Ratio Finance
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anchored·4MUSD2…CHV9Summary
Ratio Finance is a defunct Solana-based collateralized debt position (CDP) protocol that allowed users to mint the USDr stablecoin against yield-bearing LP token collateral. The protocol raised $8.4 million across multiple rounds from investors including Alameda Research, Solana Ventures, and CMS Holdings, then launched its RATIO governance token in March 2022 at an all-time high near $2.24. The project suffered a private key compromise on or around December 3, 2022, after which the protocol's TVL fell to zero, the RATIO token lost over 99.9% of its value, and all social media activity ceased by December 2023.
Connected Entities
6 entities · 60 linked investigations- Raydium Protocol→mentioned with→Solana(80%)
- Ratio Finance→mentioned with→Alameda(70%)
- Ratio Finance→mentioned with→Solana(80%)
- Ratio Finance→mentioned with→ZachXBT(70%)
- Alameda Research→mentioned with→Alameda(70%)
- Alameda→mentioned with→Alameda Research(80%)
- Ratio Finance→mentioned with→Raydium Protocol(80%)
- Ratio Finance→mentioned with→Alameda Research(80%)
- Solana→mentioned with→Alameda Research(80%)
- Solana→mentioned with→Alameda(60%)
Timeline(9 events)
July 2021
Ratio Finance completes $500,000 seed round at $0.0625/RATIO from investors including Alameda Research, Rarestone Capital, and Solana Ventures.
September 2021
Strategic and private funding rounds raise an additional $1.75 million, bringing total pre-public fundraising to approximately $2.25 million.
February 2022
Three public token sales conducted via the Republic crowdfunding platform raise $6.15 million at $1.50 per RATIO token.
25 March 2022
RATIO Token Generation Event (TGE) concludes. Token reaches an all-time high of approximately $2.24, implying a peak fully-diluted valuation near $224 million.
11 November 2022
FTX and Alameda Research file for bankruptcy. Alameda was a seed-stage investor in Ratio Finance. The collapse triggers broad Solana ecosystem liquidity crisis.
3 December 2022
Ratio Finance suffers a private key compromise, classified as an infrastructure attack. TVL subsequently collapses to zero. No official post-mortem has been publicly released.
16 December 2022
Raydium, a key DEX partner and liquidity source for Ratio Finance vaults, suffers its own private key compromise exploit, draining multiple liquidity pools.
11 December 2023
Final recorded social media activity from the official Ratio Finance accounts. No project updates, governance activity, or team communications have been identified after this date.
7 January 2025
RATIO token price recorded at $0.0004365 with a market capitalization of approximately $4,540, representing a decline of over 99.9% from its all-time high.
Decision Log
- hash: ANmR5AA2rcQ9EfgfvaFuyzVwbthKgstfSncr9gXkLAPs
This investigation is cryptographically anchored to the Solana blockchain (1 event). 8 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:46 AM
last updated: 9/1/2026, 3:53:20 AM
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