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 ...
RaftRaft integrates with Chainlink CCIP
We’re excited to announce that Raft is integrating Chainlink CCIP—the industry standard for secure cross-chain interoperability. Raft will be launching across the Base and Ethereum mainnets, with plans to launch on Arbitrum and more chains in the near future. We’re leveraging CCIP’s Simplified Token Transfer capabilities to help unlock cross-chain transfers of R.Why CCIP?We selected CCIP as our go-to interoperability solution because Chainlink has a proven track record of maintaining the high...
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 ...
RaftRaft integrates with Chainlink CCIP
We’re excited to announce that Raft is integrating Chainlink CCIP—the industry standard for secure cross-chain interoperability. Raft will be launching across the Base and Ethereum mainnets, with plans to launch on Arbitrum and more chains in the near future. We’re leveraging CCIP’s Simplified Token Transfer capabilities to help unlock cross-chain transfers of R.Why CCIP?We selected CCIP as our go-to interoperability solution because Chainlink has a proven track record of maintaining the high...
Raft will voyage again
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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 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 months.
Governance: RAFT token holders who stake their RAFT Balancer LP tokens receive veRAFT, which can be used to participate in the protocol decisions through governance voting, shaping the future of Raft.
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.
Ensuring a well-capitalized 80:20 pool guarantees ample on-chain DEX liquidity for seamless RAFT trading
Pairing RAFT with R contributes to bolstering R's buying pressure, positively impacting its peg stability
Users interested in staking their RAFT LP tokens can choose staking periods ranging up to 24 months.
The RAFT token emissions directed towards RAFT LP Stakers amount to 10% (250,000,000 RAFT) of the total RAFT supply and are evenly distributed over three years.
The algorithm in the staking contract factors in both the amount of RAFT staked and the duration of the staking period. However, the latter is much more important than the former in determining the voting power and share of emissions a user is entitled to receive!
For instance, a user who stakes $100 worth of RAFT for 2 years could receive up to 1.5x as many emissions and 3x higher APR when compared to another user who stakes $200 worth of RAFT for 1 year. The staking program provides a consistent stream of rewards for users regardless of the amount staked as the time commitment is valued more than the capital commitment.
The Raft LP staking mechanism promotes active engagement from the community and rewards long-term commitment. By linking governance power to staking duration, the Raft community will be better aligned and benefit from Raft’s long-term growth. Through these measures, we aspire to nurture a resilient, unwavering community of token holders fully committed to the Raft’s success.
Read more here.
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/
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 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 months.
Governance: RAFT token holders who stake their RAFT Balancer LP tokens receive veRAFT, which can be used to participate in the protocol decisions through governance voting, shaping the future of Raft.
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.
Ensuring a well-capitalized 80:20 pool guarantees ample on-chain DEX liquidity for seamless RAFT trading
Pairing RAFT with R contributes to bolstering R's buying pressure, positively impacting its peg stability
Users interested in staking their RAFT LP tokens can choose staking periods ranging up to 24 months.
The RAFT token emissions directed towards RAFT LP Stakers amount to 10% (250,000,000 RAFT) of the total RAFT supply and are evenly distributed over three years.
The algorithm in the staking contract factors in both the amount of RAFT staked and the duration of the staking period. However, the latter is much more important than the former in determining the voting power and share of emissions a user is entitled to receive!
For instance, a user who stakes $100 worth of RAFT for 2 years could receive up to 1.5x as many emissions and 3x higher APR when compared to another user who stakes $200 worth of RAFT for 1 year. The staking program provides a consistent stream of rewards for users regardless of the amount staked as the time commitment is valued more than the capital commitment.
The Raft LP staking mechanism promotes active engagement from the community and rewards long-term commitment. By linking governance power to staking duration, the Raft community will be better aligned and benefit from Raft’s long-term growth. Through these measures, we aspire to nurture a resilient, unwavering community of token holders fully committed to the Raft’s success.
Read more here.
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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