Proposal to Launch RAI/USDT Market


RAI is the very first stable asset with a moving peg that can impose both positive and negative “interest rates” on its holders. It is fully collateralized by ETH and managed by an on-chain PI controller. The rates in the RAI protocol are similar but not identical to a funding rate.

Key Metrics

Daily Active Addresses

Trading Volume

Coin Supply Outside of Exchange Wallets

Coin Supply on Exchanges (as a % of total supply)

Holder Distribution

Other Notes

Due to the fact that the rate inside the RAI protocol (called the redemption rate) is similar to a funding rate, a RAI perpetual would be essentially stacking yet another funding rate on top of the redemption rate. You can read more about this scenario here.

You can also see the effect of the redemption rate on RAI’s moving peg by checking the Prices chart from this stats page. The redemption price is RAI’s “moving peg” whereas the market price is a TWAP from the RAI/ETH Uniswap v2 pool.

Potential RAI/USDT Competition

Depending on community sentiment, the Reflexer and Perpetual teams may organize a trading competition for the new RAI/USDT market. The following is a draft proposal for such a competition.

Competition Duration:

14 days

Competition Incentives:

Up to $25K worth of RAI tokens.

Conditions for Participation:

  1. Sign up with a Twitter handle
  2. Must start with 0 PnL before the trading competition starts

Technical Requirements:

The platform can use Chainlink for $RAI pricing data.

Proposed Marketing Plan:

  1. Kickoff with a joint community meeting together with members of the Perpetual and Reflexer teams in order to announce the competition.
  2. Both teams should write a brief Medium article that will be posted on both Perpetual Protocol’s and Reflexer’ Medium profiles. The articles are meant to inform new users on how to participate in the trading competition as well as direct new users on where to mint RAI tokens.
  3. During the competition, Perpetual Protocol will tweet a daily leaderboard on their Twitter profile showing the top traders for the RAI/USDT market.
  4. Lastly, both Reflexer and Perpetual Protocol announce the competition through their respective Discord channels in order to encourage participation.