RAAC (Real Asset Acquisition Corp) is a decentralized finance (DeFi) protocol focused on integrating real-world assets (RWAs) into on-chain financial systems. It facilitates the lending and borrowing of tokenized physical assets, such as real estate and commodities, by incorporating them into a DeFi ecosystem of stablecoins, lending pools, and asset vaults. The protocol aims to bridge the gap between traditional finance (TradFi) and DeFi by tokenizing traditionally illiquid assets, making them usable as collateral and yield-generating instruments on the blockchain. ^[1]​

Overview

Real Asset Acquisition Corp (RAAC) is a decentralized finance (DeFi) protocol focused on integrating real-world assets (RWAs) into blockchain-based financial systems. It seeks to address the separation between traditional finance (TradFi), where assets such as real estate and commodities are often illiquid and subject to regulatory and structural constraints, and DeFi, which offers faster settlement and broader accessibility but relies heavily on volatile crypto assets and speculative yield mechanisms.

RAAC’s model involves tokenizing real-world assets so they can be used within DeFi applications as collateral or yield-generating instruments. Its products include RAACLend, which enables tokenized RWAs to be held, deployed, or borrowed against using a stablecoin, and RWf(x), which allows tokenized assets to serve as collateral for minting a collateralized debt position (CDP) stablecoin that can then be used to generate yield. Through these mechanisms, RAAC aims to introduce asset-backed collateral into DeFi systems and expand on-chain liquidity. The protocol’s specific features remain subject to change. ^{[2] [4]}

Products

RAACLend

RAACLend is a lending and tokenization system within RAAC that centers on real estate–backed digital assets. Under this model, RAAC acquires real estate, holds legal title, and issues property-linked NFTs known as REET NFTs, which represent contractual rights to specific properties. These NFTs can be held, traded on third-party marketplaces, used as collateral to borrow crvUSD, or redeemed through a defined process that allows eligible holders to obtain title to the underlying property. RAAC manages the associated properties, covering expenses such as maintenance, insurance, taxes, and property management, and allocates rental income according to predetermined distributions, subject to governance adjustments.

RAACLend also includes a real estate index token, iREET, which provides pooled exposure to multiple tokenized properties. REET NFT holders can deposit their NFTs into the index in exchange for iREET tokens representing a share of the pool’s net asset value (NAV). These index tokens can be redeemed for REET NFTs through a randomized queue system or used as collateral to borrow crvUSD. The index may retain rental income to increase its NAV, with certain fees allocated to the protocol and its treasury.

The lending infrastructure applies an interest rate model linked to the U.S. prime rate, with borrowing costs adjusting based on utilization levels. Lenders earn yield derived from borrower interest payments and, in some cases, a portion of rental income tied to the collateral. Deposited crvUSD can be placed into a stability pool in exchange for receipt tokens, which may generate additional yield but carry increased risk if bad debt occurs. The stability pool operates with defined withdrawal windows and procedures.

​Liquidations are triggered when a borrower’s collateral falls below a required threshold. Collateral values are updated using price feeds and periodic off-chain assessments. If liquidation occurs, the stability pool covers the outstanding debt and receives the collateral, which may then be integrated into the index. Proceeds are distributed according to preset allocations, including reimbursements to the stability pool, rewards to liquidity providers, protocol fees, and token burns. In cases of insufficient liquidity, losses may be socialized within the stability mechanism, and the protocol includes provisions to pause operations if necessary to manage systemic risk. ^[4]

RWf(x)

RWf(x) is a collateralized debt position (CDP) stablecoin framework within RAAC that operates through independent, third-party “silos.” Each silo is a legally and operationally isolated vault dedicated to a single asset class, such as precious metals, farmland, oil, data, or water. Within each silo, a real-world asset is tokenized and deposited into a treasury, which then issues a corresponding treasury share token (COD) and mints a branded stablecoin backed by that asset. The stablecoin can be deployed into RAAC products and other DeFi protocols to generate yield.

Treasury assets may generate both on-chain and off-chain yield. A portion of on-chain yield and all off-chain yield are distributed pro rata to COD token holders, while RAAC receives a predefined share of yield and a minority ownership interest in the underlying real-world assets. These returns initially accrue to the RAAC treasury. Because each silo is segregated, risks associated with one asset class do not directly affect other silos.

One example is pmUSD, a stablecoin backed by tokenized in-situ gold reserves. The gold is provided through a tokenization partner, I-ON Digital Corp., and is discounted relative to spot prices to establish overcollateralization. RWf(x) uses a modified version of f(x) Protocol for stablecoin issuance. In this structure, the exposure to price volatility is separated from the stablecoin component, with the leveraged position retained internally rather than offered publicly. ^{[4] [5]}

Architecture

Lending Pool

The LendingPool is a core contract in the RAAC system and manages deposits, withdrawals, borrowing, repayments, and liquidation. It holds the protocol’s core liquidity and issues yield-bearing RTokens to depositors in exchange for the assets they supply. Interest accrues through an index-based mechanism linked to the U.S. prime rate, with borrowing costs adjusting according to pool utilization. The contract enforces a range of risk and operational parameters, including supply and borrow caps, collateral and liquidation thresholds, liquidity buffer ratios, and fee settings, all of which can be modified through designated governance roles.

