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Oars up, Rafters! 🌊 Welcome back to another edition of our monthly newsletter where we'll sail through all the progress and achievements at Raft during July 2023. Let’s dive in straightaway! ## Market Growth We’re happy to share that Raft’s Total Value Locked (TVL) has continued to remain above the $50 million mark, with the market capitalization of our R stablecoin reaching $30m. ![](https://images.mirror-media.xyz/publication-images/UFCbyLnYaUeAmsD97ZLQr.png?height=151&width=513) R has been live for less than 2 months, and the stats, when compared to its competitors, look like this: <https://twitter.com/davgarai/status/1682375532497842181> We now have 515 holders of R. Number go up only! ![](https://images.mirror-media.xyz/publication-images/U_BosAy4ONG3CLwMLBU13.png?height=395&width=566) ## Governance The [Raft Governance Forum](https://forum.raft.fi/) is live and a lot of proposals have been submitted over the past two months. Here’s a snapshot of our forum. ![](https://images.mirror-media.xyz/publication-images/mu6xL6HKWDA4oLIzP0cMp.png?height=752&width=1100) [Open an account](https://forum.raft.fi/) and have your say in the future of Raft. ## Liquidity Boost LPs in the R/DAI <> sDAI boosted pool will soon be able to benefit from the DAI Savings Rate (DSR) 3.49% yield while continuing to provide users with the ability to swap between R and DAI. <https://twitter.com/raft_fi/status/1679466241600245760> Incentives in the $R / $DAI pool now account for 6.87% of all $BAL emissions! <https://twitter.com/davgarai/status/1684548187837571072> ## One-Step Leverage Say bye-bye to manual folding and welcome one-step leverage (OSL) on Raft! All stETH and wstETH holders who have been leveraging their staking rewards can maximize their returns by up to 6x using OSL. <https://twitter.com/raft_fi/status/1679870602893725697> ## Stable Summit and EthCC The Raft team was present at Stable Summit and EthCC meeting our existing partners and exploring exciting collaborations with potential partners. <https://twitter.com/Marcin_Kaz13/status/1682098126553858048> Our CEO, [David](https://twitter.com/davgarai), gave a demo on how to use Raft’s One-Step Leverage (OSL) at Stable Summit. <https://twitter.com/mijovic988/status/1680146946189606912> [David](https://twitter.com/davgarai) also joined a panel discussion on how to build a truly censorship-resistant stablecoin. 💪 ![](https://images.mirror-media.xyz/publication-images/IZBFa33DZoTZVawfi5rn\_.jfif?height=960&width=1280) We had a lot of cool swags to offer and some fun games to play at the booth! <https://twitter.com/raft_fi/status/1680125605508005889> ## Media and Twitter Spaces Over the past month, we’ve been a part of several Twitter Spaces where we dived deep into Raft and also spoke about the LSDFi landscape on many panels. Check out some of the Twitter Spaces last month. * [Rocket Pool Community Call featuring Raft](https://twitter.com/Rocket_Pool/status/1675875895985446912) * [DeFi 1-1 Session on Raft](https://twitter.com/InVarFinance/status/1676573031387521026) * [Farmers Market #29: Yield and Stablecoins](https://twitter.com/raft_fi/status/1676623840938450944) * [Raft x Tellor: The Dual Oracle Design](https://twitter.com/OracleSummit/status/1676905886227341312) * [GM 100: Building safe and user-friendly DeFi protocols](https://twitter.com/raft_fi/status/1677309701837529090) * [Redstone Oracles: The Future of LSTs](https://twitter.com/redstone_defi/status/1677331675070513157) * [DIA Community Hub: A deep dive into LSDFi with Raft](https://twitter.com/DIACommunityHub/status/1676969369795203075) * [Exponential DeFi: Degen Responsibly #19 feat. Raft](https://twitter.com/ExponentialDeFi/status/1683498271707377664) * [Radix Podcast’s Raft: An LSD-Inspired Stablecoin](https://twitter.com/radixdlt/status/1684981930247237655) By the way, [DeFiLlama is now tracking R](https://defillama.com/stablecoin/r) ## Grants We have several grants available for anyone who wants to be a part of this growing ecosystem * [Frontend Operator Integration](https://twitter.com/raft_fi/status/1668262514663084032) * [Content Creators](https://twitter.com/raft_fi/status/1664253823916077056) * [Community Growth (Korea) Grant ](https://twitter.com/raft_fi/status/1673650755088318464) * [Community Growth (LATAM) Grant ](https://twitter.com/raft_fi/status/1669393597999742993) * [Integration of R on various platforms](https://twitter.com/raft_fi/status/1674448054383001601) As we continue to navigate the exciting landscape of DeFi, Raft remains committed to innovation, community involvement, and building a robust ecosystem. We invite you to stay tuned for more updates, engage with our vibrant community, and be part of shaping the future of Raft. Thank you for being an integral part of our journey!
We are delighted to introduce a game-changing feature: **One-Step Leverage** (OSL). This feature is designed to simplify your DeFi experience and amplify your earning potential. Let’s dive into more of the details. ## What is One-Step Leverage (OSL)? **[One-Step Leverage](https://app.raft.fi/leverage)** is a novel feature allowing users to reach **up to 6x leverage** in a single transaction, allowing you to increase your potential earnings from your liquid staking derivatives (LSDs). ![](https://images.mirror-media.xyz/publication-images/WUjsiEfjRlZH1ltttHY3p.png?height=1180&width=1816) With [OSL](https://app.raft.fi/leverage) you can easily adjust or deleverage in just one click, providing you with greater flexibility and control over your collateral. ## OSL: Level Up Your DeFi Experience Existing Defi lending protocols require users to perform loops to achieve leverage by depositing collateral, swapping the borrowed asset for more collateral, and repeating over dozens of times to achieve the same leverage as OSL. ![](https://images.mirror-media.xyz/publication-images/jPB6Zgr49Y8Xo-R\_-mOl4.png?height=1682&width=1816) This presents obstacles such as operational complexities and frontrunning risks. OSL revolutionizes this by offering a **streamlined** and **efficient** path to leverage. With OSL, you can boost your LSD yield to over 20% while benefiting from a 0% ongoing borrow interest rate with a super attractive 0\.01% flash mint fee. ![](https://images.mirror-media.xyz/publication-images/YsKPqU8zVIQfvTE_lZ9Yx.png?height=1690&width=1822) Additionally, OSL reduces gas fees compared to traditional methods because it only involves one swap rather than multiple swaps. ## Benefits of OSL The OSL feature offers an array of benefits to all stakeholders: * **For Liquid stakers:** Increased trading volume on their LSD pools, and potential growth in LSD deposits. * **For Borrowers:** The expansion of the borrower base on Raft, which can absorb more redemptions and redistributions. * **For** **Liquidity Providers (LPs):** More R trading volume translates to increased trading fees. You can try one-step leverage by [clicking here](https://app.raft.fi/leverage). ## Wrap Up Introducing [One-Step Leverage](https://app.raft.fi/leverage) is a testament to our dedication to **innovation** and **user experience**. It is a giant leap forward in our mission to enhance the capital efficiency, user experience, and flexibility of DeFi lending. Stay tuned as we roll out revolutionary features and improvements that keep Raft at the forefront of the DeFi lending space. Happy leveraging!! ## How to contribute Join our journey! Contribute to Raft's growth and apply for a [Raft Grant](https://tempusfinance.notion.site/Raft-Grants-7eb3ca42951349eda6c0a9c0d2150bec?pvs=4). From **writing Twitter threads** to **developing frontend interfaces**, your skills can help shape Raft's future. Check our [Grants](https://tempusfinance.notion.site/Raft-Grants-7eb3ca42951349eda6c0a9c0d2150bec?pvs=4) page for more details and application guidelines. We can't wait to see your contributions! ## Useful Links * **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](https://t.me/raft_chat)
Ahoy, Rafters! Welcome to our first monthly update, where we'll share the exciting progress and achievements in the Raft ecosystem since our launch on June 5th, 2023. Every week has brought us closer to significant milestones, and we're thrilled to have you on this journey with us. Let's dive into the highlights ## Market Growth We're proud to announce that Raft's Total Value Locked (TVL) has exceeded $65 million, and the market capitalization for our R stablecoin has surpassed $33 million. ![](https://images.mirror-media.xyz/publication-images/7iWOm2SSwWDzTFMHTt-x9.png?height=195&width=651) These milestones demonstrate the growing trust and adoption of Raft within the DeFi space. The number of R holders has grown to more than 267 over the last few weeks. ![](https://images.mirror-media.xyz/publication-images/C43E526NHSg80MxGtyhEg.png?height=510&width=982) Raft holds a 10% market share out of the $650m LSDFi market. Check out [DeFi Mochi’s](https://dune.com/defimochi/lsdfi-summer) dashboard. ![](https://images.mirror-media.xyz/publication-images/eUC6aZYeLNayt_XpE1RAy.png?height=288&width=796) ## Governance At Raft, we prioritize decentralization, transparency, and community involvement. To facilitate this, we launched the [Raft governance forum](https://forum.raft.fi/), where community members can actively participate in discussions, propose ideas, and contribute to shaping the future of Raft. We're thrilled to see multiple proposals and ongoing discussions within the forum. [Open an account](https://forum.raft.fi/) and have your say in the future of Raft. ![](https://images.mirror-media.xyz/publication-images/O_LqXCo1hhmljQ2JGJcIk.png?height=598&width=1402) ## Multi-Collateral Stability In line with our commitment to robustness and versatility, we successfully approved the proposal to add rETH as collateral, making R a multi-collateralized stablecoin supported by both stETH and rETH. This expansion strengthens the stability and resilience of the Raft protocol. <https://twitter.com/raft_fi/status/1673709819717652484> ## Liquidity Boost The increasing popularity of R has led to significant growth in liquidity pools on platforms like Balancer and Maverick. For example, the [R/DAI](https://app.balancer.fi/#/ethereum/pool/0x20a61b948e33879ce7f23e535cc7baa3bc66c5a9000000000000000000000555) pool on Balancer has witnessed a remarkable trading volume of nearly null.9 million in