Reflexer will be integrating the RAI stablecoin with Injective, making us the first decentralized derivatives exchange to support RAI.
Reflexer is a platform where anyone can use their crypto collateral to issue reflex indexes. Reflex indexes are stable assets that are not pegged to anything, very similar to how the US Dollar is not pegged and it is still considered stable. The Reflexer team is backed by the likes of Pantera and Paradigm.
RAI is the first stablecoin on Reflexer and operates in a similar fashion to DAI. However, unlike DAI, Reflexer is entirely administered by algorithms rather than manual forms of governance. In particular, RAI is a non-pegged, stable asset that is solely collateralized by ETH. It is designed to dampen ETH’s price moves and thus provide a more “stable” alternative to Ether as DeFi collateral.
Our collaboration with RAI will occur in two separate phases.
The first step is in making RAI available on Injective through the use of Chainlink based price feeds. Since Injective and Reflexer both work with Chainlink, we can use the RAI price feed to enable futures trading through Injective. The graphic below will illustrate how Reflexer works with Chainlink today.
The second step will include a direct integration with RAI, via which RAI can be bridged over to the Injective Chain using the Peggy bridge. Since, RAI is an ERC20 token it can seamlessly be bridged over onto Injective on our mainnet.
“Our collaboration with Injective would mark the first ever instance of a stable asset with a funding rate being integrated with a derivative platform. We’re thrilled to be working together on such an innovative product!” said Stefan Ionescu, Co-founder of Reflexer.
RAI also helps to diversify the stablecoin market available on Injective.
“The team at Reflexer and Injective share a common goal of creating entirely community governed decentralized finance markets. We are excited to take this next step forward in launching new derivative products that utilize RAI,” said Eric Chen, Injective CEO.
Our team at Injective is excited to work with Reflexer on the initial deployment of Rai on our derivatives exchange.
This is a significant milestone for Injective as we further bolster our collaboration with stable assets in order to truly showcase the limitless capabilities on our protocol.
Reflexer is a platform where anyone can use their crypto collateral to issue non-pegged stable assets. RAI is the very first asset of this kind: it is only backed by ETH and has a native funding rate that is calculated by an on-chain PI controller. In short, RAI can be described as a dollar denominated stable asset with a moving peg.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Mark Cuban, Pantera Capital, and the leading cryptocurrency exchange, Binance.
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