Borrowers deposit funds into Raft and receive R stablecoin.

Raft is a non-custodial stablecoin protocol built on Ethereum. Raft was founded by David Garai and Dorde Mijovic and launched in 2023.

The governance structure of the Raft protocol will consist of a 3/5 multisig controlled by a combination of Raft and outside members.

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Raft

# Raft Total value locked Methodology

## 1. Overview

Raft TVL represents the total value locked in the protocol, calculated as the outstanding supply of the R stablecoin issued by Raft. This metric measures the total amount of R stablecoin tokens in circulation, converted to USD value. The calculation tracks the net effect of all minting and redemption activities to determine how much R stablecoin remains outstanding at any point in time.

**Important note**: Due to a security incident, Raft tracking stops on November 10, 2023, when the R stablecoin lost its peg and was no longer fully collateralized.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events for the R stablecoin contract (`0x183015a9ba6ff60230fdeadc3f43b3d788b13e21`) from Ethereum blockchain event logs
- **End-of-day price feeds**: Token pricing data used for USD conversion of outstanding supply values
- **Token metadata**: Decimal precision information for the R stablecoin to ensure proper amount normalization

## 3. Step-by-step calculation

### Component A: R stablecoin mints
- **Purpose**: Identifies when new R stablecoin tokens are created and minted
- **Logic**: Extracts Ethereum `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and the token address is the R stablecoin contract. These represent new token creation events where tokens are minted from the zero address to user addresses. Only non-removed events are included to ensure data quality.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, and `token_address` for contract identification

### Component B: R stablecoin redemptions  
- **Purpose**: Identifies when R stablecoin tokens are burned or redeemed
- **Logic**: Extracts Ethereum `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and the token address is the R stablecoin contract. These represent token destruction events where tokens are transferred out of circulation. Only non-removed events are included.
- **Key fields**: `block_timestamp` for timing, `value` for redemption amount, `from_address` for the redeeming user, and `token_address` for contract identification

### Component C: Net daily supply changes
- **Purpose**: Combines mints and redemptions to calculate daily net supply changes
- **Logic**: Unions mint events (with positive amounts) and redemption events (with negative amounts) on a daily basis. Timestamps are truncated to daily grain. Token amounts are corrected for decimal precision using token metadata to ensure proper normalization. Daily values are then aggregated by summing all mint and redemption amounts for each day.
- **Key fields**: Daily `timestamp`, corrected `amount` values (positive for mints, negative for redemptions), `token_address`, and `token_symbol`

### Component D: Outstanding supply calculation
- **Purpose**: Calculates the running total of R stablecoin tokens in circulation
- **Logic**: Uses a cumulative sum window function partitioned by chain and token address, ordered by timestamp. This creates a running total where each day's outstanding supply equals the previous day's supply plus the net daily change (mints minus redemptions). Missing days are forward-filled with the previous day's outstanding supply value to ensure complete time series data.
- **Key fields**: `outstanding_supply` as the cumulative total, partitioned by `chain` and `token_address`, ordered by `timestamp`

### Final aggregation
- **Combining components**: The outstanding supply values are filtered to only include dates before November 10, 2023 (the hack cutoff date), then converted to USD using end-of-day price feeds
- **Currency conversion**: Outstanding supply amounts are converted to USD value using end-of-day token price feeds, with decimal correction applied as needed
- **Time aggregation**: Data is aggregated daily and forward-filled to ensure no gaps in the time series
- **Final calculation**: The TVL metric equals the sum of outstanding supply values across all relevant dimensions, representing the total USD value of R stablecoin tokens in circulation. A zero-filling strategy is applied to handle any remaining data gaps.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

RaftRAFT

Total value locked

Total value locked

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