R

Staked ether is the sole collateral behind R, a purist take on the onchain dollar built by the Tempus team as an immutable protocol across Ethereum and Base. Users lock stETH and borrow R against it, redeemable through the contract with no company or fiat reserve involved. The bet on a single, yield-bearing collateral type was also its vulnerability. In November 2023 an attacker exploited a rounding flaw in the minting logic to create roughly $6.7 million of unbacked R and dumped it, briefly crashing the token to around $0.70 before it recovered. In an odd twist, the hacker burned most of the stolen ether and likely lost money on the attack. The episode underlined how a small precision bug can break an otherwise over-collateralized design. R has stayed a minor, DeFi-native dollar rather than a widely used stablecoin since.