Rai Reflex Index

RAI deliberately refuses a fixed peg, which is exactly the point. Created by Reflexer Labs, it is an ether-backed stable asset whose target price is not one dollar but a floating redemption value set by an autonomous onchain controller. When RAI trades above that value the protocol nudges the redemption price down, and vice versa, using an interest-rate-like mechanism to pull market price back without any human governance or fiat anchor. Users mint RAI by locking ether into a vault and redeem by repaying, making it a pure collateral claim with no company behind it. The design descended from an early single-collateral version of Dai and was meant as a more neutral, governance-minimized reserve asset for DeFi, insulated from the fate of the US dollar. It has stayed small and ideological, prized by a niche that wants a stable-ish unit without trusting any central issuer or currency.