Deep Dive
1. São Bento Release (April 2025)
Overview: This major version update added core privacy and security features for institutional users. It made private transactions and secure cross-chain asset movements a default part of the network.
The v2.3.1 release, named São Bento, was a comprehensive upgrade focused on private institutional finance. Its centerpiece was the Enygma protocol, enabling the creation of private, compliant ERC-20 tokens within permissioned networks. It introduced a dedicated Key Management Module for secure cryptographic operations and a Fault Proof system to prevent fraud across chains. For operators, it added tools to freeze tokens and broadcast messages, improving governance. The update also included refactoring for the relayer system and general bug fixes for better resilience.
What this means: This is bullish for RLS because it solidified the project's core value proposition: providing banks and institutions with a secure, private, and compliant blockchain rail. These foundational features are essential for generating the real transaction volume that drives the token's deflationary model.
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2. Mainnet Activation (30 April 2026)
Overview: This wasn't a code update but the activation of the existing codebase on the public chain. It turned on the tokenomics engine, linking all network activity directly to RLS token burns and validator rewards.
The Public Chain mainnet launch marked the shift from development to live production. The economic model detailed in the codebase became active: 50% of all transaction fees (paid in USDr or RLS) are converted to RLS and permanently burned, while the other 50% supports network security. This created a verifiable, usage-driven deflationary mechanism. The launch also activated the network's staking program.
What this means: This is extremely bullish for RLS because it transitioned the token from a speculative asset to one with a live, utility-driven burn mechanism. Every transaction now actively reduces supply, directly tying the token's scarcity to ecosystem adoption.
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3. Network Stats Update (June 2026)
Overview: Recent data confirms the codebase is functioning as designed, with live privacy nodes processing transactions and the fee-burn mechanism operating automatically.
A June 2026 update from the team highlighted real-world usage: 4 active Privacy Nodes, over 90,000 public chain transactions, and $157.8k in monthly revenue. Critically, it confirmed that 50% of these fees are being automatically converted to RLS and burned, as programmed in the tokenomics contract.
What this means: This is neutral-to-bullish for RLS, serving as a transparency report. It verifies that the code is working and generating real economic activity, which is the prerequisite for the deflationary model to have a meaningful impact over time.
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Conclusion
Rayls's development trajectory shows a move from building core private infrastructure (São Bento) to activating its economic model (Mainnet), with current data proving the system is live and operational. The key driver is now real adoption, as each transaction permanently removes RLS from circulation. With the foundational code in place, how will scaling institutional adoption impact the burn rate and circulating supply over the next quarter?