What We've Been Building: Inside RAAC Testnet V2

Tokenized real-world assets are only as useful as the system around them. Putting an asset on-chain is the first step. The harder part is building what participants can do with the asset: borrow, lend and have a say in how the asset is rewarded. This is what the team has been working on these past few months.

Today we are opening RAAC testnet V2 to the community. Try it, push it, and tell us what to fix before mainnet.

The tokens in the RAAC system

RAAC will ultimately run on many tokens, each with a specific job:

• pmUSD: the protocol stablecoin
• iREET: RAAC's tokenized real estate and the collateral at the center of RAACLend
• RpmUSD: the receipt token for lending pmUSD
• DEpmUSD: the receipt token for depositing RpmUSD in the stability pool
• RAAC: the protocol token, used for governance and emissions
• leRAAC: RAAC wrapper, borrowed against the asset and get back RAAC through the Maturity Vault

Each token feeds the next. Collateral becomes liquidity, liquidity moves into pools, and RAAC holders help steer where emissions go.

RAACLend: Borrow and Lend

Two purposes for participants on RAACLend:

• Borrow pmUSD: using iREET token as collateral and borrow pmUSD against the value to a certain limit, or
• Lend pmUSD: to help stabilize the system by lending pmUSD
  • participants receive RpmUSD token
  • participants can use RpmUSD in the RAAC Stability pool, where they would receive a receipt token, DEpmUSD
  • RpmUSD and DEpmUSD can also be used in a Curve pool and are used in the RAAC gauges.

At each step, the capital has somewhere to go.

What does the RAAC token do?

Liquid Locker: Lock RAAC to unlock borrowing power, no liquidation process, where participants can borrow leRAAC token against the RAAC token deposit. Unwrapping leRAAC back into RAAC is done through the Maturity Vault over a specific time period.

Governance: Lock RAAC token to receive a voting token of RAAC (veRAAC). veRAAC token holders can vote on proposals and on gauge weights, and have the ability to decide where RAAC ecosystem emissions go.

Liquidity: Using the Curve pool (leRAAC, RAAC and pmUSD), participants can swap out or into any of the tokens.

What changed from V1

In V1, you minted a property NFT to get iREET. In V2, iREET is a structured product issued and managed by RAAC, which makes it simpler to hold and use as collateral.

The V1 property NFT marketplace has been retired.

RAAC's stablecoin, pmUSD, is now the borrowable token across the lending system, replacing the external stablecoin used in V1.

Governance, the Liquidity Locker, the Maturity Vault and a new dashboard are NEW, on testnet, for the first time.

The testnet is open

The team kept shipping: new smart contracts, a new product structure, over 5 audit rounds with Pashov, and a security review of the lending contracts by Guardian through their grant program: Guardian Security Fund.

Get started

1. Watch the walkthrough: https://youtu.be/Qjel-01Aj3g
2. Follow the tester guide and claim test tokens from the faucet: https://testnet.raac.io/faucet
3. Share bugs and feedback in https://discord.gg/raac

Testnet values, including rates and balances, are simulated and do not reflect mainnet terms. Features and design may change before mainnet. The RAAC protocol is available only in a limited number of jurisdictions and is not available to US persons.