Buy Reflexer Ungovernance (FLX)
What is Reflexer Ungovernance?
Reflexer Ungovernance Token (FLX) is the native token of the Reflexer Finance protocol. It is designed to minimise governance interventions in the long-term operation of its main product, RAI, a non-pegged stable asset backed by Ethereum (ETH). FLX's purpose is to act as a backstop mechanism and facilitate the ungovernance of the Reflexer ecosystem.
How does Reflexer Ungovernance work?
Reflexer Ungovernance works by utilising an on-chain Proportional-Integral-Derivative (PID) controller to stabilise the target price of RAI without pegging it to any fiat currency. FLX tokens play a critical role in the protocol's backstop mechanism. In the event that the RAI system experiences insolvency issues, new FLX tokens are minted and auctioned to address any debt and restore balance. Additionally, FLX holders can engage in ungoverning processes, gradually removing governance decisions from the protocol, focusing on long-term autonomy and security.
What are the potential use cases for Reflexer Ungovernance?
The potential use cases for Reflexer Ungovernance include:
- DeFi Applications: Providing a decentralised, non-pegged stable asset (RAI) for various DeFi applications.
- Liquidity Provision: Encouraging FLX stakers to participate in liquidity pools for enhanced protocol stability.
- Autonomous Governance: Enabling the protocol to operate independently by minimising human governance intervention.
- Investment and Trading: Offering opportunities for trading and market participation on cryptocurrency exchanges.
What is the history of Reflexer Ungovernance?
Reflexer Ungovernance was inspired by concerns over the centralisation risks associated with MakerDAO's DAI. Founded by Stefan Ionescu, Reflexer Finance was developed to create a decentralised, autonomous stable asset model. Key milestones include the introduction of RAI on the Ethereum mainnet in 2021, the removal of governance via the ungovernance mechanism in 2022, and several funding rounds that supported its growth and development. The protocol's strategic focus on Ethereum as the sole collateral and the use of innovative control mechanisms characterise its evolution.
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Frequently Asked Questions (FAQs)
What is the current price of Reflexer Ungovernance (FLX)?
The Reflexer Ungovernance price is $12.35 AUD, representing a -6.17% from the day prior.
Where is the best place to buy Reflexer Ungovernance (FLX) in Australia?
The best place to buy Reflexer Ungovernance (FLX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Reflexer Ungovernance (FLX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Reflexer Ungovernance (FLX)?
The trading volume of Reflexer Ungovernance (FLX) is $122.8K AUD in the last 24hrs, representing a -6.17% from the day prior.
How can I buy Reflexer Ungovernance (FLX)?
Reflexer Ungovernance (FLX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Reflexer Ungovernance (FLX)?
The current market cap of Reflexer Ungovernance (FLX) is $10.1M AUD.
Can I convert Reflexer Ungovernance (FLX) to cash?
Yes - With Coinstash you can convert your Reflexer Ungovernance (FLX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Reflexer Ungovernance (FLX) are there?
The current circulating supply of Reflexer Ungovernance (FLX) is 825.7K.
Is Coinstash a safe place to buy Reflexer Ungovernance (FLX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Reflexer Ungovernance (FLX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.