Performances
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.18% | 6.98% | 12.77% | 19.61% | 1.82% | 17.27% |
Comparison
Fundraising not disclosed
Token not listed
Token not listed
Details
This content is generated by RD AI and is for reference only
Reflexer is a decentralized finance protocol whose core product is RAI, a stablecoin over-collateralized by Ethereum (ETH) with algorithmically adjusted interest rates, not pegged to any fiat currency. RAI employs a "Reflex Index" and dynamic Target Rate adjustments, without relying on external price oracles, but instead automatically adjusts based on market supply and demand, aiming to provide a non-pegged, low-volatility store of value and medium of exchange.
Top Holders
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|
Follow Updates
Follow Lists
People
About Reflexer
Reflexer is a decentralized stablecoin protocol built on Ethereum, issuing the RAI stablecoin. Unlike USDT or USDC, RAI is not pegged to any fiat currency. Its stability is maintained by an algorithmic controller that adjusts a 'redemption price' based on market supply and demand. Users can mint RAI by depositing ETH as collateral, with a minimum collateralization ratio of 150%. The core narrative is 'minimal governance' and 'unpegged stability': the system is designed to be fully autonomous, resistant to censorship, and insulated from US monetary policy. It addresses the market pain point of centralized stablecoins (e.g., asset freezes) and the fragility of fiat-pegged systems. In the past six months (2026-03-01 to 2026-09-01), RAI's market price fluctuated between roughly $2.30 and $3.00, with its redemption price adjusting algorithmically. The protocol continued operating without major incidents. However, a notable negative development: the total value locked (TVL) in ETH deposits declined to around $26 million, and active borrowers fell to approximately 150, reflecting limited user adoption. Additionally, integrations with platforms like Aave and Coinbase have not generated significant usage scale. RAI's circulating supply remains small, around 2.35 million tokens, indicating the project is still in an early adoption phase despite its mature technology.
Reflexer is a decentralized stablecoin protocol centered on RAI, a non-pegged stable asset backed by ETH. Its development features several key milestones:
In February 2020, the project was first publicly unveiled on the Ethereum research forum under the name MetaCoin, emphasizing minimal governance. In May 2020, MetaCartel Ventures announced its first investment in the project, and the team was revealed as Reflexer Labs. Shortly after, the RAI whitepaper was published, positioning the project as low-volatility collateral infrastructure for DeFi.
In 2020, Reflexer completed a $1.68 million seed round led by Paradigm, with participation from Standard Crypto, Compound founder Robert Leshner, and Variant Fund. The mainnet launched on February 17, 2021, with an initial redemption price of $3.14 for RAI.
In May 2023, following public criticism of Paradigm, Reflexer repurchased FLX tokens held by Paradigm and permanently burned 50% of the repurchased portion, marking a decisive break in their relationship. This event underscored Reflexer's commitment to governance minimization and independence.
Reflexer is a decentralized stablecoin protocol founded by Stefan Ionescu and Ameen Soleimani.
Stefan Ionescu: Co-founder of Reflexer Labs. Previously worked on state channels at ConsenSys and contributed to the AdChain project. He is also a project lead at Delphi Labs.
Ameen Soleimani: Co-founder of Reflexer Labs. He is also the founder of SpankChain and a key contributor to MolochDAO, which he helped launch and manage. He has been active in Ethereum ecosystem since 2016.