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[Reflexer] Wound down

RAI

Grade
B+
Date of Rating:
N/A
Last Change:
N/A
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
RAI Price
Last Update:
01/11/2026 03:01:00
$2.86
Market Cap
$1,425,229
24h Volume
$4,632
Collater­alization
372%
Peg
Floating
Backing
Crypto
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
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0.00
Reflexer
B+
  • RAI is an experimental decentralized stablecoin with a floating price. Unlike most stablecoins, RAI is not pegged to a fiat currency.
  • The protocol is forked from MakerDAO's DAI and is substantially similar, except for 2 innovations: (a) a free-floating price and (b) the use of positive and negative interest rates to influence the market price of RAI.
  • RAI is solely backed by ETH collateral. Its current Collateralization Ratio is over 350%.
  • Despite its experimental nature, RAI has proven to be a reliable low-volatility alternative to conventional stablecoins. RAI is ideal for sophisticated users who want a decentralized, censorship resistant stablecoin and can understand its intricacies.

RAI's rating can be upgraded from B+ to A- by:

  • allowing direct redemption (primary liquidity) of RAI for ETH collateral.

 

Reflexer
Stability
RAI is minted or burned by borrowers via over-collateralized debt positions against ETH.
 
Borrowers may be liquidated to ensure that reserves remain higher than supply, while dynamic interest rates influence the peg by increasing or decreasing RAI demand.
Reflexer
Management

RAI is issued by Reflexer Labs, which was founded in 2020 by Stefan Ionescu and Ameen Soleimani.

Reflexer Labs is registered in the United States.

Reflexer
Implementation

This factor evaluates technical implementation using sub-factors that cover smart contract quality, oracle & bridge risk, supply integrity, and more.

This rating was published under a previous version of our methodology, which did not assign a standalone score to this factor.

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Reflexer
Decentralization

RAI is an unregulated stablecoin without the ability to blacklist users. It is backed by crypto collateral that is held in the protocol's own smart contracts.

RAI is governed by FLX token holders. Insiders such as team members likely control less than 50% of FLX supply.

Reflexer
Governance

RAI is governed by proposals that are automatically enforced onchain via a binding voting system.

The protocol features reactive measures like time delays for proposals and emergency shutdown to reduce the impact of governance attacks.

Reflexer
Externals

This factor evaluates external feedback using indicators like prediction markets, social sentiment, perpetual futures, and more.

Currently, we do not assign a standalone score to this factor. An independent assessment of external feedback will be included in future iterations.