-is-r-backed/protocol-reserve/peg-stability-module) 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.
    

One-Time Fee Vaults Halted
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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!

Useful Links
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*   **Website:** [https://www.raft.fi/](https://www.raft.fi/)
    
*   **Twitter:** [https://twitter.com/raft\_fi](https://twitter.com/raft_fi)
    
*   **Discord:** [https://discord.com/invite/raft-fi](https://discord.com/invite/raft-fi)
    
*   **Telegram Channel:** [https://t.me/raft\_fi](https://t.me/raft_fi)
    
*   **Telegram Group:** [](https://t.me/raft_chat)[https://t.me/raft](https://t.me/raft)
    
*   **Documentation:** [https://docs.raft.fi/](https://docs.raft.fi/)

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*Originally published on [Raft](https://paragraph.com/@raft/introducing-raft-v2)*