Rari Capital (RGT): tokenomics, risks and score
A protocol allowing anyone to create their own lending pool, which suffered one of the largest DeFi exploits of 2022 and was subsequently wound down.
What Rari Capital 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 RGT 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: Permissionless lending pool creation. It has been running since 2020, so roughly 6 years.
The facts
- TICKER
- RGT
- SECTOR
- Failed and defunct
- CHAIN
- Ethereum
- LAUNCHED
- 2020, so around 6 years of operating history
- MECHANISM
- Permissionless lending pool creation
- MAXIMUM SUPPLY
- Approximately 10 million
- 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
- Permissionless pool creation was a genuine innovation later refined by other protocols
- Exploited for roughly eighty million dollars through a reentrancy vulnerability
- Governance voted against fully reimbursing affected users
- Permissionless listing of any collateral is what made the attack profitable
- The protocol has been wound down
Incident history
A reentrancy vulnerability was exploited across multiple pools for roughly eighty million dollars. Governance subsequently voted against full reimbursement and the protocol was wound down.
Our read
The main risk
Exploited for roughly eighty million dollars and wound down without full reimbursement.
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.