Skip to content
Blockchain LabTHE VENTURE STUDIO

LibraryCredit and stable value2021Design paperCorpus record

RAI: a reflex index governed by a controller, not a dollar peg

Reflexer RAI. Reflexer.

RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.

A reading of the project's public design document. Not a copy, not a benchmark, and not an offer.

RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.
Evidence
Primary paper
Re-measured
No
Assumptions
3
Records linked
2

01 Claim ledger

What the paper is allowed to say

Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.

  1. Claim 01 · Paper model

    The defect

    An unpegged stable is a target-seeking token. If you describe it as a dollar, you have replaced the controller with a wish.

  2. Claim 02 · Paper model

    The proposal

    RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.

  3. Claim 03 · Paper model

    The mechanism

    Collateral is locked and debt is minted, in the CDP shape. The redemption price moves according to the controller.

  4. Claim 04 · Paper model

    The bound

    No controller parameter is copied here.

02 Three cuts

Observation, model, falsifier

A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.

  1. 01 The defect

    Observation

    What the study says

    An unpegged stable is a target-seeking token. If you describe it as a dollar, you have replaced the controller with a wish.

    Model

    What has to hold

    You are reading Reflexer's docs. A chart of the price is not the controller.

    Falsifier

    What would retire it

    What input does the controller read?

  2. 02 The proposal

    Observation

    What the study says

    RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.

    Model

    What has to hold

    You are reading Reflexer's docs. A chart of the price is not the controller.

    Falsifier

    What would retire it

    What input does the controller read?

  3. 03 The mechanism

    Observation

    What the study says

    Collateral is locked and debt is minted, in the CDP shape. The redemption price moves according to the controller.

    Model

    What has to hold

    You are reading Reflexer's docs. A chart of the price is not the controller.

    Falsifier

    What would retire it

    Is there a redemption against collateral at the redemption price?

  4. 04 The bound

    Observation

    What the study says

    No controller parameter is copied here.

    Model

    What has to hold

    You are reading Reflexer's docs. A chart of the price is not the controller.

    Falsifier

    What would retire it

    What input does the controller read?

03 Sequence

One action, as an operating tape

  1. 01Collateral is locked and debt is minted, in the CDP shape. The redemption price moves according to the controller.
  2. 02The controller is the design. Its parameters decide whether the target drifts. Those parameters are not stated here.
  3. 03A market price away from the redemption price is the error signal, not a failure the docs forgot.

04 Load-bearing

The argument, and where a pitch drops it

  1. What the name has to mean

    The cut

    RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    Governance that can change the controller can change the target rule.

  2. What actually moves

    The cut

    The controller is the design. Its parameters decide whether the target drifts. Those parameters are not stated here.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    Governance that can change the controller can change the target rule.

  3. What a later deployment may change

    The cut

    A market price away from the redemption price is the error signal, not a failure the docs forgot.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    A later client, parameter or reward formula is a different object from this paragraph.

05 Register

What has to be true

  • Model · Not re-measured

    You are reading Reflexer's docs. A chart of the price is not the controller.

  • Model · Not re-measured

    The document is the one at the source URL. A marketing page with the same brand is not this text.

  • Model · Not re-measured

    No price, supply, yield, or adoption figure is added by this desk.

06 Divergence

What happened after the paper

Governance that can change the controller can change the target rule.

A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.

07 Pre-mortem

What to check before you use the idea

  4. 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.

08 Anatomy

The paper, in the order a builder needs

The problem it names

An unpegged stable is a target-seeking token. If you describe it as a dollar, you have replaced the controller with a wish.

What the design proposes

  • Collateral is locked and debt is minted, in the CDP shape. The redemption price moves according to the controller.
  • The controller is the design. Its parameters decide whether the target drifts. Those parameters are not stated here.
  • A market price away from the redemption price is the error signal, not a failure the docs forgot.

How the mechanism is specified

  • Collateral is locked and debt is minted, in the CDP shape. The redemption price moves according to the controller.
  • The controller is the design. Its parameters decide whether the target drifts. Those parameters are not stated here.
  • A market price away from the redemption price is the error signal, not a failure the docs forgot.

What this page does not treat as proven

  • No controller parameter is copied here.
  • This is not Dai. There is no dollar peg in the definition.
  • Governance that can change the controller can change the target rule.

Why the desk still reads it

RAI publishes a collateralised token whose target price is set by a controller that reacts to market deviation, rather than by a promise to redeem for one dollar.

09 Lexicon

Terms, opened into the record

Redemption price
The protocol's target, which the controller can move. It is not one dollar by definition.
Controller
The rule that updates the target from market error.

10 Repository

Every linked record on this page

Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.

This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.

Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.