Reflexer | FAQ (2024)

FAQs

What is Reflexer?

Reflexer is a platform where anyone can use their crypto collateral to mint stablecoins. Stablecoins, as opposed to fiat coins, are not pegged to anything, very similar to how the US Dollar is not pegged and it is still considered stable.

What is RAI?

RAI is an ETH backed stablecoin with a managed float regime. The RAIUSD exchange rate is determined by supply and demand while the protocol that issues RAI tries to stabilize its price by constantly de or revaluing it.

The supply and demand mechanic plays out between two parties: SAFE users (those who generate RAI with their ETH) and RAI holders (those who hold, speculate on or use RAI in other protocols and apps).

Compared to protocols that try to defend a fixed exchange rate between their native stable asset and fiat (DAI/USD, sUSD/USD etc), RAI's monetary policy offers a couple of advantages:

  • Flexibility: the protocol can devalue or revalue RAI in response to changes in RAI's market price. This process transfers value between SAFE users and RAI holders and incentivizes both parties to bring the market price back to a target chosen by the protocol. The mechanism is similar to countries devaluing or revaluing their currencies in order to combat a trade imbalance. The "trade imbalance" in RAI's case happens between RAI and SAFE users

  • Discretion: the protocol itself is free to change the target exchange rate to its own advantage. It can attract or repel capital whenever it wants.

How does RAI work?

The long term price trajectory of RAI is determined by the demand for ETH leverage. RAI tends to appreciate if SAFE users deleverage and/or RAI users long and it depreciates in case SAFE users leverage and/or RAI users short.

To better understand how RAI behaves, we need to analyze its monetary policy which is made out of four elements:

  • Redemption price: this is the price that the protocol wants RAI to have on the secondary market (e.g on Uniswap). The redemption price is used by SAFE users to mint RAI against ETH and it is also used during Global Settlement in order to allow both SAFE and RAI users to redeem collateral from the system. The redemption price almost always floats and it does not target any specific peg

  • Market price: this is the price that RAI is traded at on the secondary market (on exchanges)

  • Redemption rate: this is the rate at which RAI is being devalued or revalued. The process of devaluing/revaluing RAI consists in the redemption rate changing the redemption price

  • Global Settlement: settlement consists in shutting down the protocol and allowing both SAFE and RAI users to redeem collateral from the system. Settlement uses the redemption (and not the market) price to calculate how much collateral can be redeemed by each user

Let's walk through an example of how RAI is revalued in case of ETH capital inflow (aka people are bullish on ETH):

  • At time T1: ETH price is $500, RAI's market and redemption prices are both $5

  • At time T2: ETH price surges to $1000. RAI SAFE users suddenly have more borrowing power and generate more RAI against their collateral. SAFE users sell RAI on the secondary market (Uniswap), causing RAI's market price to crash to $4

  • At time T3: ETH remains at $1000 and RAI's market price is still $4. The system wants the market price to get close to the redemption price. In order to eliminate the imbalance between the market/redemption prices, the system starts to revalue RAI. Revaluing consists in setting a positive redemption rate which makes the redemption price grow every second

  • At time T4: ETH remains at $1000. RAI's redemption price is now $5.1. SAFE users are starting to realize that they can now borrow less RAI per one ETH, they can redeem less ETH during Settlement (because RAI is now more expensive) and that it will be more expensive to close their SAFE once the market price follows the redemption price. At the same time, RAI holders are starting to realize that they can redeem more and more ETH during settlement and they can also "earn yield" by holding RAI and assuming that the market price will (at some point) surge toward the redemption

  • At time T5: ETH remains at $1000. RAI's redemption price is now $5.2. RAI's market price surged to $5.2 as a result of:

    • SAFE users buying RAI in order to close their positions as soon as possible instead of later on when RAI is more expensive

    • RAI holders incrementally buying more RAI in order to "earn" more yield as a result of the eventual market price surge

  • When RAI is devalued (in case of ETH capital outflow), the opposite thing happens:

  • SAFE users realize that they can mint more RAI against their ETH and that they will be able to buy cheap RAI once the market price tanks

  • Token holders realize that they can redeem less ETH during Settlement and, in order to earn money, they need to short RAI

Is RAI a rebase token?

No. The protocol doesn't change the amount of tokens you have. Rather, it changes the target (or redemption) price that the protocol wants RAI to have on the secondary market (on exchanges).

Will I be charged fees?

The Reflexer app is free to use. However, you will need to pay transaction fees when you interact with the protocol’s smart contracts and, depending on the features you use, fees associated with RAI itself such as the Stability Fee and/or the Redemption Rate.

What is the redemption rate?

The redemption rate is similar, but not identical, to an interest rate. Its role is to devalue or revalue RAI in response to market forces.

What is the borrow rate/stability fee?

The stability fee is an interest rate charged to users who deposit collateral and mint RAI. The fee is used to incentivize external parties to maintain the protocol as well as build a surplus buffer meant to settle bad debt.

What are your plans to governance minimize RAI?

RAI will be governance minimized over three stages. We have a dedicated guide with more details about the governance minimization process. The Reflexer team will keep the community up to date with the exact timeline of each stage.

Why would I hold RAI when the system devalues the token?

This is exactly what the system wants you to ask yourself when it charges a negative redemption rate. The system is trying to incentivize RAI holders to sell and bring the market price down and close to the redemption price.

Can you summarize what users should do so they can take advantage of the PID?

  1. When the redemption rate is positive, SAFE users should repay their debt, RAI users should buy more RAI

  2. When the redemption rate is negative, SAFE users should mint more debt, RAI users should sell/short RAI

Can you summarize the behaviour of the RAI redemption rate?

  1. When RAI's market price > redemption price for a sustained period of time, the redemption rate will become negative

  2. When RAI's market price < redemption price for a sustained period of time, the redemption rate will become positive

  3. When RAI's market price = redemption price for a sustained period of time, the redemption rate will settle at a steady state (that may be non zero)

Why would I want to hold something that is not pegged and yet does not behave like ETH or BTC?

We often get this question from people who are used to holding assets such as DAI or USDC which seem more "stable" because they try to target a specific peg.‌

While it is true that the mechanism behind RAI may cause more uncertainty vs pegged coins because of the floating redemption price, it also comes with its own perks:

  • RAI is trader friendly. A trader can, for example, analyze the market sentiment as well as look at the current redemption rate in order to decide on whether they should long or short RAI

  • RAI holders (longs) can benefit from exposure to a positive redemption rate (revaluation)

  • Shorts may also benefit from RAI devaluation

It is also worth considering that only some fiat currencies are pegged, while others float and they are still considered "stable". The most well known example of a stable currency with no peg is the US Dollar. Check out this classification of exchange rate arrangements which shows the full spectrum of stability.

Why would I want to mint RAI?

We have both short and long term plans meant to attract borrowers and improve the experience of interacting with the protocol:

  • Getting paid for opening and managing SAFEs: when RAI is devalued, SAFE users are "paid" because the value of their debt shrinks compared to the value of their collateral

  • Capped borrow rate: in the long run, RAI will have a capped (and small) borrow rate which makes the cost of maintaining a SAFE more predictable. Governance can, in theory, set the borrow rate to 0% although this prevents the system from accruing surplus that's used to update core components such as oracles and the PID. A 0% borrow rate would also prevent the protocol from building a surplus buffer meant to settle bad debt that couldn't be covered by collateral auctions

  • Insurance for SAFEs: in the long run we can allow SAFE users to attach a wide variety of insurance contracts meant to protect their positions against liquidation

  • No exposure to assets with counterparty risk: RAI will only be backed by ETH. Borrowers are not exposed to riskier crypto assets or real world collateral

  • Superior collateral factors: as we improve the efficiency of our and add insurance contracts for SAFEs, we can lower the collateral requirements for borrowing RAI

What are RAI's use-cases?

The following is a non-exhaustive list of use-cases we envision for RAI:

  • Portfolio diversification: RAI offers dampened exposure to ETH's price moves

  • Source of yield: traders can earn "yield" when RAI's market price follows the redemption price

  • DeFi collateral: RAI can be used as an ETH supplement or alternative collateral in DeFi protocols due to the fact that it dampens ether's price moves and gives users more time to react to market shifts

  • DAO reserve asset: DAOs can keep RAI on their balance sheet and get exposure to ETH without being affected by its full market swings

What are the risks of using Reflexer and RAI?

There are several risks associated with using Reflexer and RAI, ranging from smart contract bugs to suboptimal parameters set in the protocol. You can check our dedicated risks page for more details as well as read more about each protocol module.

What are the assumptions behind RAI's mechanism?

RAI's success depends on three main factors:

  1. Narrative: similar to other protocols (ranging from Multi Collateral DAI to L1's such as Bitcoin and Ethereum), people need to believe that a system works in order for it to actually work

  2. Liquidity: the more liquidity RAI has, the harder it is for malicious parties to manipulate its market price

  3. The presence of arbitrageurs: similar to other stable assets, there need to be traders who arb the difference between the asset's market and redemption (or target) prices

It's worth noting that the narrative attracts liquidity and arbitrageurs which in turn can further strengthen the narrative.

How can I join the community?

The best way is to reach out on Reflexer’s Discord server.

Reflexer | FAQ (2024)

FAQs

Is 7 hours enough sleep for a 17 year old? ›

Most teens need about 8 to 10 hours of sleep each night. Getting the right amount of sleep is important for anyone who wants to do well on a test or play their best in sports. Unfortunately, many teens don't get enough sleep.

Is 7 hours of sleep enough for a 16 year old? ›

The American Academy of Sleep Medicine has recommended that children aged 6–12 years should regularly sleep 9–12 hours per 24 hours and teenagers aged 13–18 years should sleep 8–10 hours per 24 hours.

Is 4 hours of sleep enough? ›

For most people, 4 hours of sleep per night isn't enough to wake up feeling rested and mentally alert, no matter how well they sleep. There's a common myth that you can adapt to chronically restricted sleep, but there's no evidence that the body functionally adapts to sleep deprivation.

Is 3 hours of sleep enough? ›

Is 3 hours enough? This will depend largely on how your body responds to resting this way. Some people are able to function on only 3 hours very well and actually perform better after sleeping in bursts. Though many experts do still recommend a minimum of 6 hours a night, with 8 being preferable.

How much sleep do 100 year olds need? ›

Sleep Changes in Older Adults. Most healthy older adults aged 65 or older need 7-8 hours of sleep each night to feel rested and alert.

Why do teens stay up late? ›

The body releases the sleep hormone melatonin later at night in teens than in kids and adults. This resets the body's internal sleep clock so that teens fall asleep later at night and wake up later in the morning. Most teens just aren't sleepy enough for bed before 11 p.m.

How much sleep does an 80 year old need? ›

Older adults need about the same amount of sleep as all adults—7 to 9 hours each night. But, older people tend to go to sleep earlier and get up earlier than they did when they were younger.

Why is my 13 year old so tired? ›

Research has shown that adolescence brings with it a shift in biological sleep patterns. Thanks to changing circadian rhythms at this stage, teens naturally get tired later on at night. It's also harder for their bodies to wake up in the mornings.

How much sleep is too much? ›

How Much Sleep Is Too Much? Sleep needs can vary from person to person, but in general, experts recommend that healthy adults get an average of 7 to 9 hours per night of shuteye. If you regularly need more than 8 or 9 hours of sleep per night to feel rested, it might be a sign of an underlying problem, Polotsky says.

Is 7 hours of sleep OK for one night? ›

In an article with the Seattle Times, incoming AASM president Dr. Nathaniel F. Watson says 7 hours is the lower limit for how much sleep a healthy adult should get per night.

Is it OK to sleep 5 hours one night? ›

Sometimes life calls and we don't get enough sleep. But five hours of sleep out of a 24-hour day isn't enough, especially in the long term. According to a 2018 study of more than 10,000 people, the body's ability to function declines if sleep isn't in the seven- to eight-hour range.

Is 1 hour sleep enough? ›

Ideally, you should try to get more than 90 minutes of sleep. Sleeping between 90 and 110 minutes gives your body time to complete one full sleep cycle and can minimize grogginess when you wake. But any sleep is better than not at all — even if it's a 20-minute nap. For more sleep support, check out our sleep shop.

How much sleep do you need age? ›

How Much Sleep Do I Need?
Age GroupRecommended Hours of Sleep Per Day
Newborn0–3 months14–17 hours (National Sleep Foundation)1 No recommendation (American Academy of Sleep Medicine)2
Teen13–18 years8–10 hours per 24 hours2
Adult18–60 years7 or more hours per night3
61–64 years7–9 hours1
5 more rows
14 Sept 2022

How much sleep does a 40 year old need? ›

National Sleep Foundation guidelines1 advise that healthy adults need between 7 and 9 hours of sleep per night. Babies, young children, and teens need even more sleep to enable their growth and development. People over 65 should also get 7 to 8 hours per night.

What time do most seniors go to bed? ›

According to their internal body clock, most older adults need to go to sleep around 7 p.m. or 8 p.m. and wake up at 3 a.m. or 4 a.m. Many people fight their natural inclination to sleep and choose to go to bed several hours later instead.

Why does my 96 year old mother sleep all the time? ›

Boredom, depression, chronic pain and/or nutritional deficiencies can be some of the underlying causes that account for excessive daytime sleeping. Medications can also be a problem.

Why do seniors wake up at night? ›

Older people wake up an average of 3 or 4 times each night. They are also more aware of being awake. Older people wake up more often because they spend less time deep sleep. Other causes include needing to get up and urinate (nocturia), anxiety, and discomfort or pain from long-term (chronic) illnesses.

Is it normal for a teenager to lie? ›

It's the truth: Teenagers lie. In fact, research by Nancy Darling, an expert on teens and lying, shows that close to 96 percent of adolescents lie to their parents. In another study, 82 percent of high school and college students admitted to lying to their parents in the previous year.

What time should a 15 yr old go to bed? ›

That said: “9pm is a sensible approach.” For teenagers, Kelley says that, generally speaking, 13- to 16-year-olds should be in bed by 11.30pm.

What time should a 17 year old go to bed? ›

Make a Set Bedtime

Make sure your teen knows that you expect them to be in bed by 9:30 p.m. with the lights out by 10:00, or whatever times allow for the right amount of sleep.

What foods hinder your sleep? ›

Five worst foods for sleep
  • Chocolate. High levels of caffeine in chocolate make it a poor choice for late-night snacking. ...
  • Cheese. While cheese is generally considered a comfort food, it is actually one of the worst foods to eat before bed. ...
  • Curry. ...
  • Ice cream. ...
  • Crisps. ...
  • Cherries. ...
  • Raw honey. ...
  • Bananas.

Are naps good for the elderly? ›

While a 30- to 90-minute nap in older adults appears to have brain benefits, anything longer than an hour and a half may create problems with cognition, the ability to think and form memories, according to the study published in the Journal of the American Geriatrics Society.

What room temperature is best for elderly? ›

What Is the Ideal Room Temperature for an Elderly Person? Research has shown that the average and safe room temperature for older adults is around 78 degrees. To prevent an elderly adult from becoming too cold, it is recommended that the room temperature never falls below 65 degrees.

What's the best time to nap? ›

Take naps in the early afternoon.

Napping after 3 p.m. can interfere with nighttime sleep. Individual factors, such as your need for sleep, your sleeping schedule, your age and your medication use, also can play a role in determining the best time of day to nap.

Is it OK to sleep in the day and stay up at night? ›

Staying awake all night and sleeping all day for just a few days can disrupt levels and time of day patterns of more than 100 proteins in the blood, including those that influence blood sugar, energy metabolism, and immune function, according to new University of Colorado Boulder research published in the journal PNAS ...

How long can you go without sleep? ›

The longest recorded time without sleep is approximately 264 hours, or just over 11 consecutive days. Although it's unclear exactly how long humans can survive without sleep, it isn't long before the effects of sleep deprivation start to show. After only three or four nights without sleep, you can start to hallucinate.

Why is my teenager so angry? ›

Anger is a normal part of adolescence and can be a healthy emotional response to outside stressors. Anger is a secondary emotion for teens as it often masks other underlying issues including sadness, hurt, fear, and shame. When these underlying emotions become too much, a teen will often respond by lashing out.

Why is my teenage son so angry? ›

Teen boys are much more likely to be irritable or angry when they have an underlying mental health condition such as depression, anxiety, bipolar disorder, or another condition.

What do good parents look like? ›

Good parenting is an accumulation of actions and interactions that you have with your child. It is driven with purpose and end goals in mind. Good parenting aims to develop in children character traits like independence, self-direction, honesty, self-control, kindness, and cooperation.

Why am I tired all of the time? ›

You may be too exhausted even to manage your daily affairs. In most cases, there's a reason for the fatigue. It might be allergic rhinitis, anemia, depression, fibromyalgia, chronic kidney disease, liver disease, lung disease (COPD), a bacterial or viral infection, or some other health condition.

Why am I still tired after sleeping? ›

Chances are, your morning grogginess is just sleep inertia, which is a normal part of the waking process. Your brain typically doesn't instantly wake up after sleeping. It transitions gradually to a wakeful state. During this transition period, you may feel groggy or disoriented.

Why do I always feel sleepy? ›

The most common causes of excessive sleepiness are sleep deprivation and disorders like sleep apnea and insomnia. Depression and other psychiatric problems, certain medications, and medical conditions affecting the brain and body can cause daytime drowsiness as well.

How much sleep is too much for elderly? ›

For people over the age of 65, getting more than nine hours of sleep on a regular basis may be an early sign of the onset of dementia or Alzheimer's disease, a new study suggests.

Are 5 sleep cycles enough? ›

Ideally, you need four to six cycles of sleep every 24 hours to feel fresh and rested. Each cycle contains four individual stages: three that form non-rapid eye movement (NREM) sleep and one rapid eye movement (REM) sleep.

Should I go back to sleep when I wake up? ›

"The overall best is if you can wake up naturally because you're done sleeping," he said. On the other hand, if you're waking up early on just a few hours of sleep, you should probably try and squeeze in some more shuteye.

Is 6 hours of sleep OK? ›

For most of us, six hours of sleep is not enough for one night. Scientific evidence indicates the average sleep need is around 8 hours and 40 minutes per night (plus or minus 10 minutes or so), with 13.5% of us requiring nine hours or more of sleep time.

Is lying down better than sitting? ›

However, a closer look reveals that the pressure on the spine is at its lowest when we are lying in the supine position (it is under eight times less pressure than when we're sitting). It promotes most complete muscle relaxation, stress-relief and slower heartbeat.

What happens if you don't sleep for a night? ›

A single night of poor or diminished sleep can lead to short-term effects, such as daytime tiredness and irritability. However, a frequent or consistent lack of sleep may increase the risk of developing longer-term, or chronic, health issues.

What is the most healthy time to wake up? ›

The best time to go to sleep and wake up will vary from person to person. In general, though, people should aim to fall asleep a few hours after dark and wake up within the first hours of sunlight in the morning, where possible.

What age sleeps 12 hours a day? ›

4 to 6 Months

Babies this age will start to quit nighttime feedings, and are usually ready to sleep through the night now, anywhere from six- to 12-hour stretches.

At what age is 7 hours of sleep enough? ›

How many hours of sleep are enough for good health?
Age groupRecommended amount of sleep
3 to 5 years10 to 13 hours per 24 hours, including naps
6 to 12 years9 to 12 hours per 24 hours
13 to 18 years8 to 10 hours per 24 hours
Adults7 or more hours a night
2 more rows

Do females need more sleep than males? ›

The study found that women need about 20 minutes more sleep a night than men and that inadequate sleep in women (poor sleep and sleep-related problems) was associated with higher risk of heart disease and type 2 diabetes.

Should I nap after 40? ›

“Sleep is important for a variety of brain functions,” she shares. “When we take naps, especially women over 40, improves our alertness, it can provide psychological relaxation, and increase our patience.” Dr.

What time should a 40 year old go to bed? ›

The Best Time to Sleep Is Between 8 p.m. and Midnight

To align our sleep schedules with our body's natural cycles (our circadian rhythms), adults should go to bed when it's dark out, after 8 p.m. We also get deeper, more restorative sleep when our sleep time begins before midnight.

How much should a 17 year old be sleeping? ›

According to Johns Hopkins pediatrician Michael Crocetti, M.D., M.P.H. , teens need 9 to 9½ hours of sleep per night—that's an hour or so more than they needed at age 10.

How long should a 17yr old sleep? ›

Recommended Sleep Times By Age Group
Age RangeRecommended Hours of Sleep
School-age6-13 years old9-11 hours
Teen14-17 years old8-10 hours
Young Adult18-25 years old7-9 hours
Adult26-64 years old7-9 hours
5 more rows
29 Aug 2022

How many hours of sleep do 17 year olds get? ›

Between 14 and 17, teens should get between eight and 10 hours of sleep each night. However, research shows only 15% of teens get at least 8.5 hours of sleep most school nights, and most average just 7.4 hours per night.

What time should 17 year olds go to sleep? ›

In an ideal world, teenagers aged between 17 and 20 should be in bed by midnight and wake up at 11am. “You shift later wake times in early adolescence and early adulthood. It then very gradually drifts back to 10am, then 9am and then earlier and earlier.

Does sleeping late affect height? ›

A single night of no sleep will not stunt growth. But over the long term, a person's growth may be affected by not getting the full amount of sleep. That's because growth hormone is normally released during sleep.

Is it OK to sleep 6 hours a night? ›

For most of us, six hours of sleep is not enough for one night. Scientific evidence indicates the average sleep need is around 8 hours and 40 minutes per night (plus or minus 10 minutes or so), with 13.5% of us requiring nine hours or more of sleep time.

Is 5 hours of sleep OK for one night? ›

But five hours of sleep out of a 24-hour day isn't enough, especially in the long term. According to a 2018 study of more than 10,000 people, the body's ability to function declines if sleep isn't in the seven- to eight-hour range.

Why do teens sleep so much? ›

Teenagers' bodies are growing at the fastest rate since they were toddlers, and the hormonal changes that are taking place are huge. Another normal reason for seemingly perpetual sleepiness is a biological shift in the circadian — the Body Clock. During puberty, the normal sleep patterns shift to later.

Why am I sleeping too much? ›

The most common causes of excessive sleepiness are sleep deprivation and disorders like sleep apnea and insomnia. Depression and other psychiatric problems, certain medications, and medical conditions affecting the brain and body can cause daytime drowsiness as well.

What happens if you don't sleep? ›

You increase your risk of serious health issues.

A number of chronic health conditions may be affected by not getting enough sleep on a regular basis. These include high blood pressure, diabetes, heart failure, coronary heart disease and some cancers. You may also be more likely to have a stroke.

What does it mean when a girl sleep a lot? ›

She's a hypersomniac.

If your girlfriend has no rhyme or reason for her sleep patterns, hypersomnia might be the culprit. Hypersomnia can be caused by a lot of different things, including drug and alcohol issues, sleep disorders, or autonomic nervous system issues.

Should a 10 year old have a bedtime? ›

Sleep: what children need

At 5-11 years, children need 9-11 hours sleep a night. For example, if your child wakes for school at 7 am and needs approximately 10 hours sleep per night, your child should be in bed before 9 pm.

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