Rari Capital (RFT)

Basics

• Based in: LA
• Founded in:
• Mainnet release: 14-7-2020
• Rari Capital is a yield harvesting tool that automatically rebalances your funds between different protocols to earn the best return.

History

• The young team created a wallet called Ambo and sold it to MyCrypto and worked there for one and a half year before working on this project (8-3-2021).

Audits & Exploits

• Bug bounty program can be found [insert here].
• From The Defiant (16-7-2020): Rari is in progress with an audit and hence unaudited. 
• Scored a 74% on DeFi Safety (20-3-2021); "​Rari capital was released in October 20th. Quantstamp did an audit in December 2020." With the comment: "Good docs but weak tests and an audit done after deployment weakened the score."
• Quantstamp audited the later hacked code (20-7-2021).

Bugs/Exploits

• From Week in Ethereum (2-4-2022):

"Rari Capital: Fuse pool vulnerability disclosed, cross-asset reentrancy allowed assets to be borrowed for free, pools fixed via upgrade"

• From Week in Ethereum (5-2-2022):

"Index Coop Rari pool attempted attack, Uniswap V3 TWAP oracle manipulation prevented by arb bot, attacker lost 68 ETH."

• From Blockthreat (14-11-2021):

"On November 2, 2021, Rari Fuse protocol was exploited with a price manipulation exploit which resulted in the loss of $3M."

• From Week in Ethereum (6-11-2021):

"Fuse community pool drained after VUSD price manipulated on Uniswap v3, TWAPs can be subject to manipulation."

• From Crypto Briefing (10-5-2021):

"All of the protocol contributors decided to forego their token allocation in RGT to reimburse anyone affected by the hack. The 2,000,000 RGT (currently worth over $20 million) have been sent to the DAO in charge of both reimbursing lost funds and rewarding those who helped Rari fight the attack."

• From Rekt (8-5-2021):

"The youthful yield aggregator has fallen victim to a serial attacker, as the same wallet which attacked Value DeFi only hours before, turned their eyes onto the Rari Capital ETH pool, removing $10 million worth of ETH. The attacker decided to voice their opinion on the involved protocols, but it seems they had second thoughts, as they tried to cancel the transaction. However, they set the gas too low and the cancellation didn’t go through for 20 minutes, giving everyone time to see their message."

Token

Token allocation

• From their blog (7-10-2020):

"We will be distributing 87.50% of the token to depositors within a short 60 day period. The remaining tokens will be reserved for the team and subject to The Rari Vesting Plan."

Utility

• From The Defiant (16-7-2020):

"It takes COMP mined from lending Rari funds on Compound and liquidates COMP every 3 days to increase interest payments to RFT token holders, which is just the IOU token you receive in your wallet when you deposit stablecoins into Rari."

• From their blog (7-10-2020):

"The $RGT will have a few different roles:

1. Maintaining Governance: decisions to integrate new protocols, edit pool parameters, edit risk parameters, etc
2. Passthrough Governance: if a pool accumulates other tokens like $COMP, $BAL, the token can serve as a passthrough for their governance
3. Fee Discounts: the token can be used for fee discounts from the Rari Protocol

$RGT will be burned on every cent made by the protocol (70% of all revenues to be exact), decreasing the total supply of the token as the protocol succeeds." 

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Melon, From Paradigm (8-12-2020):

"Rari Capital will migrate its liquidity to its own fund on the Melon (soon to be rebranded!) Protocol in the coming weeks following the release of Melon v2."

• Fuse went live on Arbitrum (29-1-2022).

How it works

• From the announcement (14-7-2020):

"We automatically rebalance the funds to earn yield by:

1. Lending between lending protocols (ie Compound Finance, dYdX)
2. Swapping between stablecoins for arbitrage and yield optimization
3. Farming yield from protocol-based rewards (ie $COMP)"

Other Details

• Has integrated mStable mUSD (25-9-2020)

Their Other Projects

Fuse Protocol

• Not to be confused with the Fuse Network.
• Centered around isolated interest rate markets. Went live (18-3-2021).

Roadmap

• Can be found [Insert link here].

Team, Funding, Partners

Team

• Full team can be found [here].

• From the announcement (14-7-2020):

"Our team comes from a variety of backgrounds all with an emphasis on security: MyCrypto, the most secure Ethereum wallet, Boeing, Scoot, Bain and many others."

• From Forbes (8-3-2021):

"Founded by Jai Bhavnani, 18, Jack Lipstone, 19, and David Lucid, also 19."

Partners 

• Partners with Olympus (6-2021).
• Might merge with Fei (17-11-2021). Votes got passed, FeiRari is a fact (22-12-2021).

(:

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