the last 24 hours. ![](https://images.mirror-media.xyz/publication-images/oh0HTcqVLj0pwgg38l0XX.png?height=751&width=1602) ## Data Reliability To provide our users with reliable and transparent data, we have integrated with industry-leading oracle providers, Chainlink and Tellor. This integration enhances the security and trustworthiness of Raft's data feeds, ensuring a robust foundation for our ecosystem. <https://twitter.com/raft_fi/status/1671185660269694976> ## Community & Events Join the Raft guild today and discover exclusive roles available for R generators and holders. You can also collect your [Galxe OAT](https://galxe.com/raft/campaign/GCvQeUSXFK) if you have the “R HoldeR” role on Discord. Additionally, stETH and rETH holders can claim their respective roles on our Discord server by joining the [Raft Guild](https://twitter.com/raft_fi/status/1671488732845817856). Stay engaged with the Raft community, participate in discussions, and enjoy exclusive benefits. Our founder, David Garai will be speaking at Stable Summit in Paris. <https://twitter.com/stable_summit/status/1673330280914907138> ## Media and Twitter Spaces We've had the privilege of being featured in various media outlets and participating in insightful discussions. Highlights include: * [CoinDesk: New Stablecoin Issuer Raft Is Eschewing Fiat for Its Financial Backing](https://www.coindesk.com/tech/2023/06/05/new-stablecoin-issuer-raft-is-eschewing-fiat-for-its-financial-backing/) * [The Block: Raft Goes after $13 Billion LSDFi Opportunity](https://www.theblock.co/post/233388/raft-goes-after-13-billion-lsdfi-opportunity) * [Balancer Twitter Space](https://twitter.com/Balancer/status/1666040238995648513) * [Balancer Twitter Space summary by Revelo Intel](https://twitter.com/ReveloIntel/status/1670126727589232641) * [Binance LSDFi Report](https://twitter.com/raft_fi/status/1673276719552184326) * [CoinDesk: Raft’s R Stablecoin Surges as Traders Embrace Liquid Staking Ether Products ](https://www.coindesk.com/business/2023/06/21/rafts-r-stablecoin-surges-as-traders-embrace-liquid-staking-ether-products) * [Video Guide by The Rollup](https://twitter.com/therollupco/status/1674148896073719813) * [Raft Twitter AMA](https://twitter.com/i/spaces/1vAGRArbwmqKl) * [Deus Ex DAO](https://twitter.com/deusexdao/status/1673323867157467136) ## Grants Congratulations to our grant recipients who have contributed to the Raft ecosystem through the Zapper integration and the creation of Dune Analytics Dashboards. Check the dashboards here: * [The
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 and rETH [Rocket Pool](https://rocketpool.net/) is a **decentralized ETH staking solution** that aims to make ETH staking more accessible and efficient. ![](https://images.mirror-media.xyz/publication-images/k7A1Uph8jWeQ3Cjjw5K_S.png?height=900&width=1600) 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. <https://twitter.com/raft_fi/status/1669670220477202433> ## Why are we Adding rETH to Raft? After formally checking with our community in a [governance discussion](https://forum.raft.fi/t/proposal-add-reth-collateral/43), 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. ![](https://images.mirror-media.xyz/publication-images/YxYXdredZUK-01Vgp6-hx.png?height=900&width=1600) 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. ## rETH Meets Raft: A Powerful Combination 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](https://app.raft.fi/). Here’s a [step-by-step guide](https://docs.raft.fi/guides/how-to-stake-your-eth-on-rocket-pool-and-get-reth) about how to stake ETH using Rocket Pool to get rETH. ## User Security in a Multi-Collateral Protocol 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. ![](https://images.mirror-media.xyz/publication-images/gGn0An4fVgYW8RhokbiC9.png?height=1259&width=1600) 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](https://twitter.com/agfviggiano) and [@0xcuriousapple](https://twitter.com/0xcuriousapple) for their work on our code. You can follow them on GitHub [here](https://github.com/aviggiano) and [here](https://github.com/abhishekvispute). 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](https://docs.raft.fi/) ## Wrap Up 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! ## How to Contribute Join our journey! Contribute to Raft's growth and apply for a [Raft Grant](https://tempusfinance.notion.site/Raft-Grants-7eb3ca42951349eda6c0a9c0d2150bec?pvs=4). From **writing Twitter threads** to **developing frontend interfaces**, your skills can help shape Raft's future. Check our [Grants](https://tempusfinance.notion.site/Raft-Grants-7eb3ca42951349eda6c0a9c0d2150bec?pvs=4) page for more details and application guidelines. We can't wait to see your contributions.
Since its inception, Raft has been guided by the vision of a **fully decentralized** financial system. Today, we’re excited to share our plans for further advancing this vision, including the launch of our **governance forum**, taking us another step closer to **true decentralization**. ## Raft Launch Raft’s launch marked a significant milestone in the DeFi landscape by **introducing R**, the most capital-efficient USD stablecoin backed by stETH (Lido Staked Ether). <https://twitter.com/raft_fi/status/1667060883007078401> The protocol enables a high degree of capital efficiency, safety, and decentralization, all for the benefit of our community. <https://twitter.com/davgarai/status/1666375327814131713> ## Raft’s Commitment to Decentralization Decentralization is at the core of Raft’s mission. We believe in a financial system where control and decision-making powers are **distributed among its users**, fostering an environment of **transparency**, **trust**, and **resilience**. A decentralized protocol is by its nature less prone to the single points of failure or control that characterize centralized systems. However, achieving decentralization while maintaining the safety and security of the protocol is not a straightforward task. Raft's **initial governance** structure consists of a 3/5 multisig controlled by a combination of Raft and outside members. We’re also taking steps to **progressively decentralize** the protocol governance, including through the creation of the [Raft Governance Forum](https://forum.raft.fi/). ![](https://images.mirror-media.xyz/publication-images/N4ho4UMwjkMkDoMnfBril.png?height=870&width=1326) ## Raft Governance Forum As part of our ongoing commitment to fostering an **open dialogue** and **collaboration** with our community, we're thrilled to announce the launch of the [Raft Governance Forum](https://forum.raft.fi/). This forum will serve as a space for our community to discuss proposals, voice their opinions, and actively participate in decision-making to shape Raft’s future. **Register** and **start participating** in the discussion [here](https://forum.raft.fi/). ## Decentralized and Safe Raft is built on the principles of safety and efficiency. The core parts of our smart contracts are **immutable**, ensuring the **security** and **stability** of the protocol. Yet, we’re committed to providing a platform where the community has a say in its evolution. This commitment will be realized through the adoption of a **governance-minimized** approach, creating an efficient, transparent, and community-driven protocol. ## Governance-Minimized Explained The scope of Raft's governance will be limited to several main areas: * **Appointment of The Liquidity Committee:** The Liquidity Committee will play a crucial role in managing the liquidity of the protocol and ensuring its smooth operation. * **Treasury Fund Management:** The allocation of the treasury funds will be a community decision, ensuring that the funds are used in a way that benefits the entire Raft ecosystem. * **Protocol Fees:** The community will also have a say in the setting of protocol fees, which are critical for maintaining the economic balance of the protocol. * **Additional collateral types:** The community will have the ability to extend the types of collateral that can be used to mint R. * **Chain deployments:** The community will be able to steer the direction of future growth for Raft, including deployments on other chains. * **Future partnerships and grants:** The community will help in the development of business partnerships and integrations, as well as the creation of new grants. ## $RAFT: the Governance Token The RAFT token will be the democratic pulse of the Raft protocol, extending **voting power to its holders** on pivotal governance matters. These include decisions related to the governance scope described in the section above, future direction of the Raft product, the allocation of treasury and ecosystem funds, potential partnerships, and the possibility of changes to the RAFT token supply. Our vibrant community has been the bedrock of our journey, akin to the **early pioneers of Raft**. Their belief and involvement has been instrumental in the success of Raft's launch so far and their ongoing support will keep driving its growth in the coming years. The adventure is just beginning, and we're thrilled to have you [join us](https://forum.raft.fi/). ## Wrap Up The road to decentralization is a challenging but **rewarding journey**. At Raft, we are committed to making this journey with our community. We look forward to continuing to build a truly decentralized, secure, and efficient protocol, with our users at the heart of every decision we make. ## How to Contribute Contribute to Raft's growth and apply for a [Raft Grant](https://tempusfinance.notion.site/Raft-Grants-7eb3ca42951349eda6c0a9c0d2150bec?pvs=4). From writing Twitter threads to developing frontend inte
