RAI, issued by the Reflexer Protocol smart contracts under the governance of FLX tokenholders, is a non-pegged, ETH-backed crypto-native stable asset that maintains a floating redemption price through an autonomous onchain controller rather than tracking any fiat currency [S1][S2].

RAI is not pegged to any reference currency and is not a yield-bearing, dividend, or rebasing product; the issuer states it is not designed to be pegged to anything and may never return to its starting value [S1][S3]. An onchain PID controller adjusts a redemption price and redemption rate to incentivize arbitrage toward the protocol target [S1][S4]. The Reflexer app is free to use, while SAFE minters bear a Stability Fee borrow rate and all users pay onchain gas fees [S3][S5].

No traditional corporate issuer is disclosed; the reflexer.finance footer carries the copyright GEB Foundation, with Reflexer Labs as the development team and parameters administered pending governance minimization by a multisig [S6][S7][S8]. RAI is an ERC-20 stable asset, not a redeemable claim against any issuer at face value, with collateral reachable only through Global Settlement [S1][S3][S9]. The protocol is permissionless, with no KYC, AML, accredited-investor gating, or excluded-jurisdiction list [S3]. RAI is backed exclusively by ETH locked in over-collateralized SAFE positions held non-custodially in onchain GEB smart contracts [S10][S5].

RAI is an ERC-20 token natively issued on Ethereum mainnet through the GEB SAFE system, with non-native bridged representations available on other public networks via third-party bridges [S5][S4]. Users mint RAI by depositing ETH and generating debt against the redemption price, set by an oracle-fed PID controller; holders exit by repaying debt, selling on secondary markets, or through Global Settlement after a shutdown cooldown [S1][S3][S9].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://reflexer.finance/" },
    { id: "S2", url: "https://docs.reflexer.finance/ungovernance/governance-minimization-guide" },
    { id: "S3", url: "https://reflexer.finance/faq/" },
    { id: "S4", url: "https://docs.reflexer.finance/" },
    { id: "S5", url: "https://docs.reflexer.finance/llms-full.txt" },
    { id: "S6", url: "https://reflexer.finance/" },
    { id: "S7", url: "https://docs.reflexer.finance/ungovernance/governance-minimization-guide" },
    { id: "S8", url: "https://docs.reflexer.finance/risk/geb-risks" },
    { id: "S9", url: "https://docs.reflexer.finance/system-contracts/shutdown-module/global-settlement" },
    { id: "S10", url: "https://docs.reflexer.finance/faq" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Stablecoins

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

RAI Reflex Index (RAI) is a Yield strategy stablecoin issued by Reflexer.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Reflexer in ETH.

RAI has been issued on public blockchains since February 2021 and is native to Ethereum, Polygon, Avalanche, and OP Mainnet.

RAI Reflex IndexRAI