Initial $RAPH Allocation
Raphael's initial supply is 500 million $RAPH. Every token belongs to a published purpose bucket at launch.
Only 60 million, or 12%, begins as liquid $RAPH, and all of it is reserved for founding liquidity or protocol incentives. The other 440 million, or 88%, begins as max-locked veRAPH.
There is no insider or team allocation of liquid $RAPH at launch. The Development Team allocation begins as max-locked veRAPH and cannot be sold into the Genesis market as liquid $RAPH.
Public breakdown
500 million, fully accounted for.
Seven public-purpose buckets form the initial supply. The table below remains the exact record.
- Voter incentivesLiquid40M8%
- Liquidity incentivesLiquid10M2%
- Genesis poolLiquid10M2%
- Partnerships and communityMax-locked200M40%
- Public Goods FundMax-locked95M19%
- Development TeamMax-locked95M19%
- Medici FundMax-locked50M10%
| Allocation | Amount | Share | Initial form | Purpose |
|---|---|---|---|---|
| Voter incentives | 40M $RAPH | 8% | Liquid $RAPH reserve | Incentivize veRAPH voters to support selected pools, helping those markets attract emissions and liquidity |
| Liquidity incentives | 10M $RAPH | 2% | Liquid $RAPH reserve | Reward liquidity providers and help establish or deepen useful market liquidity |
| Genesis pool | 10M $RAPH | 2% | Liquid $RAPH committed to liquidity | Supply the fixed $RAPH side of the founding $RAPH/WETH pool |
| Partnerships and community airdrop fund | 200M veRAPH | 40% | Max-locked veRAPH | Support aligned ecosystem partnerships, community distribution, and long-term governance participation |
| Public Goods Fund | 95M veRAPH | 19% | Max-locked veRAPH | Support promising or valuable ecosystem markets that may be underserved by purely return-seeking voters |
| Development Team | 95M veRAPH | 19% | Max-locked veRAPH | Earn through locked participation to support protocol engineering, maintenance, and research |
| Medici Fund | 50M veRAPH | 10% | Max-locked veRAPH | Grow and strengthen the network of long-term $RAPH lockers |
| Total | 500M $RAPH | 100% | 60M liquid / 440M max-locked |
Liquid does not mean freely circulating
The three liquid buckets have distinct protocol purposes:
- Voter incentives are reserves for attracting votes toward selected pools. They are not a guaranteed reward for Genesis contributors.
- Liquidity incentives are reserves for supporting market depth. They are separate from both the Genesis allocation and the protocol's future emission schedule.
- Genesis pool tokens are committed to the founding LP position. Contributors receive proportional LP ownership, not the allocation as liquid $RAPH.
Calling these buckets liquid describes the token form. It does not mean all 60 million tokens enter public circulation on the first day or belong to insiders.
Max-locked governance allocations
The four veRAPH buckets begin as locked governance positions rather than transferable liquid tokens. Together they establish long-term voting participation across the community, ecosystem funds, and development contributors without creating team inventory that can be sold into the founding market.
The allocation table defines each bucket's mandate. It does not promise a particular vote, distribution, eligibility rule, reward, or operating schedule. Detailed program terms must be published separately before anyone relies on them.
What Genesis participants own
The fixed 10 million $RAPH Genesis allocation is paired with all recorded participant ETH during successful settlement. A participant's claim is:
your share = your ETH / all committed ETH
That share applies to the resulting LP position and to $RAPH gauge rewards actually harvested by the Genesis contract. It does not create a claim on the voter-incentive reserve, liquidity-incentive reserve, or any max-locked allocation.
This page describes the initial distribution. Future protocol emissions are a separate process and can change total supply after launch. See Epochs and Emissions.