The moment you've all been waiting for has finally arrived. We're thrilled to announce the **launch of Raft** on Ethereum mainnet! Keep reading to learn more about Raft or you can start using the protocol right away [here](https://app.raft.fi/). ## What are Raft and R? Raft is a groundbreaking lending protocol that's changing the game for holders of Lido Staked Ether (stETH). You can **generate our stablecoin R** using your **stETH as collateral**. And here's the best part: you can generate R with a **0\.01% nominal fee** while continuing to accumulate staking rewards on your stETH collateral. Now that's what we call capital efficiency at its finest! R is the first decentralized USD stablecoin powered **exclusively by stETH**. It offers you an unparalleled opportunity to borrow in the most **capital-efficient** and **cost-effectiv**e way using your stETH. With its **deep liquidity** across an array of trading pairs and unwavering **stability**, R is poised to redefine the DeFi landscape. ## LSDFi season ![](https://images.mirror-media.xyz/publication-images/D-fRJn2ds2Dfm4EZKqd4s.png?height=588&width=1226) The Ethereum network has undergone seismic shifts and upgrades over the past year, stirring up a whirlwind of excitement around liquid staking. Lido has emerged as a beacon of success in this arena, with 78% market share and a market cap of stETH soaring past a staggering **$13 billion** and still growing. Now, Raft is seizing the day, offering all stETH holders an enticing value proposition to make the most of their stETH: **borrow R stablecoin interest-free**, while **earning staking rewards**. ## How to use Raft? ![](https://images.mirror-media.xyz/publication-images/4xiAhrjxQE61K2qPQwgiS.png?height=779&width=935) We've built Raft to be as **user-friendly** as it is **efficient**. To borrow R, all you need to do is [navigate to the app](https://app.raft.fi/), connect your wallet, specify the amount of stETH or wstETH you'd like to deposit, and determine how much R you want to generate. Once you confirm the transactions, you’ll have R in your wallet, and your stETH will be working for you in the background **earning staking rewards**. Now you can put your R to use in the wider DeFi ecosystem, starting with providing liquidity on Balancer and Uniswap. Continue reading to learn how! ## How to provide liquidity? We have launched liquidity pools on **Balancer** and **Uniswap**. Liquidity providers can provide liquidity to earn trading fees. In case helpful, here is the R contract address: [0x183015a9bA6fF60230fdEaDc3F43b3D788b13e21](https://etherscan.io/address/0x183015a9bA6fF60230fdEaDc3F43b3D788b13e21). Let’s go through how to provide liquidity into our current pools: ### Provide liquidity on Balancer There are two liquidity pools on Balancer: * [R/wstETH](https://app.balancer.fi/#/ethereum/pool/0x380aabe019ed2a9c2d632b51eddd30fd804d0fad000200000000000000000554) * [R/DAI](https://app.balancer.fi/#/ethereum/pool/0x20a61b948e33879ce7f23e535cc7baa3bc66c5a9000000000000000000000555) Once you’ve clicked on the pool that you want to enter, look for the "Add Liquidity" section. There you'll need to specify the quantity of R tokens you intend to deposit into the pool, along with the corresponding wstETH and/or DAI tokens. Once your transaction has been confirmed, you've successfully provided liquidity to the R/wstETH and/or R/DAI pool(s) on Balancer. This means you're now eligible to earn swap fees and BAL rewards. If you need more information about providing liquidity on Balancer, you can check out the [guide](https://docs.raft.fi/guides/how-to-provide-liquidity-on-balancer). ### Provide liquidity on Uniswap v3 You can access the Uniswap v3 [R/USDC](https://app.uniswap.org/#/add/0x183015a9ba6ff60230fdeadc3f43b3d788b13e21/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48/500?minPrice=1.001279&maxPrice=1.003284) pool and provide liquidity by clicking “Add liquidity.” In the liquidity provision interface, you'll find input fields for R and USDC. Input the amounts of R and USDC tokens you wish to contribute to the pool. We recommend setting a price range of approximately 0.99 to 1.01 R per USDC to maintain the stablecoin's peg. You can adjust this range by moving the sliders or entering the values manually. If you need more information about providing liquidity on Uniswap v3, you can check out the [guide](https://docs.raft.fi/guides/how-to-provide-liquidity-on-uniswap). ## Security first ![](https://images.mirror-media.xyz/publication-images/mLhpk91L59ypUaalfcd7P.png?height=564&width=1035) Your safety is our **number one priority**. That’s why we have conducted an audit with Trail of Bits, a top smart contract auditing firm in the DeFi space, as well as an [audit competition](https://twitter.com/HatsFinance/status/1654227147807154176) with Hats Finance. You can read more about these audits [here](https://github.com/trailofbits/publications/blob/master/reviews/2023-04-tempus-raft-securityr
In the world of DeFi, capital efficiency is the lighthouse that guides every investor's journey. Capital efficiency is about **maximizing the returns** on invested capital and **minimizing risk** at every stage. Raft has introduced an innovative approach to capital efficiency through its unique stablecoin, R. ## The Pursuit of Capital Efficiency in DeFi Capital efficiency is the touchstone of DeFi. It revolves around the optimal use of funds, where every asset is put to work to generate the best possible returns. Raft's launch of R represents a significant leap forward in the realm of capital efficiency. Backed solely by stETH (Lido Staked Ether), R provides a capital-efficient way to **borrow against your stETH**, offering deep liquidity and maintaining a stable peg to the USD. <https://twitter.com/raft_fi/status/1663506052292247553/photo/1> ## The Economics of Borrowing R Borrowing R is straightforward and **cost-efficient**. After depositing either stETH or wstETH (wrapped stETH) as collateral, users can borrow R with a collateralization ratio of at least 110% for each R borrowed. The best part: R can be borrowed for free! ## R vs Others Although R draws inspiration from other stablecoins like DAI and LUSD, it distinguishes itself by adding improvements in several key areas: * **R is solely backed by staked ETH**, offering a more capital-efficient approach to borrowing and lending. * R features more **efficient liquidation mechanism** compared to DAI and LUSD. DAI, for example, is a decentralized stablecoin that is over-collateralized with various types of cryptocurrency assets. R improves upon this by **using a censorship-resistant asset as collateral** that eliminates the risks associated with backing a stablecoin with centralized assets. R also introduces **flexible fees**, which makes it more attractive for users seeking to borrow against their collateral. On the other hand, LUSD, a stablecoin issued by Liquity, also offers loans against ETH collateral, which does not accrue any yield to borrowers. R allows users to deposit wstETH as collateral and **earn staking rewards** without compromising on the intrinsic features that make ETH a perfect collateral asset. ![](https://images.mirror-media.xyz/publication-images/CXKv18QkoTB5RMTcAX3rZ.png?height=1801&width=3200) In terms of collateralization ratio, R can be borrowed by posting **at least 110%** of the borrowed dollar amount as collateral. This ratio makes R as efficient as LUSD and more efficient that DAI. Like DAI and LUSD, R does not make compromises when it comes to security. All Raft smart contracts have been fully audited by Trail of Bits and Hats Finance. ## Wrap Up Raft's introduction of R is an important milestone in the pursuit of **capital efficiency in DeFi**. As we continue to navigate the currents of this dynamic financial landscape, it's clear that protocols like Raft are pivotal in steering us toward a more efficient, decentralized future. DAI and LUSD are stablecoins that paved the way for many DeFi applications, and R improves on them by adding several **unique features**. Users interested in borrowing against their cryptocurrency collateral should consider their individual requirements and preferences when choosing between these options. Now it's your turn to set sail. Join us at Raft and experience the benefits of **capital efficiency with R.** Jump on board the Raft [Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links * **Website:** <https://www.raft.fi/> * **Twitter:** <https://twitter.com/raft_fi> * **Telegram Channel:** <https://t.me/raft_fi> * **Telegram Group**: <https://t.me/raft>
In the rapidly growing world of decentralized finance (DeFi), collateral plays a crucial role in **securing loans** and **ensuring the stability** of lending protocols. The selection of collateral available to users can significantly impact the efficiency and flexibility of lending platforms. In this blog post, we'll discuss the **role of collateral in borrowing**, compare different types of collateral used in DeFi, and examine how Raft's approach to collateral sets it apart from other lending platforms. ## Role of Collateral in Borrowing Collateral is an essential component of lending protocols, as it provides **security** for loans and **reduces the risk** of default. In DeFi, borrowers must [deposit collateral](https://docs.raft.fi/how-it-works/position) in the form of cryptocurrencies to obtain loans. If the borrower fails to repay the loan, the lender can **liquidate the collateral** (i.e. sell it for cash) to recover the funds. **Collateralization ratios** are used to determine the amount of collateral needed to secure a loan. They are often set higher than 100% of the loan amount to protect the lender against market fluctuations. ## Different Types of Collateral Used in DeFi Several cryptocurrencies can be used as collateral in DeFi, but not all are created equal. Some of the most common types of collateral include: ### ETH: As the native currency of the Ethereum network, ETH is widely accepted as collateral across many DeFi platforms. However, using ETH as collateral comes with some drawbacks, such as **exposure to market volatility** and the **loss of potential staking income**. ### stETH: Staked Ether (stETH) is a token representing staked ETH in Ethereum 2.0, that can be redeemed for ETH on a 1:1 basis. As stETH’s staking rewards are paid in additional stETHs, hence the unit balance is not constant. As most DeFi protocols require a constant unit balance mechanism for tokens to work, stETH is **difficult for the DeFi market to account for and trade**. ### wstETH: Wrapped Staked Ether (wstETH) is a token that represents an indexed accumulation of 1 stETH since inception day. The stETH staking reward is accrued within wstETH. Hence 1 wstETH will always be 1 wstETH but will equate to an increasing amount of stETH over time. Using wstETH as collateral allows borrowers to have the **flexibility to trade on DeFi** while still **benefiting from staking rewards**. ## Raft vs. Others Raft is a decentralized lending protocol that stands out from the competition by accepting and using wstETH as collateral. To offer users the best user