​Collateral is integrated through a modular adapter framework, allowing different tokens or NFTs to be used as collateral if a compliant adapter is registered. Borrowers must open a vault position before depositing collateral and can borrow up to a defined percentage of its value, provided their health factor remains above the liquidation threshold. The system includes an optional insurance feature that grants a grace period for undercollateralized positions upon payment of a fee. Liquidations follow a structured lifecycle involving initiation, potential borrower repayment during a grace period, and finalization by the Stability Pool if conditions are not met. A portion of liquidity is allocated to an external yield vault, with automated rebalancing after major pool actions to maintain target allocations. ^[6]

Stability Pool

The StabilityPool is a core contract within the RAAC protocol that serves as the first line of defense for the LendingPool during liquidations. Users deposit a yield-bearing token (currently rcrvUSD) and receive a 1:1 representation called deToken. These deposits are used to repay the debt of undercollateralized borrowers during liquidations, with the pool acting through a dedicated liquidation module. Depositors retain exposure to the underlying yield of the lending pool while participating in this backstop mechanism, and accounting is maintained on a fixed 1:1 basis between rToken and deToken.

​Liquidations can only be triggered by designated managers rather than the general public, and there are no direct incentives for liquidation. When collateral is seized, it is routed to the RWA Vault and processed according to configurable allocation rules, such as minting, burning, swapping, or adding liquidity. The contract includes role-based permissions, upgradeability, pausing capabilities, and compliance controls, including blacklist enforcement.

To reduce the risk of sudden liquidity shocks, the StabilityPool uses a withdrawal timelock mechanism. Users must request withdrawals in advance, wait for a specified delay period, and complete the withdrawal within a defined window. Depositing new funds cancels pending withdrawal requests. In addition to base yield from the lending pool, users may optionally deploy their deToken into external liquidity pools and staking mechanisms to seek additional rewards, though this layered participation is not required for StabilityPool membership. ^[7]

RWA Vault

The RWA Vault (RWAVault) is RAAC’s on-chain vault that issues the ERC-20 index token iREET, representing a proportional claim on a diversified basket of real-world–backed assets held by the vault. Users obtain fractional exposure by depositing supported assets through registered adapters, and the vault mints iREET shares based on its net asset value (NAV). The share price reflects the ratio of total NAV to total iREET supply, creating a unified accounting model across different asset types. Unlike the LendingPool, where collateral remains tied to individual users, assets deposited into the RWA Vault are owned directly by the vault, and users hold iREET as a claim on the aggregate portfolio.

The vault integrates assets through an adapter framework that standardizes deposit, withdrawal, custody, and valuation logic for each supported asset type. Adapters must be registered and may be designated as depositable or redeemable, with ERC-721 assets eligible for redemption. Currently, the primary supported asset is the RAAC NFT, and NFT redemptions are processed by burning iREET shares equal to the asset’s value. NFT redemptions are randomized using Chainlink VRF to prevent predictability or manipulation in asset selection. The vault also includes safeguards against improper deposits and inflation attempts, as only assets transferred through approved deposit functions are recognized in NAV calculations. ^[8]

Tokens

$RAAC

$RAAC is the ecosystem token used to coordinate governance and value distribution across RAAC’s components, including RWf(x) and the RAACLend index. The protocol uses a vote-escrow (ve) model, under which holders lock tokens to receive $

Tokenomics

$RAAC has a total supply of 21M tokens and has the following allocation: ^[4]

• Ecosystem: 41.92%
• Treasury: 14.7%
• Team & Advisors: 25.75%
• Investors & Partners: 10.63%
• Bond Sales: 7%

RAACNFT

The RAACNFT is an ERC-721 token used within the RAAC lending protocol to represent tokenized real estate assets. It supports minting based on property valuations provided by the RAAC House Prices oracle and uses crvUSD as the payment token. The contract includes standard NFT functionality, enumerable tracking, and royalty support, and allows a configurable metadata base URI. The token incorporates a fee structure that applies configurable percentages to minting and secondary-market transactions, capped at a maximum. Separate fee collectors can be designated for mint fees and royalty revenues. It also includes optional compliance verification through integration with zkMe and the RAAC compliance registry. Access control is managed through role-based permissions, and the contract provides an adjustable burning mechanism for security and administrative purposes. ^[9]

iREET

The RWAIndexToken (iREET) is an ERC-20 token that represents proportional ownership in RAAC’s real-world asset (RWA) index. It is minted and burned exclusively by the RWA Vault to reflect deposits into and withdrawals from the underlying index. Standard token transfers function as typical ERC-20 transactions, except for certain automated market maker (AMM) pair addresses that are explicitly allow-listed by governance.

The protocol can apply swap-related fees when transfers occur through designated permissionless decentralized exchange pairs. In such cases, a configurable swap fee may be directed to a fee collector, and an optional burn fee may permanently remove a portion of tokens from circulation. By default, standard transfers do not incur fees, and the burn fee is set to zero unless governance enables it. These mechanisms are intended to manage issuance, redemptions, and trading activity while maintaining oversight through compliance controls such as blacklist and registry integrations. ^[10]

Partnerships

• Chainlink
• TheLlamas
• TAU Labs
• Circle
• Instruxi
• Ion Digital
• Curve Finance
• Frax Finance
• Facoin
• zkMe
• IPOR
• Llama Airforce
• Pashov Audit Group
• RWA Federation