Reflexer Labs

RAI is a non pegged, ETH backed stable asset. It is useful as more "stable" collateral for other DeFi protocols (compared to ETH or BTC) or as a stable asset with an embedded interest rate.

If an exchange or protocol decides to offer RAI perpetuals, they will essentially allow traders to stack funding rates on top of each other. The redemption rate is similar but not identical to a funding rate. The net funding rate on a RAI perpetual is a combination of the funding rate on the platform/exchange that lists the perpetual and the redemption rate. RAI is the first asset ever created that allows this.