Rain

RAIN is the token of Rain, a prediction-market protocol where users bet on event outcomes.

Rain is a protocol for prediction markets on Arbitrum, a layer-2 network built on Ethereum. Anyone can open a market on the outcome of an event with at least $10 of liquidity, and others put money on the possible answers, usually in stablecoins such as USDT. Prices follow the share of money on each answer, and winners are paid from the pool after the market is resolved. Public markets are resolved by the creator or by Delphi, an AI oracle from Olympus AI; private markets are resolved only by their creator. Disputes go first to an AI judge and can be appealed to human oracles.

RAIN is the protocol's token. Its contract on Arbitrum was created on 26 August 2025, with an initial supply of 1.15 trillion tokens. Rain charges 5% of each market's volume: half pays market creators, liquidity providers and resolvers, and half is meant to buy RAIN on the market and burn it. The contract can also mint new RAIN to a foundation treasury, up to 10% of what was burned. About 7.6 billion RAIN had been burned by 27 September 2026, most of it in a one-off burn of 7.4 billion RAIN on 31 August 2026 after a DAO vote on a refund dispute.

The issuer is Rain Foundation, a foundation registered in Panama in July 2025. Its March 2026 white paper under the EU's MiCA rules calls RAIN a governance token that gives no ownership, profit or redemption rights, and says the planned DAO was not yet active, so the foundation's multisig wallets control upgrades and the treasury. An earlier whitepaper said users must hold RAIN to trade on Rain.

RAIN has a market value of about $8.9 billion but only about $22 million is locked in the protocol, according to DefiLlama. Supply is highly concentrated: the ten largest holders, mostly vesting and multisig contracts, hold about 85%. The Nasdaq-listed company Enlivex holds tens of billions of RAIN. The analytics site L2BEAT treats most of the supply as controlled by one group, and the on-chain investigator ZachXBT has alleged price manipulation.