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

# P/F ratio (circulating) Methodology

## Overview

P/F ratio (circulating) measures the circulating market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

${market_cap_circulating} / (rolling_avg(${fees}, 30) * 365)

Circulating market cap relative to annualized fees.

ReflexerFLX

P/F ratio (circulating)

P/F ratio (circulating)

Competitive landscape