Rain

Rain was founded in 2024, issued through Gems Launchpad in early 2025, completed its TGE on September 9 and opened a public beta in November. It positions itself as a permissionless prediction market protocol on Arbitrum, the "Uniswap of prediction markets."

Unlike Polymarket's application approach, Rain ships SDKs, an AI resolution oracle and a layered dispute process; anyone can create public or private markets, and 2.5% of volume buys back and burns RAIN.

On November 24, 2025, Nasdaq-listed biotech Enlivex announced a $212 million private placement and adopted RAIN as its primary treasury reserve, alongside an exclusive option on up to 278.18 billion tokens at $0.0033.

In March 2026 Rain launched an SDK built specifically for AI agents plus a $5 million developer grants program, letting an agent generate a full prediction market from a single prompt and making "agent-native" its differentiator.

In May 2026 Rain committed $100 million of liquidity to V2, split between USDT and RAIN, added an on-chain order book and rose to the third-largest prediction market by TVL behind Polymarket and Kalshi.

RAIN listed on Gate on June 24. But Rain's valuation is tightly bound to Enlivex as a single corporate treasury, and that concentration is its biggest structural risk.

RAIN is the native token of Rain Protocol, a Solana-based prediction-market protocol.

Late May / early June: Rain V2 went live, with the foundation injecting $100M in liquidity ($50M USDT and $50M RAIN) into the protocol's smart contracts ahead of the 2026 FIFA World Cup; TVL reached $125.4M across 9,023 active markets.

August: RAIN listed on Hyperliquid on August 24; on August 25 the first DAO Credit Refund settlement burned 7.42 billion RAIN (about $108M, 1.035% of circulating supply) after the foundation committed $23M USDT to repurchase remaining locked allocations at $0.0031 per token; the price rose 20.7% on August 26 to a record $0.01946, and SDK v2 (audited by Hacken) launched on August 27.

Revenue and burns: 2.5% of each market's trading volume funds RAIN buybacks and burns, returning about $817.8K to holders so far in 2026, though gross protocol revenue fell 82.7% in the last 90 days versus the prior 90.

Unlocks and controversy: large unlocks hit on September 12 and October 12 (about $596M and $417M respectively); on May 31, ZachXBT warned about opaque supply structure and deployer-linked wallets deep in liquidity provision, while community figures alleged the top 81 wallets control 99.97% of supply (unverified).

On June 6, 2026 Rain disclosed three developments: more than $200 million committed to its ecosystem, an additional $100 million of protocol liquidity split evenly between USDT and RAIN with positions verifiable onchain, and progress toward Version 2. V2 is to add permissionless market creation, automated market makers, an onchain order book, AI-assisted resolution and both public and private prediction markets; the protocol says 100% of trading fees fund automatic onchain RAIN buybacks and burns.

Metrics showed about $23.73 million in TVL, peaking at $29.97 million on June 23, and a market capitalisation near $9.11 billion on August 16 at $0.0127, with 716.58 billion of roughly 1.1498 trillion tokens circulating, a market-cap-to-TVL ratio near 384 times. More than 100 million RAIN had been burned and users exceeded 29,000 by April 27; Nasdaq-listed Enlivex built a $212 million RAIN treasury and disclosed about 79.5 billion tokens worth roughly $1.14 billion in June. Future strategy and roadmap: use V2's permissionless markets and order book to turn the protocol from a single front end into infrastructure, with AI resolution cutting listing and settlement costs; next, convert committed ecosystem capital and liquidity into actual usage and tie buybacks and burns to real volume.

Future strategy and roadmap: Rain builds V2 around permissionless markets, an on-chain order book and AI resolution, differentiating from the public event markets Polymarket dominates by adding private markets and corporate internal forecasting, and treating the 2026 World Cup as its user-acquisition window. In its first DAO vote in July, the foundation committed $23 million in USDT to buy back and permanently burn suspended allocations, with team and foundation wallets abstaining, so governance and supply contraction were proven before the product was; whether the $200 million ecosystem commitment and $100 million of protocol liquidity turn into real volume decides the scale of fee-funded buybacks and burns.

Roy Shaham is founder and CEO. He studied at Ben-Gurion University of the Negev, spent over a decade in online gaming as poker director at William Hill Online and poker marketing director at 888holdings, and became CEO in November 2025.

Muhammad Wasif is CTO. His track record begins in Solidity and Rust contract engineering; he leads core contracts, the AI oracle layer and multi-chain architecture, with the engineering team split across contracts, infrastructure and risk.

Eyal Milstein is COO. His track record begins in online platform operations; he runs daily operations, external business and team coordination since open testing began in 2025.

Ana Gabriela De Leon Macias is president of the Rain Foundation. Her track record begins in foundation governance and administration; she oversaw the foundation's registration in Panama in July 2025 and chairs its day-to-day governance.

Stefan Rust is a member of the foundation advisory board. A serial entrepreneur, he was CEO of Bitcoin.com and joined the board in May 2026 to counsel on expansion.