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Lets Get HAI Review 2026: A Reflexer-Style CDP on Optimism

Lets Get HAI is a CDP protocol on Optimism where users lock liquid staking tokens and Optimism-native assets to mint HAI, an overcollateralized stablecoin. It is a small, experimental protocol built on the Reflexer RAI design.

Optimism

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.8/10

Mixed

Visit Lets Get HAI

Our verdict on Lets Get HAI

5.8/10

Lets Get HAI suits experienced DeFi users who understand CDPs, liquidations and floating-price stablecoins, and who want to borrow against liquid staking tokens on Optimism. Its main strength is a clear overcollateralized model built on the Reflexer control-theory design. The main caveat is size: with under $1M locked, liquidity, adoption and resilience are unproven, and fee details must be checked in the app. Treat it as a small experimental position.

Score breakdown

How Lets Get HAI scores

Security: 5.5/10
Ease of use: 5.5/10
Fees: n/a
Features: 6.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Lets Get HAI?

Lets Get HAI is a decentralized CDP protocol on Optimism. Users borrow HAI, an overcollateralized stablecoin, against liquid staking tokens and Optimism-native assets. The project has been tracked since March 2024.

The design descends from the Reflexer RAI model and uses control theory to adjust the pricing of HAI dynamically. Community material refers to a group of RAI forks and to a roadmap with an "Altar" milestone.

The protocol is small. Total value locked is around $0.9 million, with a few percent weekly growth in the latest reading. A KITE token is listed, along with two audits. The team, licence status and fee schedule are not published on the pages reviewed.

How Lets Get HAI works

Lets Get HAI is a collateralized debt position (CDP) system. A user deposits approved collateral into a smart contract, then borrows HAI against it. Because the loan must always be worth less than the collateral, the stablecoin is overcollateralized.

If the collateral's value falls too far relative to the debt, the position can be liquidated. The collateral is then sold through auctions to cover the debt. Repaying the borrowed HAI lets the user withdraw their collateral.

HAI uses a control-theory approach, an idea pioneered on-chain by the Reflexer Finance team. A controller adjusts the protocol's own redemption price of HAI over time, rather than only pushing it toward a fixed $1 target. This makes HAI's market price behave differently from a conventional pegged stablecoin.

6 features

Key features

Overcollateralized borrowing

Deposit liquid staking tokens and Optimism-native assets as collateral to borrow HAI. Debt is always backed by more value than it represents.

Control-theory pricing

HAI uses a control-theory mechanism, pioneered on-chain by the Reflexer team, to adjust the protocol's own price of HAI dynamically.

Collateral auctions

Collateral that can't cover its debt is sold through an auction system. The project has a dedicated auctions page.

LST collateral

Borrowers can post staked-ETH style assets, so the collateral can keep earning staking yield while backing a loan.

Community governance

Governance discussion takes place on a public forum, and the project points to on-chain governance tooling for proposals.

Points and token incentives

A points program measures qualifying ecosystem activity under published rules, with a KITE token listed for the project.

Pros and cons

What we like

Overcollateralized design keeps each loan backed by more value than it represents.
Accepts liquid staking tokens and Optimism-native assets, so collateral can keep earning staking yield.
Builds on the Reflexer control-theory approach to stablecoin pricing.
Two audits are listed for the protocol.
Public governance discussion and an auctions page make the mechanics visible.

Watch out for

TVL is under $1M, which is very small for a stablecoin protocol and points to thin liquidity and limited adoption.
Runs only on Optimism, so exposure is tied to one Layer 2 and its bridges.
The stablecoin's floating redemption price may be unfamiliar and can drift from $1.
Liquidation and stability fee figures are not published on the pages reviewed, so borrowing costs have to be checked in the app.
Only two audits are listed, and the audit firms and scope are not named here.
The team and company structure are not published on the pages reviewed.

Lets Get HAI fees

Fee levels are not published on the pages reviewed. CDP protocols of this type usually charge a stability fee, an interest-like rate on the HAI you borrow, and apply a liquidation penalty when a position is closed by auction.

Check the current rates, collateral ratios and any minimum debt in the app before opening a position. You will also pay normal Optimism gas fees for each transaction.

Is Lets Get HAI safe?

Two audits are listed for the protocol, but the auditors and scope are not named on the pages reviewed. Users keep control of their wallets, and funds sit in smart contracts rather than with a custodian, so the main exposure is smart-contract risk, oracle risk and liquidation risk.

TVL is under $1M, so liquidity for auctions and for trading HAI may be thin, which can worsen price swings during stress. The protocol is DeFi software, not a regulated financial service, and no licence is published. Check the rules for DeFi use where you live and only commit money you can afford to lose.

6 steps

How to get started with Lets Get HAI

1
Set up a wallet that supports Optimism and fund it with ETH on that network for gas.
2
Get a supported collateral asset, such as a liquid staking token or an Optimism-native asset.
3
Open the app from the official site and connect your wallet.
4
Review the collateral ratio, borrowing rate and liquidation terms for your chosen asset.
5
Deposit collateral and mint a modest amount of HAI, leaving a wide safety margin.
6
Monitor your position regularly and add collateral or repay debt if prices fall.

Open Lets Get HAI

Who Lets Get HAI is for

This is for DeFi-literate users on Optimism who hold liquid staking tokens or OP-native assets and want to borrow a decentralized stablecoin without selling them. It also suits people interested in Reflexer-style designs. Beginners, and anyone who needs a hard $1 peg, deep liquidity or a regulated counterparty, should look elsewhere.

Lets Get HAI FAQs

What is HAI?

HAI is an overcollateralized, decentralized stablecoin minted by the Lets Get HAI protocol. Users create it by locking approved collateral, such as liquid staking tokens and Optimism-native assets, and borrowing against it.

Which blockchain does Lets Get HAI use?

The protocol runs on Optimism, an Ethereum Layer 2. You need a wallet that supports Optimism and some ETH on that network for gas.

Is Lets Get HAI related to RAI?

It is described as a project in the Reflexer lineage, which popularised a control-theory approach on-chain. HAI's pricing is adjusted dynamically by a controller rather than being held to a fixed peg by hard rules.

Is Lets Get HAI audited and how big is it?

A DeFi data tracker lists two audits for the protocol and shows total value locked of roughly $0.9 million. Audits reduce risk but do not remove it, so a small position size is sensible.

Does Lets Get HAI have a token?

The token listed for the project is KITE. The project also runs a points program that measures qualifying ecosystem activity under its published rules, and its governance discussions are held on public forums.

What are the main risks of borrowing HAI?

The main risks are liquidation if your collateral value drops, smart-contract bugs, oracle problems, a stablecoin price that drifts from $1, and the protocol's small size. Never borrow more than you can afford to have liquidated.

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