Raft (RAFT): tokenomics, risks and score
A stablecoin protocol backed by liquid staking tokens, which was exploited in November 2023 in an unusual attack where the attacker also lost money.
What Raft is, and what it does
This asset has failed. It is recorded here so that a search returns what actually happened rather than promotional material that is still online.
What the RAFT token itself does: It receives a share of the fees the protocol collects, so holding it is a claim on real revenue.
Where it runs: Ethereum. Mechanism: Collateralised stablecoin protocol. It has been running since 2023, so roughly 3 years.
The facts
- TICKER
- RAFT
- SECTOR
- Failed and defunct
- CHAIN
- Ethereum
- LAUNCHED
- 2023, so around 3 years of operating history
- MECHANISM
- Collateralised stablecoin protocol
- MAXIMUM SUPPLY
- 2.5 billion
- VALUE CAPTURE
- Fee share
- UPGRADE CONTROL
- DAO governed
- VESTING
- Complete
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
A hard maximum supply that cannot be raised without the agreement of essentially every participant. A share of protocol fees reaches holders directly, which is the strongest form of value capture available.
Changes go through token holder governance, so control is distributed but influenced by whoever holds most. Ownership is heavily concentrated. A small number of wallets hold enough to determine the price on their own.
Where it is strong and where it is not
- The attacker destroyed most of the proceeds, limiting the eventual damage
- Exploited through a rounding error to mint stablecoins without collateral
- Lost roughly three million dollars and never recovered deposits
- The protocol has effectively wound down
- A rounding error in audited code, which is a recurring pattern in DeFi failures
Incident history
A rounding error was exploited to mint stablecoins without collateral, costing the protocol roughly three million dollars. The attacker destroyed most of the proceeds and profited little.
Our read
The main risk
Exploited in 2023 and never recovered. Treat any position as residual.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.