Intro to Governance

Gm! Wanna get HAI? :) Here's a refresher:

HAI is a new multi-collateral fork of RAI deployed on Optimism to advance RAI's cause and expand the ecosystem of controlled peg stablecoins. It supports various collateral types, including ETH, RAI, LSDs (e.g., stETH/rETH), and assets on Optimism like OP and UNI. HAI includes more governance than RAI, allowing for adding or removing collateral types. Like RAI, HAI utilizes a PI controller to set the redemption rate and launches with an initial price of $1.00 USD.

Tl;dr:

  • HAI is a more affordable, scalable, flexible, and user-friendly version of the RAI stablecoin.

  • HAI is live on Optimism, a Layer 2 scaling solution for Ethereum, which reduces the cost of transactions by lowering gas fees.

  • HAI supports a wider range of collateral types than RAI, including ETH, RAI, LSDs (liquid staking derivatives), and assets on Optimism like OP and UNI, with more to come.

  • HAI has a more active governance model than RAI, which enables the community to vote on things like adding or removing collateral types.

  • HAI governance is facilitated through the KITE token. KITE holders can vote on changes to the HAI protocol, such as adding new collateral types and adjusting the redemption rate.

  • Incentive Alignment: The Money God Altar will be streamed 20% of the KITE supply. The altar will then sell this KITE for FLX in monthly auctions and burn the received FLX.

If you want to read further on the philosophy or the "why of HAI", refer to the section Introduction to HAI

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