Raft

2023

August 29: Raft is listed on the Gnosis Safe app.

• All multisigs can now use the Gnosis Safe interface to generate $R using $stETH and $rETH.

August 23: Balancer’s critical vulnerability reported.

• The $R/DAI (Boosted) liquidity pool is unfortunately one of the affected pools and users are advised to withdraw immediately using the following UI.
• The $R/DAI pool where Raft has most of the $R liquidity is unaffected.

August 3: Nansen’s custom dashboard.

• Gives everyone access to learn about interesting on-chain insights with the protocol, like active addresses, borrowing and lending activity, top depositors, and much more.

August 1: Pegkeeper module introduced.

• The Raft pegkeeper mechanism will be replacing redemptions in their role in price stability in the coming weeks.

July 31: Integration with HolyHeld.

• The one debit card for all web3. The non-custodial way.

July 14: One-step leverage goes live.

• OSL is a novel feature that allows you to reach up to 6x leverage in a single step, boosting your potential earnings from liquid Staking derivatives (LSDs).

July 11: Borrowing made more cost-effective.

• Flash mint fee reduced to just 0.01%
• $rETH borrowing fee slashed to only 0.5%
• Redemption fees will be tightened on top of this.
  • $stETH lowered to 1.25%
  • $rETH lowered to 1.75%

June 27: $rETH is integrated with Raft.

• $rETH is Rocket Pool‘s staked $ETH.
• Adding $rETH aligns with Raft’s commitment to diversifying its collateral base, reducing concentration risks and further enhancing user Options.

June 20: $R liquidity pools go live on Maverick Protocol.

• Maverick Protocol brings improved capital efficiency to AMMs, resulting in higher volumes, and a higher APY for LPs.

June 13: Collateralization requirement adjusted from 110% to 120%.

• Additionally, Raft has also:
  • Increase the borrowing fee to 0.5%
  • Reduce the redemption fee to 1.5%
  • Decrease the redeemed rebate rate to 50%
  • Increase the liquidator reward rate to 100%

June 12: Raft shares its progress for its plans for a fully decentralized financial system.

• Governance forum launched.
• This forum will serve as a space for the community to discuss proposals, voice their opinions, and actively participate in decision-making to shape Raft’s future.

June 9: $R redemption system introduced.

• Redemptions are a mechanism that allows $R holders to exchange 1 $R for a USD equivalent amount of $stETH.
• It’s a convenient tool for $R holders to get their collateral back if the peg is temporarily below $1.

June 5: Raft’s stablecoin, $R, launches.

• $R draws inspiration from stablecoins like $DAI and $LUSD but distinguishes itself with improvements:
  • Solely backed by $stETH – a more capital-efficient approach to lending/borrowing.
  • More efficient liquidation mechanism.

May 30: Trail of Bits audit published.

May 25: Raft contracts are deployed.

May 24: Raft Grants go live.

• Initial grant for developers interesting in building a frontend for Raft.

May 23: Documentations are updated to include Chinese translations.

May 19: Documentations are updated to include Russian and Ukrainian translations.

May 5: An audit competition with Hats Finance is announced.

• A decentralized smart bug bounty marketplace.
• Details as follows:
  • Starting: Thursday, May 11, 2023, at 6:00 PM GMT+0000.
  • Ending: Thursday, May 18, 2023, at 6:00 PM GMT+0000.
  • Total reward: $80,000 USDC.

May 2: Raft’s first Galxe campaign launches.

• Galxe is the leading platform for building Web3 community.
• A limited time event with the following benefits for explorers:
  • Priority access to future launches and events.
  • Exclusive content and updates.
  • A vibrant community of like-minded individuals.

April 17: The first integration with Enso Finance is announced.

• Enso is a cutting-edge DeFi tool for creating permissionless trading strategies.
• Enso users will be able to:
  • Borrow $R against their $stETH with a minimum collateralization of just 110%.
  • Get access to Raft’s One-Step Leverage feature, making it easy to leverage $stETH positions and maximize gains.
• Brings together both Raft’s innovative $stETH solutions and Enso’s user-friendly trading strategies.

April 13: Raft publishes a mirror article detailing their governance-minimized approach and decentralized frontends.

• Raft’s core protocol, which includes the $R stablecoin, is designed to be immutable, meaning that no one can alter key parts or mechanisms within the system. 
• However, Raft’s governance does have limited control over adjusting fees. 
  • This allows the protocol to adapt to market conditions and user demand while maintaining a secure foundation.
• Raft’s unique blend of immutability, limited governance, and decentralized frontends creates an ecosystem that is both secure and adaptable. 

April 10: An audit with Trail of Bits is announced.

• An auditing and software security firm.

April 4: Raft explains their unique fee model via a Twitter thread. 

• A minting/borrowing fee is initially set at 0%.
  • To allow the protocol to scale, this rate will be increased gradually once the protocol gains more adoption.
  • This is ideal for long-term loans and offers free capital for now.
• Redemption Fee:
  • Allows the lowest collateralized positions to be redeemed, hard pegging the price of $R to a $1 bottom.
  • Fee is BaseRate + 0.5%.
  • This fee makes it economically unattractive to swap $R for stETH unless $R price is below $1.
• Liquidation Fee:
  • If a position falls below a 110% Collateralization Ratio, Raft allows liquidators to buy $stETH collateral at a discount.
  • This protects the protocol from bad debt.
  • Half of the excess collateral goes to the protocol as a fee.
• Flash Mint Fee:
  • Raft offers flash loans of $R, provided they’re paid back in the same block with a 1% fee.

March 30: Crew3 community is launched.

March 27: The website is launched.

March 20: Raft publishes their first mirror article.

• It introduces Raft’s stablecoin, $R, which is backed solely by $stETH.
• Explains that Raft is built on Ethereum, and enables $ETH stakers to earn yield while borrowing $R, making it the most capital-efficient stablecoin. It is also built on the foundations of Liquity protocol, adding key improvements to it.