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 Revenue Methodology

## 1. Overview

Revenue for Reflexer represents the daily stability fees earned from outstanding RAI debt. Reflexer is a stablecoin protocol where users can mint RAI by depositing ETH as collateral. The protocol charges stability fees on the outstanding debt, which serves as the protocol's primary revenue stream. The calculation multiplies the daily average outstanding RAI debt by the daily stability fee rate, then divides by 365 to get daily fee revenue.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `SAFEEngine_ModifySAFECollateralization_event` logs from the Reflexer protocol that track changes in RAI debt positions
- **Ethereum blockchain events**: Parsed `TaxCollector_ModifyParameters_event` logs from the Reflexer protocol that record updates to stability fee rates
- **External data**: End-of-day token price feeds for USD conversion of calculated fees
- **Token metadata**: RAI token information including decimal places and contract addresses for proper data handling

## 3. Step-by-step calculation

### Component A: Outstanding RAI debt tracking
- **Purpose**: Calculate the total outstanding RAI debt that is subject to stability fees
- **Logic**: Extract debt modification events from the SAFEEngine contract, specifically filtering for the WETH collateral type using the collateral type identifier. Each event contains the `globalDebt` field representing total system debt in 27-decimal wei format. Convert these amounts to standard decimal representation by dividing by 10^27. Group events by day and calculate daily averages of outstanding debt. Apply decimal corrections and forward-fill missing dates to ensure continuous time series data.
- **Key fields**: `globalDebt` (total system debt), `collateralType` (filtered to WETH), `block_timestamp` (for daily aggregation)

### Component B: Stability fee rate calculation  
- **Purpose**: Calculate the daily stability fee rates charged on outstanding debt
- **Logic**: Extract parameter modification events from the TaxCollector contract that update stability fee rates. The `data` field contains the stability fee rate in a 27-decimal format representing the per-second compounding rate. Convert this to an annual percentage rate using the formula: (rate / 10^27)^(seconds_per_year) - 1. Group events by day and calculate daily averages of stability fee rates. Forward-fill rates across days to handle periods with no rate updates.
- **Key fields**: `data` (stability fee rate parameter), `block_timestamp` (for daily aggregation)

### Final aggregation
- **Combining components**: Join the outstanding debt data with stability fee rates by matching daily timestamps, ensuring each day's debt is paired with the corresponding fee rate
- **Fee calculation**: Calculate daily fees using the formula: outstanding_supply × stability_fee ÷ 365, where the division by 365 converts the annual rate to a daily rate
- **Filtering**: Only include periods where stability fees are positive (>= 0) to exclude any negative fee periods
- **Currency conversion**: Convert the calculated daily fees from RAI to USD using end-of-day price feeds
- **Final calculation**: Apply standardization macros to ensure consistent schema, validate data integrity, and fill any gaps in the time series with zero values for missing dates

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

ReflexerFLX

Revenue

Revenue

Competitive landscape

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