experience, they can **easily borrow R** even when they deposit ETH or stETH. Raft's contract will automatically convert all ETH and stETH into wstETH. Raft's innovative design also allows for **capital efficiency**, allowing users to enjoy staking returns while simultaneously gaining access to DeFi functionalities, such as collateralized borrowings. This combination of increased functionality and efficiency sets Raft apart from other DeFi lending platforms, making it an attractive option for users seeking a **versatile** and **reliable borrowing solution**. ## Wrap Up Collateral plays a vital role in the world of DeFi lending, and the choice of collateral and automated conversion can significantly impact the **success** and **stability** of lending platforms and their users. Raft's innovative approach to using wstETH as collateral, and offering users the option to deposit all of ETH, stETH, and wstETH, provides borrowers with the increased functionality and efficiency needed to succeed in the dynamic DeFi landscape. To [learn more](https://docs.raft.fi/) about Raft and how to borrow R using ETH, stETH, or wstETH, visit our official documentation and join the conversation in our community channels. Find out more about Raft’s [One-Step Leverage](https://mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/jMa-8jFfgZa2UAvRZ3n9phn8jzN27p4X_357yCHKVH4). Jump on board the Raft[ Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links * **Website: <https://www.raft.fi/>** * **Twitter: <https://twitter.com/raft_fi>** * **Telegram Channel: <https://t.me/raft_fi>** * **Telegram Group: [https://t.me/raft](https://t.me/raft_chat)**
In the rapidly growing world of decentralized finance (DeFi), collateral plays a crucial role in **securing loans** and **ensuring the stability** of lending protocols. The selection of collateral types available to users can significantly impact the efficiency and flexibility of lending platforms. In this blog post, we'll discuss the **role of collateral in lending**, compare different types of collateral used in DeFi, and examine how Raft's approach to collateral sets it apart from other lending platforms. ## Role of Collateral in Lending Collateral is an essential component of lending protocols, as it provides **security** for loans and **reduces the risk** of default. In DeFi, borrowers must [deposit collateral](https://docs.raft.fi/how-it-works/position) in the form of cryptocurrencies to obtain loans. If the borrower fails to repay the loan, the lender can **liquidate the collateral** (i.e. sell it for cash) to recover the funds. **Collateralization ratios** are used to determine the amount of collateral needed to secure a loan. They are often set higher than 100% of the loan amount to protect the lender against market fluctuations. ## Different Types of Collateral Used in DeFi Several cryptocurrencies can be used as collateral in DeFi, but not all are created equal. Some of the most common types of collateral include: ### ETH: As the native currency of the Ethereum network, ETH is widely accepted as collateral across many DeFi platforms. However, using ETH as collateral comes with some drawbacks, such as **exposure to market volatility** and the **opportunity cost of staking**. ### stETH: Staked Ether (stETH) is a token representing staked ETH in Ethereum 2.0. By using stETH as collateral, borrowers can benefit from the **rewards generated by staking** while still maintaining access to their funds. ### wstETH: Wrapped Staked Ether (wstETH) is a token that represents stETH on a 1:1 basis. It is **more liquid** than stETH and can be **easily traded** on decentralized exchanges. Using wstETH as collateral allows borrowers to have the flexibility to trade on DeFi while still benefiting from staking rewards. ## Raft vs. Others Raft is a decentralized lending protocol that stands out from the competition by offering users the ability to use all of ETH, stETH, and wstETH as collateral. This approach gives borrowers **greater flexibility**, allowing them to **choose the type of collateral** that best suits their needs and risk appetite. Raft's innovative design also allows for **capital efficiency**, allowing users to enjoy staking returns while simultaneously maintaining access to the liquidity of their collateral. This combination of flexibility and efficiency sets Raft apart from other DeFi lending platforms, making it an attractive option for users seeking a **versatile** and **reliable lending solution**. ## Wrap Up Collateral plays a vital role in the world of DeFi lending, and the types of collateral available can significantly impact the **success** and **stability** of lending platforms. Raft's innovative approach to collateral, offering users the option to use ETH, stETH, and wstETH, provides borrowers with the flexibility and efficiency needed to succeed in the dynamic DeFi landscape. To learn more about Raft and how it uses **ETH**, **stETH**, and **wstETH** as collateral, visit our official [documentation](https://docs.raft.fi/how-it-works/position) and join the conversation in our community channels. Find out more about Raft’s [One-Step Leverage](https://mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/jMa-8jFfgZa2UAvRZ3n9phn8jzN27p4X_357yCHKVH4). Jump on board the Raft [Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links * **Website: <https://www.raft.fi/>** * **Twitter: <https://twitter.com/raft_fi>** * **Telegram Channel: <https://t.me/raft_fi>** * **Telegram Group: [https://t.me/raft](https://t.me/raft_chat)**
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 and redistributions to safeguard its value and maintain solvency. Let's embark on a journey to understand how these processes work with R. ## Liquidations [Liquidations](https://docs.raft.fi/how-it-works/returning/liquidation) play a vital role in making sure each **1 R is always backed by at least 1 USD** worth of wstETH. An account becomes eligible for liquidation when a Position's Collateral is between the **Minimum Collateralization Ratio** and 100% collateralization (i.e., 100% < Position's Collateral < 110%). The liquidation process is initiated when the Liquidator calls the smart contract to perform the liquidation. The Liquidator pays off the Borrower's Total Debt, and in return, receives the equivalent amount of **Matching Collateral** and the additional **Liquidator Reward**, which is based on a [pre-defined formula](https://docs.raft.fi/how-it-works/returning/liquidation). ![](https://images.mirror-media.xyz/publication-images/PXfTmViHxCbs1hSo2GV8Z.png?height=900&width=1600) Positions below the Minimum Collateral Ratio can be liquidated through the following methods, earning the Liquidator collateral and liquidation rewards: 1. \[Optional Flash Loan\]: Borrow Borrower's Total Debt from a Liquidity Pool (such as Balancer). 2. \[Optional Flash Mint\]: Flash mint Borrower's Total Debt directly from RAFT. 3. Call the Liquidation contract, submit Borrower's Total Debt. 4. Receive wstETH equivalent to Borrower's Total Debt + Liquidation Reward Rate of Excess Collateral. 5. Swap wstETH back into R. 6. \[Optional Flash Loan\]: Repay Borrower's Total Debt of flash loan. 7. \[Optional Flash Mint\]: Repay Borrower's Total Debt \* (1+FlashMintFee%) of flash mint. ## Redistributions [Redistributions](https://docs.raft.fi/how-it-works/returning/redistribution) serve as a last line of defense in the highly unlikely event that liquidators fail to liquidate all under-collateralized, risky Positions. They are designed to ensure that losses incurred by an under-collateralized position are **fairly distributed among all Positions**, reducing the risk of systemic failure. This mechanism maintains user trust and confidence in the protocol, making it a vital part of DeFi lending. If a borrower's collateralization ratio falls to 100% or below, a Redistributor may initiate a Redistribution process, earning a **Redistributor Reward**. The remaining collateral and debt of the affected Position are proportionally split among other Positions based on their collateral amounts, with higher collateral amounts receiving a larger share. After the redistribution, the under-collateralized Position is closed. The Redistributor's role is to invoke the contract for initiating the redistribution process. Due to the potential for high gas fees, an incentive is provided to the Redistributor. The **Redistributor Reward Rate** is a dynamic percentage of the Total Collateral, set according to a [pre-defined table](https://docs.raft.fi/how-it-works/returning/redistribution). ![](https://images.mirror-media.xyz/publication-images/TGKM8mFe127o61E0MAk-\_.png?height=900&width=1600) ## Wrap Up The mechanisms of **liquidations** and **redistributions** are crucial for ensuring **solvency** and **stability** in decentralized finance protocols like Raft. The R stablecoin, designed to **always retain a value of 1 USD**, relies on these mechanisms to maintain stability and reliability. By understanding how liquidations and redistributions work with R, users can confidently **trade R with minimal slippage** or **price impact**. To learn more about Raft and its features, please visit the official [documentation](https://docs.raft.fi/). Find out more about Raft’s [One-Step Leverage](https://mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/jMa-8jFfgZa2UAvRZ3n9phn8jzN27p4X_357yCHKVH4). Jump on board the Raft [Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links **Website:** <https://www.raft.fi/> **Twitter:** <https://twitter.com/raft_fi> **Telegram Channel:** <https://t.me/raft_fi> **Telegram Group:** <https://t.me/raft>
Nearly a year after PayPal enabled its users to make encrypted money transfers, the company is rolling out similar functionality to its more than 60 million U.S.-based Venmo customers. Starting next month, Venmo customers will be able to transfer money to their PayPal account, as well as to external wallets and exchanges, the company said in a statement. Last June, PayPal began allowing users to send bitcoin, ethereum, bitcoin cash and litecoin to external wallets. PayPal acquired Venmo in 2013. According to PayPal's most recent earnings report, in 2022, Venmo will process $245.3 billion in fiat currency transactions. Additionally, a recent survey conducted by the Pew Research Center revealed that 17 percent of Americans have invested in or traded cryptocurrencies.
