R is recorded in this registry as a U.S. dollar (USD) referenced stablecoin associated with the brand Raft, but no issuer published disclosure could be verified for it, because the only permitted source domain serves no Raft documentation as of June 23, 2026.

The asset registry metadata, which is issuer provided product copy rather than verifiable sourced disclosure, describes each token as redeemable for one USD and backed by reserves and collateral mechanisms. No reserve composition, reserve custodian, attestation provider, attestation cadence, fee schedule, or yield mechanism could be verified from the permitted issuer domain, so none of these economic terms can be stated as confirmed facts for this entry.

No issuing legal entity, jurisdiction of formation, applicable regulator, license regime, legal form of the tokenholder claim, eligibility or offering restriction, redemption right, minimum, holder class, security interest, or custodial protection could be verified for R from the permitted issuer domain. The pages required to confirm these structural terms return HTTP 404 responses or fail their transport layer security handshakes, and several present certificates issued for common names unrelated to Raft, so the legal structure of any holder claim cannot be established or attested within this entry.

No token standard, named blockchain network, mint mechanism, burn mechanism, settlement timing, or net asset value or oracle publication mechanism could be verified for R from the permitted issuer domain, because that domain serves no live Raft technical documentation and presents no fetchable page describing onchain implementation as of June 23, 2026.

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# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Stablecoins

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.

github

twitter

discord

website

Stablecoin issuers

Raft

R Stablecoin (R) is a U.S. dollar stablecoin issued by Raft.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Raft in stETH and wstETH.

R has been issued on Ethereum as an ERC-20 token since May 2023.

R StablecoinR