Reflexer triggered RAI's global settlement, freezing oracles and letting SAFE owners claim surplus collateral; after a four-day delay RAI became redeemable at 0.0011259 ETH per RAI, winding down the original RAI protocol.
Reflexer announced FLX, the protocol's 'ungovernance' token, with 1 million FLX minted at genesis and distributed to the GEB Foundation, early backers, employees, investors, and DAOs, along with a retroactive RAI liquidity rewards program.
Reflexer Labs launched RAI, a non-pegged stable asset backed only by ETH, on the Ethereum mainnet after about a year of research and development, using an on-chain PID controller for stability.
Reflexer Labs closed a $1.68 million seed round led by Paradigm, with participation from Standard Crypto, Compound founder Robert Leshner, and Variant Fund, to build RAI, a non-pegged stable asset backed by ETH.
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