Bankless AMA with Stefan Ionescu of Reflexer Labs
Apr 15, 2021
Stefan Ionescu, founder of Reflexer Labs, dives into the transformative potential of the RAI stablecoin, challenging conventional definitions of stability in crypto. He discusses the innovative mechanics of RAI, including its use of Ether as collateral and unique governance features. The conversation touches on the dynamics of decentralized finance, the significance of algorithmic stability, and the complexities of managing price adjustments. Ionescu also shares insights into the RAI app's launch challenges and the concept of governance minimization in a rapidly evolving landscape.
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RAI's Solution
- Rai solves shortcomings of pegged stablecoins, like difficulty maintaining pegs during market volatility.
- It offers negative interest rates, unlike DAI, which struggled with this during Black Thursday.
Crypto-Native Stability
- RAI aims to create a stable, crypto-native unit of account, independent of meatspace dependencies.
- This aligns with the crypto vision of a self-sovereign, independent global monetary system.
Non-Pegged Stablecoin
- RAI, unlike most stablecoins, isn't pegged to the dollar; its initial price was pi (3.14).
- It reprizes itself based on market dynamics, similar to how the yen floats against the dollar.