Overview

RAI is a decentralised, non-pegged stable asset issued through the Reflexer protocol, designed to defy reliance on fiat currencies by operating under a managed floating exchange rate regime. Built on the GEB (Generalized Elastic Bonding) framework, a modified fork of MakerDAO's MCD, RAI introduces an autonomous feedback mechanism that dynamically adjusts incentives to stabilise its market price without being pegged to any external reference. The protocol uses ETH as collateral, allowing users to mint RAI through SAFEs (vault-like smart contracts) while maintaining required collateralisation ratios to avoid liquidation. Unlike traditional stablecoins, RAI's value fluctuates based on supply and demand between SAFE users and RAI holders, with the protocol actively devaluing or revaluing RAI to correct imbalances. GEB enhances system flexibility through features such as automated parameter adjustment, dual pricing mechanisms for debt generation and liquidation, alternative auction models, optional SAFE insurance, and a stability fee treasury that funds protocol automation. Governance minimisation is a core design goal, with FLX token holders acting as a backstop and gradually removing discretionary control from the system. Over the long term, RAI's price trajectory is influenced by ETH leverage demand, positioning it as a decentralised stable asset that embeds funding dynamics directly into its design.

Whitepaper & Documents