RAI (Rai Reflex Index) is an ETH-collateralized stable asset designed to float rather than maintain a fixed US-dollar peg. Its protocol uses a redemption price as a changing target and incentives intended to influence the secondary-market price; that target is not a guaranteed exchange rate.
Market Data
| Stat | Value |
|---|---|
| Ticker | RAI |
| Price | $3.18 |
| Market Cap | $1.583 million |
| 24h Change | +4.8% |
| Circulating Supply | 498,253 RAI |
| Max Supply | ∞ (no maximum listed) |
CoinGecko snapshot captured 2026-10-24; price, market capitalization, and 24-hour change update dynamically and can change. Supply figures are the provider’s reported snapshot.
How RAI Is Designed
A user could deposit ETH into a Reflexer SAFE and generate RAI against the collateral, subject to the system’s collateral and liquidation rules. The protocol’s documentation describes RAI as a managed-float asset: supply-and-demand activity between SAFE users and RAI holders affects its market price, while a controller changes the redemption rate to encourage the market price toward the redemption price. The amount of RAI in a wallet does not rebase when that target moves.
Tokenomics
RAI can be generated against SAFE collateral and repaid through the protocol, so its supply is not governed by a fixed issuance schedule or a stated hard cap. CoinGecko reported about 498,253 circulating and total RAI with no maximum supply listed when this snapshot was checked; those figures can change as positions are opened or closed.
Market Price and Redemption Price
The market price is where RAI trades on secondary markets; the redemption price is the protocol’s internal target used in borrowing and settlement calculations. They can differ, and the mechanism does not promise a value of US$1. RAI’s purpose is to experiment with collateral-backed monetary stability without a fixed fiat peg, which also means its price path can be unfamiliar to users of conventional dollar stablecoins.
Risks and Limits
RAI depends on ETH collateral, smart-contract operation, liquidation incentives, and market liquidity. A sharp change in ETH or a weak secondary market can affect collateral positions and the price gap the controller is trying to manage. The controller changes incentives; it cannot guarantee that traders will respond as intended or that RAI will hold a particular value. CoinGecko’s displayed market figures are a provider snapshot and can change.
Related Terms
See Also
- Why Algorithmic Stablecoins Keep Failing
- What the Celsius Collapse Actually Tells Us About Crypto Lending Risk
- What Is Tokenomics, and Why Does It Matter?
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Sources
- RAI FAQ — Reflexer explains RAI’s managed float, market price, redemption price, and non-rebasing supply.
- Introduction to the GEB Framework — The protocol documentation describes the GEB system and links to its original RAI whitepaper.
- Rai Reflex Index on CoinGecko — CoinGecko reports the RAI listing, market snapshot, circulating supply, and maximum-supply field.