We are thrilled to introduce the Reflector DAO and xRF utility token, marking a significant milestone in the evolution of the smart contract ecosystem on the Stellar Network. Reflector is a robust decentralized system and data exchange protocol designed to provide reliable oracle price feed services for smart contracts. The launch of the Reflector DAO and xRF token brings advanced governance, automation, and observability functionalities to our community.
What is Reflector?
Reflector is a decentralized protocol that offers reliable oracle price feeds for smart contracts operating on the Stellar Network. The protocol ensures accurate and timely price data, which is crucial for the smooth operation of various decentralized finance (DeFi) applications.
Introducing the xRF Token
xRF is an integral part of the Reflector ecosystem. This utility token is issued by the Reflector DAO, a decentralized autonomous organization comprising organizations and individuals who maintain Reflector server nodes and participate in cluster consensus. The xRF token serves multiple purposes:
- Governance: DAO members can use xRF to issue governance proposals for the protocol. Submitting a DAO proposal requires an xRF token deposit. Proposals may include inviting new operators, adding new price feeds, or introducing new tokens. A 14-day voting period follows, and decisions are made by simple majority. Depending on the outcome, a portion of the deposit is burned to signify the commitment of computational resources.
- Rewards: Cluster operators receive xRF tokens for contributing computational resources to the network.
- Subscriptions: Tokens can be used for subscribing to advanced price feed services. Creating and maintaining subscriptions involves an xRF token deposit. Subscriptions are charged daily, and tokens are burned as upkeep. This mechanism ensures that only active and necessary subscriptions are maintained, optimizing resource usage
Reflector DAO: Decentralized Governance
The Reflector DAO operates on principles of equality and transparency. Each DAO member has equal voting power, and decisions are made by a simple majority vote. The DAO governs key aspects of the Reflector network, including:
- Cluster Configuration: Voting on changes to the cluster setup.
- Membership: Including or expelling members based on their contributions and compliance with DAO rules.
- Resource Allocation: Managing and distributing xRF tokens to reward contributions and maintain network stability.
The DAO contract, protected by multisig security, coordinates voting and ensures that all members comply with the outcomes of governance decisions.
Advanced Price Feed Subscriptions
Reflector’s oracle contracts publish regular price feed updates suitable for a wide range of smart contracts. For applications requiring more frequent updates with finer granularity, Reflector offers price feed subscriptions. This service allows developers to set predefined thresholds for price movements, triggering immediate updates to ensure timely reactions to market changes.
Initial xRF Token Distribution
Reflector has issued 150,000,000 xRF tokens on the Stellar Network, distributed as follows:
- Reflector DAO fund: 102,500,000 tokens (85.42%)
- Reflector protocol developers: 12,600,000 tokens (10.5%)
- Current cluster node operators: 4,000,000 tokens (3.33%)
- Early protocol adopters: 900,000 tokens (0.75%)
Ongoing distributions reward oracle node operators and developers, ensuring continuous support for the network.
Commitment
This design outlines the vision of Reflector governance and its future expansion. Our primary goal is to provide a truly decentralized, and at the same time flexible service for developers which need an extremely reliable price feed oracle data for their applications. We will adhere to these principles and ideas while working on further Reflector protocol development.
Conclusion
The launch of the Reflector DAO and xRF token represents a significant advancement in decentralized oracle services. By empowering the community with governance tools and advanced automation capabilities, Reflector is poised to enhance the functionality and reliability of DeFi applications on the Stellar Network.
We invite you to join us in this exciting journey. Participate in the Reflector DAO, utilize the xRF token for governance and subscriptions, and help shape the future of decentralized finance on Stellar.
For more information, please refer to the Reflector DAO blueprint draft and contact our team via Discord or Telegram.