According to the New York Times, citing people familiar with the matter, the FBI searched the residence of former FTX executive Ryan Salame on Thursday morning Eastern Time. The raid took place around 7:00 am Eastern Time on Thursday (19:00 Beijing time on Thursday) in Potomac, Maryland. The New York Times said the exact nature of the search was unclear. Salame served as Co-CEO of FTX Digital Markets until December 2022. Before that, he worked at Alameda Research, an affiliate of FTX. The raid comes amid a long-running federal investigation into FTX's bankruptcy. FTX went bankrupt in November last year. The former CEO of FTX, SBF, has been indicted by the US prosecutors. Many insiders of FTX have reached cooperation agreements with the prosecutors.
Bloomberg listed Binance CEO Zhao Changpeng on the list of "25 financial giants who became rich from computer-driven trading companies", and mentioned his age (46), net worth (28.2 billion US dollars), Binance's annual income (12 billion U.S. dollars) and Binance users (120 million), Changpeng Zhao tweeted: "4 numbers are all wrong, I don't have that many, don't know why they do that. Besides, we never see FTX as Competitors, more (well-functioning/meaningful) communication in this space is welcome." ![](https://images.mirror-media.xyz/publication-images/3u5jouzUFd10K3_qOnNI2.png?height=529&width=465)
In the vast ocean of DeFi, stablecoins play a critical role in providing **stability** and **predictability** amidst the turbulent waves of volatility. Among these stablecoins, Raft's R stablecoin has emerged as a reliable anchor for users navigating the DeFi space. Let's explore how R maintains its peg and how these mechanisms set it apart from other **stablecoin peg mechanisms**. ## The Importance of Maintaining the Peg We all remember all too well what happens when a stablecoin loses its peg. <https://twitter.com/Blockanalia/status/1634580871117172736> A stablecoin's ability to **maintain its peg** to a specific value (in the case of R, 1 USD) is essential for ensuring user confidence and facilitating seamless transactions. A stable peg provides the following benefits for stablecoin holders: 1. Easiness of use as a **medium of exchange** 2. **Reduced risk** of being liquidated 3. Easiness of use as a **unit of account** in DeFi Let’s explore how R keeps its value pegged to the US dollar. ## How Raft Maintains its 1 R: 1 USD Peg Raft protocol employs several code constraints and tactics to ensure R maintains its 1 USD peg. We have devised a **combined hard peg and soft peg** dual system to ensure 1 R remains equal to 1 USD. These mechanisms work in tandem to create a robust system that helps maintain the R token's value and prevent it from deviating too far from the intended peg. ### Hard Peg The hard peg is achieved through two different and complementary mechanisms: * **Overcollateralization:** users need to provide at least null.10 worth of wstETH to mint one R token. This results in the price being capped at null.10, which acts as an upper barrier. When the price of R rises over null.10 per R, users have the option to make a deposit of wstETH worth null.10, mint 1 R, and then sell it on the open market for more than null.10 to lock in a profit without taking any risk. The buying pressure exerted by arbitrageurs contributes to increasing the R price up to parity with the US dollar. * **Redemptions:** the redemption procedure establishes a lower boundary for the R price, given that market players are presented with arbitrage possibilities anytime the price of R drops below null. In that situation, arbitrageurs can buy R on the open market for less than $ 1 and redeem it for null worth of wstETH. When an R token is redeemed by a user, that user's tokens are "burned" via a smart contract. This decreases the amount of R that is currently in circulation, which causes its price to increase. ### Soft Peg The notion of a "soft peg", as opposed to a "hard peg", depends on the capability of a stablecoin design to **motivate users to behave** based on the assumption that the peg will be maintained in the future. This is in contrast to the "hard peg" concept. For example: > When R trades for **more than null**, there is no reason for current borrowers to pay back their debts. On the other hand, people who want to use R could benefit by borrowing it and then selling it on the open market. > > When R trades for **less than null**, the opposite happens: borrowers are more likely to pay back their debts, and people who want to buy R buy it on the open market and redeem it. > > Knowing how an economic system is supposed to work ahead of time provides a self-fulfilling process that makes it easier to trust that the system will work as planned in the future. > > The soft peg mechanism also underlines that deviations from the parity are **temporary**, which makes market players who want to gain from them compete with each other. In turn, this would make these deviations last shorter. ## R Advantages vs Other Stablecoins While other stablecoins use mechanisms such as algorithmic supply adjustments or centralized reserves to maintain their peg, Raft's approach to R offers several advantages: * **Decentralization:** R relies on overcollateralization and redistribution, minimizing reliance on centralized entities or governance intervention. * **Trustlessness:** R's peg mechanisms are transparent and operate autonomously through smart contracts. * **Resilience:** Raft's liquidation and redistribution mechanisms work together to protect the system from severe market fluctuations and potential black swan events. Another element that makes R one of the most flexible decentralized stablecoins on the market is the redemption mechanism. Stablecoins that don’t allow for direct redemption employ two main mechanisms: * **Peg Stability Module (PSM):** stablecoins like DAI allow market participants to mint one DAI by depositing another stablecoin and vice versa. However, the MakerDAO PSM includes centralized stablecoins like USDC. Since such assets are vulnerable to off-chain events such as regulatory enforcement, the PSM could end up having assets whose market value could permanently deviate from DAI’s PSM, resulting in potential bad debt for MakerDAO. * **DEX liquidity:** stablecoins like MIM don’t allow for redempt
Sarah Pritchard, executive director of the UK Financial Conduct Authority (FCA), said at the London City Week meeting that it plans to strengthen the supervision of encryption marketing. The rules will be announced after the legislation is proposed. Once the government legislates, the company will have 4 months to rectify. In addition, the FCA has been working closely with the government to develop proposals to regulate stablecoins that can be used for payments, and to conduct consultations on the regulation of the broader crypto asset regime, and the public can comment until April 30. In the future, the Ministry of Finance may also decide to introduce a reciprocal registration system for overseas encryption companies. Sarah Pritchard said that she hopes to obtain the opinions of the industry to ensure that the correct regulatory system for encrypted assets is established.
The General Office of the Shanghai Municipal People's Government issued the "Policies and Measures on Strengthening Investment and Accelerating the Construction of a Modern Industrial System in the New Era", which mentioned that investment promotion will be carried out around the "Metaverse" infrastructure, interactive terminals, digital tools and other fields, and 50 enterprises will be opened. The above-mentioned major metaverse application scenarios at the city level will attract foreign investment, continue to carry out supply and demand docking and unveil the list, and accelerate the introduction of "metaverse" projects such as 3D graphics, image engines, and digital modeling. Increase support for investment promotion projects in the "Yuan Universe" field, and provide support for the introduction of qualified key technologies, key projects and industrialization projects in accordance with regulations not exceeding 30% of the project investment, with a maximum of 20 million yuan.
Mobile NFT portfolio tracking app Floor has expanded beyond the Ethereum ecosystem, adding support for Solana NFTs starting today, reports Decrypt. That means users can now track projects like Claynosaurz, Solana Monkey Business and Okay Bears in the Floor app on iOS and Android. In June last year, Floor, an NFT portfolio tracking platform, completed a $8 million seed round of financing led by 6th Man Ventures.
The Sui Network ecological chain game project Abyss World announced in the Discord announcement that it will airdrop SUI and AWT tokens to "Gazer-Abyss World" holders. The specific arrangements are as follows: R-level NFT can claim 400 SUI and 1600 AWT; SR-level NFT can claim 1000 SUI and 4000 AWT; SSR-level NFT can claim 2250 SUI and 9000 AWT; SP-level NFT can claim 12500 SUI and 50,000 AWT. When AWT goes online, SUI and AWT tokens will be airdropped simultaneously. The release period is 10 months. The specific release rules will be released at the end of May.
In the case of Yuga Labs suing Ryder Ripps and Jeremy Cahen for infringement, a California court ruled that the RR/BAYC NFT series of BAYC imitation disks launched by the two infringed Yuga Labs' copyright. The court stated that Yuga Labs owns the BAYC trademark, and the defendant’s use of the BAYC trademark (referring to the image) to sell RR/BAYC NFTs without Yuga Labs’ consent may mislead consumers, and similar products will confuse consumers who intend to purchase actual BAYC NFTs or use token tracking tools. Consumers tracking its value are confused. In addition, the court ruled that defendant's use of the BAYC trademark was neither fair use nor artistic expression under the so-called Rogers test, since Yuga's BAYC trademark was popular in the marketplace and the RR/BAYC project was intended to be misleading. The court also ruled that the domain names “[rrbayc.com](http://rrbayc.com)” and “[apemarket.com](http://apemarket.com)” registered and used by the defendant may also cause confusion, and it is believed that the defendant’s behavior was maliciously seeking profit, and there is a possibility of cybersquatting. According to previous news in June, Yuga Labs sued the "RR/BAYC" NFT series for infringement, accusing them of using the original BAYC images to mass-produce and sell the counterfeit version of the NFT series "RR/BAYC", which led to the depreciation of BAYC NFT.
