Token Model
Raphael's vote-escrow design uses two related positions:
- $RAPH, the transferable ERC-20 protocol token used for emissions and locking. Its onchain token symbol is
RAPH. - veRAPH, an ERC-721 vote-escrow position created by locking $RAPH, also referred to generically as a veNFT.
Supply, allocations, minter configuration and deployment addresses must be taken from Raphael's published deployment records and verified contracts. Values from upstream ve(3,3) deployments on other networks do not apply to Raphael.
$RAPH utility
$RAPH can be:
- distributed as liquidity emissions;
- locked to create veRAPH voting power;
- used in pools and protocol-owned liquidity;
- governed by the permissions encoded in the deployed contracts.
veRAPH utility
A veRAPH position can provide:
- pool voting power;
- eligibility for voting fees and incentives;
- rebase or anti-dilution amounts, where enabled;
- governance rights, where implemented.
veRAPH is an NFT position representing locked $RAPH; it is not a freely transferable ERC-20 balance. Locks and veNFTs covers its lifecycle.
Value flows
Raphael separates the recipients of its main value streams:
| Value source | Typical recipient |
|---|---|
| Swap fees | Unstaked LPs and/or voters, according to pool configuration |
| $RAPH emissions | Staked LP positions in voted gauges |
| Voting incentives | Voters who supported the incentivized pool |
| Rebase | Eligible veRAPH positions, if enabled |
Verify the deployed implementation
A fork can retain familiar interfaces while changing economic parameters. Always confirm the actual behaviour of the deployed Raphael contracts before relying on assumptions carried over from other protocols.