Reflexer Ungovernance Token update: FLX Live price, price chart, news and markets

The FLX price update as of now is $7.31. In the previous 24 hours, its trading volume was $112,400, and its value has decreased by -4.23%. As of now, FLX's live market cap is $6,035,992, and it is ranked as the #1335 on the Coincu. FLX has a circulating supply of 984,332 and a maximum supply of 984,332.

Understanding the Reflexer Ungovernance Token

The Reflexer Ungovernance Token (RAI) is a key component of the Reflexer protocol, which aims to create stable assets without relying on fiat currencies and decreasing the influence of governance decisions. RAI is specifically designed to collateralize stable assets solely with ETH and minimize the involvement of governance elements.

Reflexer operates similarly to MakerDAO but distinguishes itself by allowing the collateralization of assets and the creation of stable assets using only ETH.

The Unique System of Reflexer and the Path to Ungovernance

Reflexer stands out from other projects due to its distinctive approach to administration. While many projects aim to return control to the community, Reflexer is following a roadmap to transfer control to "nobody". This roadmap consists of three phases:

Phase 1: By April 17, 2022, Reflexer plans to optimize key protocol mechanisms related to liquidation, tax calculation, and auctions, while limiting the adjustability of only a few mechanisms and excluding the three mentioned above.

Phase 2: By August 17, 2022, Reflexer intends to administratively optimize all core smart contracts, excluding oracle contracts, position protection contracts, and a few others, as per the situation. From this point onwards, only a few adjustments will be possible, and governance will be vested in the community.

Phase 3: At this stage, the community will have complete control and can decide which mechanisms to retain, optimize, and govern.

Reflexer and the community aim to reduce control over the protocol as much as possible. Token-based project governance can hinder sustainable development, which is why Reflexer has introduced the FLX token, a non-governance token, to safeguard the RAI system and enable the community to relinquish maximum control.

The Introduction of the Reflexer Ungovernance Token (FLX)

The FLX token, designed to enhance the decentralized nature of the RAI system and decrease human control, plays a vital role within the protocol. The FLX token serves two primary functions:

Lender of Last Resort: Similar to the original MakerDAO protocol, the RAI system incorporates a mechanism for surplus and debt auctions. In the event of debt resulting from mass liquidation below the borrowed value, new FLX tokens will be minted and auctioned to resolve the bad debt.

RAI Non-Governance System: Once the primary governance mechanisms are eliminated from the system, the community will continue to make decisions regarding the removal of specific mechanisms and their optimization. The FLX token facilitates non-governance, enabling the community to exercise autonomy and reduce their control over the project.

Furthermore, FLX tokens can be staked for rewards, but may also be deducted in situations involving mass liquidation and bad debt.