Overcollateralized borrowers deposit funds into Reflexer and receive RAI stablecoin.

Reflexer is a non-custodial stablecoin protocol built on Ethereum. Reflexer was founded by Ameen Soleimani & Stefan Ionescu and launched in 2020.

FLX tokenholders own and govern the protocol. They currently collect the total interest paid by borrowers (revenue). Reflexer’s investors include Paradigm, Variant Fund, Pantera Capital, etc.

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Reflexer

# Reflexer Circulating asset market cap Methodology

## 1. Overview

The Reflexer asset market cap circulating metric measures the total USD value of RAI tokens in circulation. RAI is a non-pegged stablecoin issued by the Reflexer protocol, where users can mint RAI by depositing ETH collateral. For Reflexer, the circulating market cap equals the outstanding supply since all minted RAI tokens are considered to be in circulation. This metric answers the business question: "What is the total market value of RAI tokens currently in circulation?"

## 2. Data sources

The calculation relies on these underlying data sources:
- **Blockchain events**: Parsed Ethereum `ModifySAFECollateralization` events from the Reflexer SAFEEngine smart contract that track changes to collateralized debt positions
- **Token metadata**: RAI token information including decimal precision and contract address
- **External data**: End-of-day price feeds for RAI token to enable USD conversion

## 3. Step-by-step calculation

### Component A: RAI debt extraction
- **Purpose**: Extract the total outstanding RAI debt from Reflexer protocol events
- **Logic**: The calculation starts by filtering Reflexer SAFEEngine contract events for `ModifySAFECollateralization` events that specifically involve WETH collateral (identified by collateral type `0x4554482d41000000000000000000000000000000000000000000000000000000`). Each event contains a `globalDebt` field representing the total system debt. The raw debt values are converted from wei units by dividing by 10^27 to get standard RAI token amounts. Events are timestamped using block timestamps and tagged with protocol metadata including RAI token address (`0x03ab458634910aad20ef5f1c8ee96f1d6ac54919`), business classification as stablecoin issuer, and product identifier as RAI v1.
- **Key fields**: `globalDebt` (total system debt in wei units), `collateralType` (filtered for WETH), `block_timestamp` (event timing), RAI token address

### Component B: Daily aggregation and decimal correction
- **Purpose**: Process raw debt events into standardized daily outstanding supply values
- **Logic**: Raw debt events are grouped by day using daily timestamp truncation. The system applies decimal correction using token metadata to ensure proper unit conversion. Daily debt values are calculated using average aggregation of all debt events within each day. This approach smooths out intraday fluctuations and provides a stable daily metric. Forward-filling logic is applied to ensure continuous daily values without gaps in the time series.
- **Key fields**: `amount` (corrected RAI debt amount), `timestamp` (daily grain), `outstanding_supply` (daily averaged values)

### Component C: USD conversion and metric finalization
- **Purpose**: Convert RAI amounts to USD and format as final metric
- **Logic**: The daily RAI outstanding supply values are converted to USD using end-of-day price feeds. The conversion process looks up RAI token prices for each day and multiplies the outstanding supply by the corresponding price. Forward-filling is applied again after USD conversion to maintain data continuity. The finalize metric macro validates data integrity, applies standardized schema formatting, and ensures proper chain availability filtering.
- **Key fields**: `outstanding_supply` (in USD), final metric dimensions including chain ID, product ID, and timestamp grain

### Final aggregation
- **Combining components**: The final metric directly maps the outstanding supply to asset market cap circulating, since all RAI tokens in the system are considered to be in circulation. There is no distinction between total supply and circulating supply for RAI.
- **Currency conversion**: USD conversion uses end-of-day RAI token prices applied to daily outstanding supply amounts
- **Time aggregation**: Daily boundary logic groups events by calendar day, with average aggregation for multiple events per day
- **Final calculation**: Asset market cap circulating equals the daily outstanding RAI supply multiplied by the end-of-day RAI price in USD. This represents the total market value of all RAI tokens currently in circulation.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

ReflexerFLX

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown