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 Outstanding supply Methodology

## 1. Overview

The Reflexer outstanding supply metric measures the total amount of RAI stablecoins in circulation. RAI is a non-pegged stablecoin issued by Reflexer Labs, where tokens are minted when users open collateralized debt positions (CDPs) against ETH collateral. The outstanding supply equals the total debt in the Reflexer system, since RAI tokens are only created when debt is issued and are burned when debt is repaid.

## 2. Data sources

- **Blockchain events**: Parsed `ModifySAFECollateralization` events from Reflexer's SAFEEngine contract on Ethereum
- **Event data**: Contains the `globalDebt` field which tracks total system debt in RAD precision (27 decimals)
- **External data**: End-of-day price feeds for USD conversion of RAI token values
- **Token metadata**: RAI token information including decimal precision and contract address (`0x03ab458634910aad20ef5f1c8ee96f1d6ac54919`)

## 3. Step-by-step calculation

### Component A: RAI debt extraction
- **Purpose**: Extracts total RAI debt from Reflexer's core contract events
- **Logic**: Filters `ModifySAFECollateralization` events from the SAFEEngine contract for WETH collateral type only (identified by collateral type `0x4554482d41000000000000000000000000000000000000000000000000000000`). Extracts the `globalDebt` field which represents total system debt in RAD precision (27 decimals). Converts this value to standard token units by dividing by 10^27. Associates each record with RAI token metadata including the token address and protocol classification as a stablecoin issuer.
- **Key fields**: `globalDebt` (total system debt), `collateralType` (filtered for WETH), `block_timestamp`, `transaction_hash`, and `log_index`

### Component B: Daily aggregation and processing  
- **Purpose**: Converts raw event data into daily outstanding supply values
- **Logic**: Truncates block timestamps to daily boundaries to group events by day. Applies decimal correction using token metadata to ensure proper precision. Calculates the average debt value for each day, handling multiple events that may occur within a single day. Since debt fluctuates throughout the day as positions are opened and closed, the daily average provides a representative measure of outstanding supply.
- **Key fields**: `timestamp` (daily), `amount` (debt amount), `token_address`, and protocol classification fields

### Final aggregation
- **Combining components**: The daily aggregated debt values represent the outstanding RAI supply directly, since RAI supply equals total system debt in Reflexer's design
- **Currency conversion**: Converts RAI amounts to USD using end-of-day price feeds, applying the conversion after decimal correction
- **Time aggregation**: Maintains daily granularity with forward-filling to ensure continuous time series data with no gaps
- **Final calculation**: The final outstanding supply value equals the daily average total debt from the SAFEEngine contract, converted to USD. Forward-filling ensures that the most recent known supply value is used for days without contract activity, and zero-filling handles any remaining gaps in the historical series.

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

Circulating supply of stablecoins issued by the project.

ReflexerFLX

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown