RAI co-founder Ameen Soleimani used the trade to support his argument that there’s a mistake in the way RAI was designed.
Built by Reflexer Labs, RAI is an experimental “stablecoin” that isn’t pegged to any specific token or fiat currency but is backed by ether. Those who want to mint RAI have to lock up their ether as collateral and pay a 2% fee.
Due to its design, RAI does not stay pegged to the US dollar and does fluctuate over time. Over the last year, its price has decreased to $2.79 from $3.07. However it has remained much less volatile than most free-floating cryptocurrencies, including ether, which is used as its collateral.Reflexer Labs co-founder Ameen Soleimani, who is currently the co-founder and CEO of SpankChain, used Buterin’s trade to support his argument that RAI’s current design was flawed.
Only there’s a catch. When RAI was built, the founding team essentially threw away the keys. Unlike many Ethereum projects that have admin keys, giving them the ability to upgrade their protocols, RAI elected not to do so. Soleimani took the blame for this, acknowledging that it was mostly him in the founding team who was focused on what he described as “ungovernance.”
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