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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, and its mainnet address is 0x325Ed5a3617B1EaAB6ebeEfCc2Af084beEf49ecE.
  • 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.

Initial distribution​

Raphael's initial supply is 500 million $RAPH. Of that supply, 60 million begins as liquid protocol-purpose reserves for Genesis liquidity and voter or liquidity incentives. The remaining 440 million begins as max-locked veRAPH.

There is no insider or team liquid-token allocation at launch. The Development Team allocation begins as max-locked veRAPH. See Initial $RAPH Allocation for the complete amounts, percentages, token forms and public purpose of every bucket.

$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 sourceTypical recipient
Swap feesUnstaked LPs and/or voters, according to pool configuration
$RAPH emissionsStaked LP positions in voted gauges
Voting incentivesVoters who supported the incentivized pool
RebaseEligible 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.