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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We are thrilled to announce the integration of a new liquid staking token (LSD), rETH, into Raft.
This addition aligns with our commitment to offer our users a growing range of liquid staking assets. rETH, by Rocket Pool, represents staked ETH and brings unique features to the table.
Rocket Pool is a decentralized ETH staking solution that aims to make ETH staking more accessible and efficient.
Through its innovative platform, Rocket Pool allows users to earn rewards on their ETH without the need to run a full node.
rETH (Rocket Pool's staked ETH) represents a tokenized share of staked ETH within the Rocket Pool network. It's a liquid staking token that can be traded, used as collateral, or employed in other DeFi applications.
In a recent Twitter poll, our community voted rETH as their top collateral to add to Raft.
After formally checking with our community in a governance discussion, the team started working to add rETH with the goal of diversifying Raft’s collateral base, reducing the risks of having a concentration of a single type of collateral, until now stETH from Lido.
rETH presents a robust market with significant value, making it a viable candidate for collateral.
Initially, it will have conservative parameters, including higher borrowing and redemption fees, due to its currently lower liquidity compared to stETH.
However, these parameters can be adjusted as rETH's market presence strengthens.
The integration of rETH into Raft is designed to benefit users, and community feedback is invited to ensure optimal incorporation within our ecosystem.
The integration of rETH into the Raft protocol opens up new avenues for capital efficiency and financial freedom.
Here’s what you can expect:
Diverse Collateral Options: With the inclusion of rETH, users can now choose between different liquid staking tokens, including stETH and rETH, as collateral.
Enhanced Capital Efficiency: Borrow against your rETH holdings efficiently and pay zero fees on your borrowed R stablecoin, while still earning staking rewards.
Robust Decentralization: The addition of rETH strengthens the decentralized nature of Raft and further supports the ecosystem.
One thing to note is that users can only generate R with either stETH or rETH in one position. You can deposit rETH and start generating R in our app. Here’s a step-by-step guide about how to stake ETH using Rocket Pool to get rETH.
rETH and stETH operate independently through separate smart contracts with distinct parameters. The common ground facilitating their interplay is the R stablecoin.
When redeeming R, users are required to choose the pool from which they intend to redeem either rETH or stETH.
This process ensures a secure and streamlined integration of these assets within the Raft ecosystem, without direct interaction between rETH and stETH or wstETH.
We’ve taken action to audit the new smart contracts to enhance security. Shoutout to @agfviggiano and @0xcuriousapple for their work on our code.
You can follow them on GitHub here and here.
For an in-depth understanding of the security measures in place and the mechanics of the interplay between rETH and stETH, please refer to our documentation
Integrating rETH into Raft is a significant milestone, and we're excited about the possibilities this brings to our community.
We continue to work towards providing you with the best tools and assets for achieving financial freedom in a decentralized manner.
Stay tuned for more updates and happy staking!
Join our journey! 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
Discord: https://discord.com/invite/raft-fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
We are thrilled to announce the integration of a new liquid staking token (LSD), rETH, into Raft.
This addition aligns with our commitment to offer our users a growing range of liquid staking assets. rETH, by Rocket Pool, represents staked ETH and brings unique features to the table.
Rocket Pool is a decentralized ETH staking solution that aims to make ETH staking more accessible and efficient.
Through its innovative platform, Rocket Pool allows users to earn rewards on their ETH without the need to run a full node.
rETH (Rocket Pool's staked ETH) represents a tokenized share of staked ETH within the Rocket Pool network. It's a liquid staking token that can be traded, used as collateral, or employed in other DeFi applications.
In a recent Twitter poll, our community voted rETH as their top collateral to add to Raft.
After formally checking with our community in a governance discussion, the team started working to add rETH with the goal of diversifying Raft’s collateral base, reducing the risks of having a concentration of a single type of collateral, until now stETH from Lido.
rETH presents a robust market with significant value, making it a viable candidate for collateral.
Initially, it will have conservative parameters, including higher borrowing and redemption fees, due to its currently lower liquidity compared to stETH.
However, these parameters can be adjusted as rETH's market presence strengthens.
The integration of rETH into Raft is designed to benefit users, and community feedback is invited to ensure optimal incorporation within our ecosystem.
The integration of rETH into the Raft protocol opens up new avenues for capital efficiency and financial freedom.
Here’s what you can expect:
Diverse Collateral Options: With the inclusion of rETH, users can now choose between different liquid staking tokens, including stETH and rETH, as collateral.
Enhanced Capital Efficiency: Borrow against your rETH holdings efficiently and pay zero fees on your borrowed R stablecoin, while still earning staking rewards.
Robust Decentralization: The addition of rETH strengthens the decentralized nature of Raft and further supports the ecosystem.
One thing to note is that users can only generate R with either stETH or rETH in one position. You can deposit rETH and start generating R in our app. Here’s a step-by-step guide about how to stake ETH using Rocket Pool to get rETH.
rETH and stETH operate independently through separate smart contracts with distinct parameters. The common ground facilitating their interplay is the R stablecoin.
When redeeming R, users are required to choose the pool from which they intend to redeem either rETH or stETH.
This process ensures a secure and streamlined integration of these assets within the Raft ecosystem, without direct interaction between rETH and stETH or wstETH.
We’ve taken action to audit the new smart contracts to enhance security. Shoutout to @agfviggiano and @0xcuriousapple for their work on our code.
You can follow them on GitHub here and here.
For an in-depth understanding of the security measures in place and the mechanics of the interplay between rETH and stETH, please refer to our documentation
Integrating rETH into Raft is a significant milestone, and we're excited about the possibilities this brings to our community.
We continue to work towards providing you with the best tools and assets for achieving financial freedom in a decentralized manner.
Stay tuned for more updates and happy staking!
Join our journey! 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
Discord: https://discord.com/invite/raft-fi
Telegram Channel: https://t.me/raft_fi
Telegram Group: https://t.me/raft
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