The article delves into the RAI Reflex Index, an innovative non-pegged, ETH-backed stablecoin variant designed for DeFi applications. It addresses the challenge of maintaining stability without traditional fiat pegs, offering users an alternative stable asset backed by a decentralized governance model. Ideal for DeFi users seeking stability and interest income, the article evaluates RAI's development history, market performance, and technical framework. It provides insight into how RAI functions on Ethereum, highlighting its decentralized characteristics, security, and trading availability on Gate. The structure logically covers origins, mechanisms, market status, and investment considerations.