[Company Watch] Rari Capital, From Yield Pool to Fuse, and Beyond
Rari Capital delivered a relative safe way that enables individuals to autonomously and easily earn yield on their stable assets in a lossless manner. From there, it transformed into a solution that leveraged yield farming strategies to increase the returns offered to users. Now, Rari Capital is an autonomous solution to earn yield within any risk appetite.
Currently, the product optimizes for yield across a series of stable-assets (swapping via 0x) in the stable and yield pools and Ethereum in the ETH pool. It earns yield by lending and farming across various DeFi protocols like Compound, dYdX, KeeperDAO, mStable, yEarn, and Aave.
Rari Stable Pool
The Rari Capital Stable Pool allows users to deposit ETH or any ERC20 token to mint the native token, $RSPT. All ERC20s will be swapped to USDC (meaning there is slippage for all deposits except USDC). Once a token holder, the Rari protocol is working autonomously to deliver the highest yield on users’ USDC.
- Lending USDC on Compound
- Lending USDC on Aave
- Lending USDC on dYdX
- Providing liquidity to mStable
Rari Yield Pool
The Rari Capital Yield Pool provides users with the opportunity to earn a high yield by depositing ETH or any ERC20 token to mint the native token, $RYPT. Once a token holder, the Rari protocol is algorithmically finding the users the highest yield through the “risky” strategies. It will automatically rebalance between stablecoins to further achieve a higher yield. Some of the strategies include:
- Lending Dai, USDC and USDT on Compound
- Lending Dai, USDC, TUSD, USDT, sUSD and BUSD on Aave
- Lending Dai, USDC on dYdX
- Providing liquidity to mStable
- Providing liquidity on dForce via Yearn and switching between vaults (WIP)
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Rari ETH Pool
The Rari Capital ETH Pool allows Rari users to deposit ETH or any ERC20 tokens to immediately start earning interest through the $REPT. While maintaining exposure to the price of ETH, users are earning yield through various means like:
- Earning yield from liquidations (facilitated by KeeperDAO)
- Lending ETH on Compound
- Lending ETH on Aave
- Lending ETH on dYdX
- Lending ETH on Alpha Finance
The current APYs of these pools are shown below,
Each protocol that Rari Capital has integrated provides users with a fluctuating APY. This rate is subject to change per block as the rebalancer is constantly searching for the highest net yield and will rebalance the pools to cater to the highest APY. The more protocols that Rari Capital integrates, the higher the expected APY.
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Fuse Pools (Lending and Borrowing Pools)
There’s $51,379,359.53 supplied to Fuse, the first truly open interest rate protocol. Lend, borrow, and create isolated lending markets with unlimited flexibility. The Fuse platform enables anyone to instantly create their own lending and borrowing pool. Each Fuse pool is essentially a fork of the Compound protocol.
For example, Pool #18, shown below, is the biggest pool of all.
RGT ( Rari Governance Token)
The $RGT is the Rari Governance Token. It can be used to propose and vote proposals made by any token-holding community members. Users can soon also delegate their voting power to another address to pool voting power. There has been no sale of $RGT from the DAO, all of it was liquidity mined or given to the founding team as part of our fair launch. It can be mined through the Rari portal during the distribution schedule or purchased from several exchanges listed below.
- Total Supply: 10,000,000
- Public Liquidity Mining Rewards: 87.5% over 60 days
- Rari Team Rewards: 12.5% over 2 years
RGT token holders can choose to provide liquidity to the RGT-ETH pool on Sushiswap to earn LP tokens. Then they can deposit LP tokens on Rari to earn more RGT rewards.
Rari protocol revenues
The Rari Capital robo-advisor has a few set of fees for the protocol, including a performance fee, a withdrawal fee and a platform fee. There is also a time-based transfer fee for early $RGT transfers.
These fees power Rari’s revenue and are generated from the Rari protocol on the following occasions:
Stable Pools: 17.5% of profits
Yield Pool: 12.5% of profits + 0.5% withdrawal
(The withdrawal fee is required to prevent arbitrage within this pool since it is composed of various stablecoins which may have minor price fluctuations)
ETH Pool: 17.5% of profits
Fuse Pools: 10% of all interests accured
As at 9 July 2021, an estimation of $316858 in fees has been generated. (74.5% from Stable Pools, 25.1% from Fuse Pools and 0.4% from Yield Pool)
All Rari protocol revenues are consistently split into two different places:
- 50% — buyback and burn mechanism of the $RGT that will occur on a random day each week
- 50% — to a donor-advised fund (DAF), the Rari foundation. The Rari Foundation will be managed by the RGT holders who will decide where the capital is directed.
This division ensures that the team is driving forward the protocol to the best of their ability and providing a positive framework for the future.
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Smart Contracts Risk
On May 8 2021, the smart contract in charge of depositing ETH in Alpha Finance’s ibETH pool was hacked. While the exploit threatened no Alpha funds, liquidity providers (LPs) from the Rari ETH pool lost a combined 2,600 ETH, totaling over $10 million. The hackers artificially inflated the value of the ETH pool on Rari by using a flash loan from dYdX. They then withdrew ETH from the pool using a function that the hackers should not have had access to.
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 have been sent to the DAO in charge of both reimbursing lost funds and rewarding those who helped Rari fight the attack.
Rari Capital has been audited by Quantstamp in December 2020.
The CEO Jai Bhavnani, a student from University of Southern California, is the developer of an app called Ambo which has been acquired by MyCrypto. He worked at MyCrypto for a while and left to start Rari Capital.
Jack Lipstone, the COO and Co-Founder of Rari Capital, previously was Co-Founder and CMO at Ambo and served as the Director of Business Development at MyCrypto until April 2020.
David Lucid , the CTO and Co-Founder of Rari Capital, is an Ethereum smart contract engineer, full-stack web developer, cross-platform (iOS and Android) app developer, Windows software engineer, and security specialist.
(By YQ, Serenity Team, 9 July 2021, Twitter: https://twitter.com/SerenityFund )
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