Altar of RAI is a project developed for Reflexer DAO, which is responsible for RAI, a stablecoin built on the Ethereum blockchain. The project focuses on launching HAI, a multicollateral version of RAI, on the Optimism Layer 2 solution. HAI introduces the $KITE governance token, while $FLX serves as the governance token for RAI.
The main objective of Altar of RAI is to facilitate a unique mechanism involving a Sablier stream and a Gnosis auction. The treasury streams $KITE tokens into the Altar using Sablier, and upon interacting with the Altar, a method called "Poking" is triggered. This action initiates the following process:
- The Altar places all the streamed $KITE tokens on a Gnosis auction.
- Participants in the auction can bid $FLX tokens for the $KITE tokens available.
- The $FLX tokens received from the auction are returned to the Altar.
- The assumption is made that the received $FLX tokens are burned, thereby increasing the value of $FLX through the sacrifice of $KITE tokens.
First read and run the apps/smart-contract, after properly deploying and initializing the smart-contracts go to apps/frontend and config it and run it.