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.

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Reflexer

# Reflexer Fees Methodology

## 1. Overview

This metric calculates the daily stability fees earned by the Reflexer protocol from outstanding RAI debt. Stability fees are interest rates charged on RAI debt backed by WETH collateral. The calculation multiplies the daily average outstanding RAI supply by the current stability fee rate (converted to a daily rate) to determine daily fee accrual in USD.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `SAFEEngine_ModifySAFECollateralization` events from the Reflexer protocol's core engine contract that track changes in RAI debt positions
- **Parameter change events**: Parsed `TaxCollector_ModifyParameters` events from the Reflexer tax collector contract that record changes to stability fee rates  
- **End-of-day price feeds**: Token price data for converting RAI amounts to USD values
- **Token metadata**: RAI token information including decimal places and contract addresses for proper value conversion

## 3. Step-by-step calculation

### Component A: Outstanding RAI supply calculation
- **Purpose**: Calculates the daily average amount of outstanding RAI debt that accrues stability fees
- **Logic**: Extracts RAI debt amounts from collateral modification events, filtering specifically for WETH collateral type using the collateral ID `0x4554482d41000000000000000000000000000000000000000000000000000000`. Raw debt values are converted from the protocol's 27-decimal RAD format to standard decimal places. Daily outstanding supply is calculated by averaging all debt amounts within each day, then missing days are filled forward to ensure continuous daily values.
- **Key fields**: `collateralType` for filtering WETH positions, `globalDebt` for total RAI debt amount, `block_timestamp` for daily aggregation

### Component B: Stability fee rate calculation  
- **Purpose**: Calculates the daily stability fee percentage rates charged on outstanding debt
- **Logic**: Extracts stability fee rate changes from tax collector parameter modification events. Raw rates are stored as per-second compound interest rates in 27-decimal format and converted to annual percentage rates using the formula: (rate/10^27)^(365*24*3600) - 1. Daily stability fee rates are calculated by averaging all rate changes within each day, then missing days are filled forward to maintain continuous daily rates.
- **Key fields**: `data` field containing the per-second compound interest rate, `block_timestamp` for daily aggregation

### Final aggregation
- **Combining components**: Outstanding RAI supply is joined with stability fee rates by timestamp to pair daily supply amounts with corresponding fee rates
- **Daily fee calculation**: Daily fees are calculated using the formula: outstanding supply × annual stability fee rate ÷ 365, converting the annual percentage rate to a daily fee amount
- **Filtering**: Only positive stability fee rates are included in the calculation, excluding any periods with negative rates
- **Currency conversion**: Daily fee amounts in RAI are converted to USD using end-of-day price feeds and standard token decimal correction
- **Final calculation**: The result represents the total daily stability fees accrued by the Reflexer protocol in USD, based on the outstanding RAI debt and current stability fee rates

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

Total value users pay to use a protocol (gross fees, user-paid fees).

ReflexerFLX

Fees

Fees

Competitive landscape

Chain breakdown