After OPNX released a list of investors, several investors denied participation in the investment. A spokesperson for DRW said in an email, “DRW is not an investor in OPNX, nor is its affiliated company an investor in OPNX.” Token. MIAX later confirmed that it is not an investor in OPNX, adding that it did not purchase any FLEX. A spokesperson for Susquehanna said: “We are aware of Coinflex’s proposed transaction with OPNX. We have not voted in favor of or otherwise approved this proposed transaction. We have not provided any funds to OPNX and have no intention of doing so.” According to previous news, the bankruptcy claims exchange OPNX disclosed its main investors, including AppWorks, Susquehanna (SIG), DRW VC, MIAX Group, Hong Kong Branch of Merchant Bank International (China Merchants Bank International), Token Bay Capital, Nascent, Tuwaiq Limited, etc.
Cool Cats founder @Lynqoid announced his departure from the project on social media. He will no longer work for Cool Cats, but will continue to stay on the board of directors and focus on the Cool Cats project, while providing advice and help as much as possible.
Swaap is an automated market maker that offers sustainable yields for liquidity providers and lower fees for traders by leveraging oracles and dynamic spreads. It reduces arbitrage trading and impermanent loss, providing a more efficient model for investing and trading higher-cap tokens listed on order books. Swaap v2 is set to revoluti the DeFi landscap with its new enhaements and features, further imprving v1. It employs the most advced market-making models in DeFi, built by leverag the AMM (automated market maker) simulator developed in collaboration with the Louis Bachelier Institute, a leading Math Research Institute. <https://www.swaap.finance/>
Since the change in Twitter's authentication model, the "blue label" certification of multiple crypto KOLs and founders has been removed, including Ripple CEO Brad Garlinghouse, Tezos co-founder Kathleen Breitman, Shapeshift founder Erik Vorhees, FTX founder And former CEO Sam-Bankman Fried, encryption payment company Block and former Twitter CEO Jack Dorsey, etc. However, Coinbase CEO Brian Armstrong, Binance CEO Changpeng Zhao, Kraken CEO Jesse Powell and Ethereum founder Vitalik Buterin were unaffected. It is reported that Twitter began to end the previous authentication system on April 20, and switched to a paid subscription system. Users who want to keep the blue certificate authentication must subscribe to the Twitter Blue service for $8 per month.
CoreWeave, a company that is transitioning from an Ethereum mining company to a general-purpose cloud computing platform, announced the completion of a $221 million Series B round of financing, led by Magnetar Capital, with participation from Nvidia, former GitHub CEO Nat Friedman, and former Apple executive Daniel Gross. Magnetar Capital contributed $111 million, with Nvidia, Friedman, and Gross splitting the remainder of the investment. CoreWeave CEO Mike Intrator said the funding, which values CoreWeave at $2 billion and brings the company's total raised to $371 million, will be used to support CoreWeave's U.S. data center expansion, with two new facilities opening this year. center. CoreWeave currently operates five companies in North America.
Crypto asset trading platform Bitget announced that it has completed the registration of cryptocurrency business in Lithuania. After completing the registration, Bitget can provide cryptocurrency-related services in the region under the premise of complying with Lithuanian laws and regulations. Bitget's compliance team personnel has grown by 50% in the past 12 months to support plans and needs in terms of compliance business development. And it has completed the registration or license application in Italy, Poland and other places within this year. Bitget previously acquired BitKeep, a multi-chain wallet with over 9.5 million users, to further enhance the Web3 experience of Bitget users. The $100 million Bitget Web3 fund was also launched during the Hong Kong Blockchain Week to promote the development of the encrypted world and will provide support for promising start-ups.
The Shanghai Municipal Commission of Economy and Informatization issued a notice today on the "Guiding Opinions on Promoting the Unified Scheduling of Computing Resources in Shanghai". The guidance pointed out that by the end of 2023, relying on the city's artificial intelligence public computing power service platform to access and dispatch more than 4 computing power infrastructures, the dispatchable intelligent computing power will reach more than 1,000 PFLOPS (FP16); by 2025, the city's artificial intelligence The energy level of the intelligent public computing power service platform has jumped, the computing power trading mechanism has been improved, and the cross-regional computing power intelligent scheduling has been realized. Through efficient computing power scheduling, the balance between supply and demand of computing power has been promoted, and the role of driving industrial development has been significantly enhanced.
According to SlowMist Intelligence, @tayvano\_, a member of the MetaMask security team, reminded on Twitter today that a large number of wallet users’ private keys may be leaked between 2014 and 2022, which may lead to the theft of 5000+ ETH. SlowMist security team tracked and found that there was no Any signs or evidence of belonging to a particular wallet or platform. There is no so-called 'large-scale leak of MetaMask wallet'. At the same time, the iOS and macOS security updates reminded by the SlowMist security team on Twitter today have nothing to do with the above-mentioned incidents, and are regular security reminders. The SlowMist security team reminds users, please keep an eye on the follow-up developments of the incident, and do not believe or spread rumors.
In the world of DeFi, various protocols offer different methods for users to **generate leverage**. In this article, we compare **Raft's one-step leverage** mechanism with that of Gearbox, one of the most established protocols for composable leveraged strategies in the space. Our goal is to **positively highlight the differences** between the two while casting light on their unique features. ## Gearbox Overview [Gearbox](https://gearbox.fi/) is a well-known composable leverage protocol with two sides: **passive liquidity** providers who earn low-risk APY by providing single-asset liquidity, and **active borrowers** who borrow those assets to trade or farm with up to 10x leverage in a single click. Key aspects enabling leverage in Gearbox include **Credit Accounts**, which "bind" together lenders and borrowers in this equation. ## Raft vs Gearbox: Comparing stETH Leveraging Approaches ### Barriers to Entry Gearbox requires users to satisfy certain conditions, such as a **minimum $100k** borrow and address approval on their governance forum. In contrast, Raft only requires a **minimum position size of 3,000 borrowed R**, making leverage with R permissionless and open to everyone. ### Borrow Rate Gearbox users **pay borrowing fees**, which are subject to fluctuations in borrowing rates. Raft users, however, **do not have to pay any borrowing fees**, allowing them to maximize their leverage strategy profitability. ### Collateral Choice While Gearbox allows users to deposit **various collateral tokens**, Raft only accepts ETH, stETH, or wstETH as collateral. Raft's design choice **focuses on stETH** as the most efficient and censorship-resistant collateral available in DeFi. ### Liquidation Raft's liquidation system is more favorable for borrowers and liquidators compared to Gearbox. Borrowers lose less of their collateral in Raft, while liquidators earn more for performing liquidations. ### Slippage Raft allows users to choose their slippage tolerance level and know exactly under which conditions the swap is reverted due to market conditions, unlike Gearbox. ## Wrap Up Raft **democratizes the leverage process** for a wide user base without imposing limitations on borrowed amounts or requiring approval from governance members. As the primary "lender", Raft eliminates concerns about **liquidity availability** and **fluctuations in borrowing costs**, ensuring a smooth borrowing experience. Moreover, Raft implements a **robust liquidation system** that effectively mitigates the risk of contagion effects and maintains the overall stability of the platform without intervention from protocol governance. Find here more info about [One-Step Leverage](https://mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/jMa-8jFfgZa2UAvRZ3n9phn8jzN27p4X_357yCHKVH4). Jump on board the Raft [Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links * Website: <https://www.raft.fi/> * Twitter: <https://twitter.com/raft_fi> * Telegram Channel: <https://t.me/raft_fi> * Telegram Group: [https://t.me/raft](https://t.me/raft_chat)
According to court records, U.S. District Judge Jed Rakoff rejected a request by Do Kwon and Terraform, which Do Kwon and its companies had previously sought, to order the SEC to withdraw its claim to the defendants and the Luna Foundation Guard, according to court records. Documents held by regulators. It was unclear what records the SEC requested from Singapore, but Terraform is based in Singapore. It was previously reported that both the United States and South Korea are currently seeking the extradition of Do Kwon from Montenegro. Korean prosecutors found new evidence that Do Kwon was suspected of fraud. Before Terra collapsed, he had remitted 9 billion won to a law firm.
Galactic Holdings, a leading cryptocurrency company in Latin America, announced the successful closing of a $10 million Pre-Series A funding round. The round was led by BAI Capital, with participation from Animoca Brands, Y2Z Ventures, Longling Capital, Head & Shoulders, TKX Digital Group, Perseverance Capital, and Palm Drive Capital. This financing will further promote the development of Galactic Holdings in Latin America. Galactic Holdings is currently the only compliant large-scale comprehensive platform in Latin America that also owns the digital currency wallet TruBit, the exchange TruBit Pro, and the Mexican peso-anchored stablecoin MMXN. Maggie Wu, CEO and co-founder of Galactic Holdings, stated that Galactic will be committed to the overall development of the cryptocurrency business in Latin America.
According to Bloomberg, BlockTower Capital, a Miami-based digital asset investment company, announced that it will close a "market-neutral" cryptocurrency fund, and the funds will be returned to relevant investors. At one point, the fund managed more than $100 million. Matthew Goetz, CEO of BlockTower Capital, said that the venture capital firm has actually made the decision to close the fund in early 2023 and will seek other investment strategies such as "real world assets (RWA)" in the future.
ApeCoin launched a new proposal AIP-232, which intends to create a multilingual information center Apeverse. It aims to meet the needs of the rapidly developing Ape ecosystem to aggregate information dissemination and community participation. Apeverse will serve as a platform for the Ape community to connect and collaborate. The site will encourage collaboration among members by allowing members to submit relevant developments and events. In addition to providing real-time updates of official information, Apeverse will also track the dynamic changes of Ape NFTs and Apecoin, and provide intuitive analysis to show the progress of the ecology from the data level. The voting window for the proposal will end on April 20. The current abstention rate is 60.85%, 35.8% against and 3.35% in favor.
In "The Future of Tokenization", the main venue of "2023 Hong Kong Web3 Carnival", Xiao Feng, chairman and general manager of Wanxiang Blockchain and chairman of HashKey Group, delivered the closing keynote speech "Three Token Models for Web3 Applications", saying, The application of Web3 must meet the needs of all aspects. The token model at the application level of Web3 is different from the token model of the basic protocol. The basic protocol is a single token model, which should be unified globally. The application protocol is a three-token model, and the application scenarios have their own feature. In the three-token model, the first is NFT (data, product and service value), the second is functional token (use right value), and the third is security token (ownership value, that is, equity value) . NFT is not just artwork and avatars, but also self-creating, self-managing, and self-certifying. The basic principles of functional token design include, similar to ecological credits, free gifts, used to motivate users and start the market, there should be no financing activities such as issuance, sales, subscription, etc. The price discovery depends on the secondary market, not on the company’s balance sheet. asset. The nature of security tokens is the same as that of stocks, and STO can be carried out on the virtual asset exchange. After STO, it is equivalent to selling on the global network of the public chain. It is on the same exchange as functional tokens, which can combine users and investors. Together.
Blockchain game Medieval Empires has completed $3 million in financing, led by DWF Labs. According to the project roadmap, the funding will speed up production of the game for its public release by the end of the year. It is reported that Medieval Empires has launched an early access version of the game for its Land NFT holders.
Justin Drake, a researcher at the Ethereum Foundation, revealed that the IP addresses of ETH stakers were monitored as part of the metadata set, leading the crypto community to view this as a privacy issue for Ethereum. Drake said he knew about such a database "internally" (or at the Ethereum Foundation), explaining: "There is a lot of metadata that can be tracked, you can look at deposit addresses, withdrawal addresses, fee recipients, And IP addresses." Drake also said that such a database can resist airdrop sybil attacks, and may also be used for "special airdrops", that is, to airdrop tokens to individual pledgers instead of institutions such as Kraken, Coinbase, or some specific people.
Ye Yanfei, a first-level inspector of the Political Research Bureau of the China Banking and Insurance Regulatory Commission, said at the 2023 Jinan Science and Technology Innovation Finance Forum when talking about the construction of the Jinan Science and Technology Innovation Financial Reform Pilot Zone, said that in terms of product innovation, financial institutions are encouraged to combine the characteristics of the development stage of technology companies, financial needs and risks. characteristics, explore more flexible loan interest rate pricing and interest repayment methods, extend the term of working capital loans in accordance with laws and regulations, and actively research and improve financial services that support the research and development of technology companies. Summarize and promote the online pilot business experience of intellectual property pledge registration, and promote the realization of intellectual property value. Improve the technology insurance product system to form an insurance guarantee covering all aspects of technology companies' research and development, production, and sales.
The multi-chain privacy public chain Namada proposes to airdrop its upcoming Namada pledged token NAM to holders of Zcash’s native token ZEC, and ZEC holders who choose to claim NAM anonymously will receive more airdrops than ZEC holders who claim transparently. The Anoma Foundation, the foundation behind Namada, stated that the project will go live on the mainnet in May 2023, after which the exact time and mechanism of the airdrop will be finalized. In addition, the foundation is also responsible for managing Anoma, an independent privacy protection protocol. Additionally, Namada posted a proposal to the Zcash community seeking collaboration in research and development. It is reported that both Namada and Zcash use zero-knowledge proof mechanism, which can verify transactions without revealing the sender, receiver or transaction amount.
In the DeFi ecosystem, **security** and **decentralization** are crucial factors that contribute to the success and longevity of a protocol. Raft protocol, with its **governance-minimized approach** and **decentralized frontends**, offers a perfect blend of immutability and adaptability. At the heart of the Raft ecosystem lies **R**, the [first Ethereum USD stablecoin](https://docs.raft.fi/about-r) solely backed by stETH (Lido Staked Ether). R provides the most capital-efficient way to borrow using your stETH and aims to be the stablecoin of choice within the decentralized ecosystem. In this blog post, we'll dive into the key aspects of Raft's design and how it promotes a **secure**, **user-centric** ecosystem. ## Balancing Immutability and Adaptability Crypto has a long story of arguments pro and against **immutability** and **governance**. For example, some argue that protocols that are fully immutable are limited in the number of features that they can improve, risking obsolescence by newer, **more flexible** competitors. In the same way, protocols that are completely open to governance by DAO members or tokenholders can be slow to adapt to market conditions due to protocol politics. Crypto history is full of examples of this issue. <https://twitter.com/AaronWise5147/status/1538571401006829569> In the worst-case scenario, governance-voted upgrades may turn into changing the original code so much that it opens the gates to malicious actors to find vulnerabilities. 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**. This ensures the **security** and **stability** of the platform, as well as the stability of R, which is hard-pegged to the price floor of 1 USD. However, [Raft's governance](https://docs.raft.fi/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. ## Benefits of Raft's Governance-Minimized Approach By striking a **balance between immutability** and **adaptability**, Raft offers several advantages to its users. Initially, the platform could operate with low fees to encourage **user adoption**. As demand grows, Raft governance can gradually increase fees, enabling the ecosystem to scale and respond to user needs effectively. This governance-minimized approach allows Raft to remain **agile** and **user-focused** while maintaining **robust security** and R's stability as a preferred stablecoin. ## Empowering Decentralization with Frontend Operators Raft's commitment to decentralization extends beyond its immutable smart contracts. The platform also empowers **Frontend Operators** to establish independent frontends for interacting with the underlying contracts. [Frontend Operators](https://docs.raft.fi/frontend-operators) can **integrate Raft** into their applications, onboarding their users to the platform and potentially **earning rewards** for their contributions. Raft encourages Frontend Operators to deploy their frontends on the InterPlanetary File System (IPFS), a decentralized storage solution. **IPFS** offers **secure** and **censorship-resistant** access to Raft frontends, further bolstering the platform's commitment to decentralization and user empowerment. If a Raft frontend becomes inactive, users will have plenty of alternatives to interact with the protocol, enabling uninterrupted access to stablecoin loans and stETH collateral management. ## Wrap Up Raft's unique blend of **immutability**, **limited governance**, and **decentralized frontends** creates an ecosystem that is both secure and adaptable. By focusing on user needs and embracing decentralization, Raft offers a **powerful** and **user-centric platform** that is poised for success in the rapidly evolving world of DeFi. Find here more info on [Governance](https://docs.raft.fi/governance) and[ ](https://docs.raft.fi/how-it-works/flash-mint/one-step-leverage)[Frontend Operators](https://docs.raft.fi/frontend-operators). Jump on board the Raft [Discord](https://discord.com/invite/raft-fi) and get involved in the R-evolution of decentralized finance. ## Useful Links * **Website:** <https://www.raft.fi/> * **Twitter:** <https://twitter.com/raft_fi> * **Telegram Channel:** <https://t.me/raft_fi> * **Telegram Group:** <https://t.me/raft_chat>
Sei Labs, the development team of the public chain Sei, announced the completion of two rounds of strategic financing totaling US$30 million, with participation from Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures. The new funding will be used by its developers to build more performant Web3 applications, accelerate Sei Labs' continued growth, and deepen its presence in the Asia-Pacific region. It is reported that Sei Labs was founded by Jeff Feng, a former technology investment banker at Goldman Sachs, and Jay Jog, a former software engineer at Robinhood.
The U.S. Securities and Exchange Commission’s (SEC) Investor Advisory Committee (IAC) submitted its opinion on crypto asset regulation to the SEC on Thursday. The committee believes that almost all encrypted tokens are securities” and urges the SEC to “make enforcement related to encrypted assets a top priority.” It is reported that the committee was established to advise securities regulators on regulatory priorities. In its opinion, the committee stated that many investors have recently suffered significant losses from investing in crypto assets. These losses are estimated to have exceeded $2 trillion; many high-profile cryptocurrency companies have either filed for bankruptcy or are on the verge of bankruptcy, while others face civil and criminal charges. The letter added that encrypted assets "are also subject to a very high level of fraud and abuse" and that "the semi-anonymous and borderless nature of encrypted transactions makes them ideal for a variety of illicit activities such as money laundering and tax evasion." “The SEC should continue to aggressively pursue enforcement actions against companies that violate federal securities laws in the crypto space, including issuers, custodians, and those unregistered platforms that offer investment transactions in cryptoassets,” the IAC wrote. Additionally, the IAC recommended that the SEC "Seek appropriate additional appropriations from Congress where adequate oversight of the crypto securities industry is required."
