Reflexer Labs raises $4 million to create RAI, an ETH-based stability asset
Pantera and Lemniscap are betting on stability in DeFi without the U.S. dollar by leading a $4.14 million round for Reflexer Labs, the creator of a new gentcoin called RAI, which matches the price of ether (ETH) minus volatility.
If a purely cryptocurrency token had an understandable value in product terms (for example, one token was consistently equal to four Snickers bars), it would correspond to the property of a "unit of account."
"Unit of account" is one aspect of the definition of money that major cryptocurrencies do not meet because of their volatility. That's what Reflexer is going for: it is planned as a cryptocurrency unit of account.
The new round precedes the announced launch of its RAI token in early March.
