R2 Protocol goes live on Ethereum on Sept. 26 alongside a vault backed by tokenized U.S. Treasuries and a private credit vault. Users complained about the fact that they have to deposit USDC in order to gain rewards in R2’s mainnet.
Summary
- R2 Protocol launched its Ethereum mainnet on Sept. 26, debuting with two flagship RWA vaults backed by major institutions.
- The rollout sparked backlash over its rewards program, as users criticized the requirement to deposit USDC to unlock 100 R2 tokens
On Sept. 26 at 07:00 UTC, R2 protocol launched its mainnet on Ethereum. So far, the launch has garnered a Total Value Locked that has amounted to $121,290 with more than 154,000 users already on the protocol.
According to official account, R2 is holding a rewards program for its early supporters by distributing tokens through the mainnet valued at approximately 100 R2 tokens.
However, many users in the comments section took issue with the fact that the “rewards program” still required users to pay by depositing real money in USDC (USDC) into the mainnet to unlock the reward.
Some users felt “tricked” by the unlock mechanism. As they felt that it was a way to gatekeep the rewards, where smaller testers or those unwilling to deposit are excluded from gaining full rewards.
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“You want his airdrop, he wants your capital!” said one user.
“Thank god i have collected some USDT for you guys in AMA, will used that as compensation for wasting my time,” said another user.
“Because of this trickery, you’ll be forever stained with thousands of negative reviews on on-chain evaluation platforms like Ethos, and future generations will see it too,” said another user.
In response, the R2 Protocol team shared a post that defended its position on rewards. The protocol claimed that every user is guaranteed to receive 100 R2. However, to unlock it, they must first deposit 100 USDC for 60 days with a 50% Annual Percentage Yield from the process.
“Why the unlock? Because only by growing TVL together can we secure better institutional offers and give back more to early users,” said the protocol in its post.
We’ve seen all the reactions to our testnet rewards — excitement, doubts, even harsh criticism. We understand the emotions: everyone wants fairness and clarity.
Here’s our stance:
R2 has been built step by step, with audits, partnerships, and no shortcuts.
Every testnet…
— R2 Community (@r2yield) September 24, 2025
According to the site, eligible users are those who have successfully made at least one swap on the R2 testnet and must reach the basic points threshold to unlock the reward.
The user still has to connect their wallet and invest USDC into one of the vault options, choosing either tokenized treasuries or private credit. Yields will accumulate through the R2 token within a 60-day time period.
R2 Protocol’s mainnet launch
After the R2 Protocol testnet phase, there were more than 385,000 addresses registered for the mainnet launch, as well as more than 50,000 active users per day. The mainnet launch was accompanied by the successful integration of 12 major asset management institutions, including Apollo, Mercado Bitcoin, Fasanara, Golfinch, BlackRock, VanEck, and Centrifuge.
According to the roadmap, the native token launch for R2 will take place sometime by the end of 2025.
Alongside the mainnet launch, the protocol also launched two flagship RWA wealth management products: T-Bills Vault and Private Credit Vault.
The T-Bill Vault is described as a “conservative vault backed by tokenized U.S. Treasuries” that comes with a 4% net Annual Percentage Yield. It is backed by underlying assets that include BlackRock’s BUIDL, VanEck, and Centrifuge tokenized RWA infrastructure.
The second vault, the Private Credit Vault, is backed by curated private credit portfolios with a target net APY of around 9% to 10% in yield. This vault is supported by partnerships with Fasanara Capital Ltd, Mercado Bitcoin and Apollo.
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