Gameta, a Web3 NFT game platform, announced the completion of a $5 million seed round investment, with Binance Labs, Huobi Ventures, Arcane Capital, Ceras Ventures, Start VC, [Gate.io](http://Gate.io) Labs, W3Coins, Redline Dao, DefinanceX, Rana Capital, and Infinity Labs participating. Gameta will use this financing to accelerate the construction of its game ecosystem, tokens and NFT system, and expand its user base. It is reported that Gameta is a multi-layer NFT game ecosystem that provides players with Web3 games and entertainment experience. In its latest NFT game Hippo Dash, Gameta has established a Hippo Club NFT system that allows users to play games, socialize, experience sharing, and interact with Web3 assets. According to the official introduction, the project currently ranks first among active users on BNB Chain, and is also the winner of Binance Labs' Most Valuable Builder Incubation Camp.
FTX and its debtors released the first report identifying and discussing control failures by former FTX Group management in key areas, including management and governance, finance and accounting, digital asset management, information security, and cybersecurity. John J. Ray III, Chief Executive Officer of FTX Trust, said, "We found that FTX Group failed to exercise appropriate controls in areas critical to the protection of cash and crypto assets. FTX Group is tightly controlled by a small group of people who falsely claim to manage FTX Group responsibly, but actually have no concern for establishing oversight or implementing an appropriate control framework. We are continuing our efforts to review the events that led to the FTX crash and help creditors recover as much of their assets as possible. According to the report, on July 31, 2019, Nishad Singh, former director of engineering at FTX, changed the code base to allow Alameda to withdraw an unlimited amount of encrypted assets from FTX; it was amended a week later to exempt Alameda from automatic liquidation, FTX Group Keep almost all crypto assets in hot wallets (SBF falsely claims to use cold wallets). At present, creditors have recovered and kept more than USnull.4 billion in digital assets, and have identified another USnull.7 billion in digital assets and are in the process of recovery (FTX's total liabilities are approximately US$12 billion).
Open Exchange (OPNX), the bankruptcy claims exchange founded by the founder of Three Arrows Capital Su Zhu and others, officially announced the launch of the Maker Program (Maket Maker Program), which aims to provide liquidity incentives for market makers. There are two main incentive methods : First, up to 200 VIP market makers can receive a subsidy of US$5,000 per month, and second, incentives in the range of US$50,000 to US$500,000 per month will be supported in proportion to the transaction volume.
IOST announced the official completion of its Hong Kong office, the formation of the Hong Kong market team has been completed, and the cooperation and engagement of IOST's business in Hong Kong have begun. IOST will carry out a strategic layout in Hong Kong from four levels, adjust the ecosystem matrix, and coordinate promotion: promote the compliance process of IOST in Hong Kong; improve the liquidity of IOST; promote the service and ecology of IOST in Hong Kong; strengthen the internationalization of IOST IP popularity and market influence.
Arbitrum ecological DEX Camelot will start the V2 version on April 8th. V2 will be launched in three stages. The first stage (centralized liquidity AMM) will be deployed on April 8th. The second stage is UI optimization. The third stage Efficient mining for centralized liquidity. Also, initial airdrops for GRAIL public sale participants will be distributed after the AMM launch. Camelot said that instead of spending a lot of time and resources rewriting clAMM from scratch, it leveraged the highly efficient Algebra v2 code base. Algebra v2 is a centralized liquidity AMM that works similarly to Univ3, adding some custom and efficient features.
Wermuth Asset Management said in a report that the economy would perform better without cryptocurrencies because more money would be spent and invested. Wermuth economist and partner Dieter Wermuth said that no one has yet proven that cryptocurrencies can promote accelerated productivity growth and improve public welfare, but they have paid a huge price in the past and present (it is a fact). This includes socially unpopular wealth redistribution in favor of crypto market insiders, high incomes for those handling “fundamentally worthless” assets at banks and asset managers, facilitating money laundering and tax evasion The resulting cost to society, and the burden of running an extremely expensive and environmentally damaging IT system.
In this research article, we’ll explore the impact that the upcoming **Ethereum Shanghai** upgrade will have on the DeFi ecosystem, specifically the Liquid Staking Derivatives and the decentralized stablecoin market. The highly anticipated upgrade is set to occur on **April 12, 2023**, and is expected to be the most significant network update since the Merge. So, what is the Shanghai upgrade, and why does it matter to investors, Ethereum validators, and the entire crypto community, including Raft and its R stablecoin? Let’s jump right in! ## Unlocking Staked ETH and Staking Rewards The Shanghai upgrade, also known as the Shanghai/Cappela or Shappella upgrade, will enable the **withdrawal of staked ETH** (stETH) from the staking contract and claiming of staking rewards. The effective withdrawal of stETH into stakers’ wallet will be enabled by the Lido staking contract upgrade, which will happen after the Shanghai upgrade. This update removes a major barrier to staking ETH since users can stake and unstake without worrying about withdrawal limitations. Since the Merge integrated the Beacon chain with the Ethereum network, around [18 million ETH](https://dune.com/hildobby/eth2-staking) (15% of the circulating supply) has been staked by over 500,000 validators, with payouts to stakers totaling over [1 million ETH](https://mobile.twitter.com/Delphi_Digital/status/1641111967174733824?s=20). However, these staked assets and rewards remain inaccessible until the Shanghai upgrade. ![](https://images.mirror-media.xyz/publication-images/eRWj5zSDNK5o_kBGKDpgx.png?height=626&width=1244) A notable [43% of the staked ETH](https://defillama.com/lsd) has been deposited through liquid staking derivatives (LSD) like Lido and Coinbase. Many **retail users prefer LSDs** because they allow earning yield on top of staked ETH without lock-up concerns. Moreover, staking on LSDs requires as little as 0.1 ETH compared to the 32 ETH minimum for running a node. ## Key Features of the Shanghai Upgrade The three key features that will be delivered with the Shanghai/Capella upgrade include: * The ability to **update the withdrawal credentials** of an Ethereum validator from the older [0x00-type](https://eth2book.info/altair/part3/config/constants#bls_withdrawal_prefix) (derived from a BLS key), to the newer [0x01-type](https://eth2book.info/altair/part3/config/constants#eth1_address_withdrawal_prefix) (derived from an Ethereum address). * **Partial withdrawals**, or the periodic and automatic “skimming” of earned, consensus layer rewards from an active validator’s balance (over 32 ETH). * **Full withdrawals**, or the reclaiming of an “exited” validator’s entire balance. Validators with the 0x00 type credentials need to update them as only validators with the new 0x01 type withdrawal credentials will be eligible to make partial or full withdrawals from the Ethereum network. In terms of withdrawals, every 12 seconds (each slot) all Ethereum validators are scanned to identify the first 16 validators that are eligible for full or partial withdrawal. The ranking of the validators depends on the time the node was set up. A total of 16 withdrawals can take place in each slot. This means there will be a maximum sell pressure of [54,000 ETH](https://twitter.com/OlimpioCrypto/status/1640825732585738241) (\~$97 million @ null,800/ETH ) ## How Will Staked ETH Withdrawals Work? There will be two types of withdrawals: Full and Partial. ### Full Withdrawal: A validator can leave the Beacon chain by **unstaking all of the ETH** they have contributed to it, including with their staking incentives, using the complete withdrawal mechanism. The validator no longer participates in the staking program after the entire withdrawal is finished. Before they can completely withdraw their funds, the validator must start a Beacon chain exit. Full withdrawals are expected to take a **minimum of 28 hours**. This includes the time required to exit as a validator which is **5 epochs** or 32 minutes (1 epoch is 32 slots; (32\*12\*5)/60) and the minimum time required to become fully withdrawable which is 256 epochs or 27.3 hours ((256\*12\*5)/60). Full withdrawals are expected to be longer than this. ### Partial Withdrawal: The partial withdrawal feature enables validators to **withdraw any balances that exceed the 32 ETH** requirement for running a node. Validators can choose to withdraw all excess ETH (net of penalties and rewards) and stake them on the network to earn rewards which is otherwise not possible. The processing time for partial withdrawals **will be shorter** than for full withdrawal processes. Based on [data from ParaSpace](https://twitter.com/ParaSpace_NFT/status/1633577791747952641), it is anticipated that 10% of validators will remove their staked ETH after more than one month and that all staked ETH can be withdrawn after [more than one year](https://notes.ethereum.org/@launchpad/withdrawals-faq#Q-How-fast-will-I-be-able-to-m
The DeFi lending protocol Euler Finance announced the user redemption plan, in which the recovered funds total about 95,556 ETH (95,556.36059211764 ETH) and 43.06 million DAI (43,063,729.35 DAI). The unrecovered funds include the total amount sent by the attacker to Tornado Cash 1,100 ETH and 100 ETH sent to the Ronin attacker, the other 100 ETH was returned directly to the user by the attacker, and the user returned 12 ETH to the Euler DAO treasury. The DAO vault address also holds approximately 4 million (3,396,964) USDC and 1 million (1,007,321) DAI from Sherlock protocol insurance payouts. For each sub-account, Euler Finance plans to repay all liabilities at the block height when the protocol is disabled, at which point the on-chain oracle price (Uniswap or Chainlink, depending on the market) defined in the smart contract is used to determine the ETH value of assets and liabilities , and each asset of the account (including non-collateral) is used proportionally to service the liability. All account equity will be added to obtain the total equity, and each account will be able to claim the recovered ETH, DAI, and USDC according to its proportion in the total equity. If the value of the recovered amount exceeds the total net asset value, the excess will be distributed to users pro rata.
Creating a thread inside @lenster.lens
I really like the inspo for having biggest fans def something to integrate