Raft

2023

October 19: $RAFT incentives active on Aura Finance via R/sDAI pool

October 11: Wave 1 of the $RAFT airdrop

• Wave 1 of the RAFT airdrop is intended to reward the users who contributed to Raft’s growth and success during the early phase of the project. This includes users on both Ethereum Mainnet and Base. A total of 604 wallet addresses qualified for the Raft Wave 1 Airdrop.

September 28: New incentivized E-CLP R/sDAI liquidity pool is now live on Gyroscope$R is live on Base chain

• Gyroscope’s mission is to build robust public infrastructure for DeFi. The central piece is a fully-backed stablecoin with all-weather reserves and autonomous price bounding.

September 27: $R is live on Base chain

• Integration with Chainlink CCIP
• Provide liquidity on Aerodrome
• Deposit $R into the $R Savings Rate to earn a fixed 8.00% APR on Base

September 26: $RAFT tokenomics introduced

• Allocation of 2.5B $RAFT tokens.
• Provide liquidity into the $RAFT/$R 80:20 pool on Balancer.
• Stake LP tokens up to 2 years.

September 14: V2 interest rate vaults go live

• $R Savings Rate has been increased from 6.00% APR to 8.00% APR

September 4: Raft v2 introduced

• Changes includes:
  • $R Savings Rate
  • Peg Stability Module: Maintain the stability of $R by allowing swaps between $R and $DAI at a fixed rate.
  • One-time fee Vaults paused, no impact on existing borrowers.
  • Upcoming: Interest-rate vaults for $WBTC, $WETH, $swETH, $(w)stETH, $cbETH, $rETH.

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.