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- Stablecoin RAI has posed to set up a new stabilized asset management system in DeFi
- It also has an underlying goal of overpassing and making itself a viable asset reserve, globally
- RAI is backed by the Ethereum blockchain and the co-founder believes that by entering DeFi it will make a mark globally
The Stablecoin RAI has taken up to completely form an alternative for the decentralized finances. It is their attempt to stabilize the market of DeFi with an initiative towards a long term goal for becoming a major part of the asset reserves globally and take up exchanges without being tied to any currencies in the nation.
This step is solely to stabilize the market with prices rising and falling, the unending volatility in the market, this step would actually make a mark. RAI is backed by the Ethereum blockchain, its aim is to become a stable support for DeFi so as to provide an alternative to the decentralized finances.
Rai had been developed by Reflexer lab, a new startup. It is not joint to any other currency and all the policies of its money matters are taken care of by an autonomous controller. Ameen Soleimani, the co-founder of RAI told in an interview that not only does Ethereum back RAI, but this asset is a minimized form of governance and requires no external interference, due to its strong stability in the assets domain.
View of the co-founder on the launch
Soleimani refers to RAI as a ‘Money God’, and he solely believes that the company possesses a huge potential to improve every bit of the sector of DeFi. As per the co-founder the aim of RAI is greater, it is not just going to stop at just stabilizing the DeFi domain. With the purpose of stabilizing DeFi, RAI can successfully enter the global assets domain and with that it could very gradually emerge as a very viable Triffin Dilemma solution. It could also bring in stability in the reserve for global assets along with legitimate neutrality among the administrations.
Here the Triffin Dilemma is one severe contradiction that sets in when any particular type of currency is being used both as an international reserve as well as a national currency, like the US Dollar for example.
Platform for the launch of the RAI asset
In an announcement made today this particular asset is available for use via the Uniswap v2 with its launch being made officially, today on the ETH blockchain. In the coming weeks more announcements of liquidity mining pools are supposed to be made. As per the dynamic changes, the launch team made a confession that the controller being used this time might prove to be a weaker hold than the other times.
The initial redemption price of RAI is set around $3.14With the immediate usage of RAI, the team makes an estimate prediction that the procedure will ensure to avoid the liquidation with respect to greater price fluctuations for all other cryptocurrencies along with ETH.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
