@Rayls opened deposits for its first vault on October 15, 2026. Instead of looking only at the launch announcement, I examined the bridge activity, reserve report, reward schedule changes, actual deposit transactions, and vault contract architecture to understand what the available evidence really shows.
Here are the key findings 👇
🔹 1. Bridge Activity and Token Supply
The Polygon bridge-vault records examined showed 264,868.416247 BRL1 in incoming transfers and 9,576.454346 BRL1 in outgoing transfers, leaving a net balance of 255,291.961901 BRL1.
The Rayls explorer displayed a BRL1.p total supply of 255,291.962. These figures closely reconcile to the displayed precision.
This is useful onchain evidence, but it does not independently prove continuous 1:1 backing at every block or timestamp.
🔹 2. What the Proof of Reserves Report Shows
The October 1, 2026, BRL1 Proof of Reserves report listed total reserves of R$19,354,372, distributed across bank deposits, Brazilian Treasury bills (LFTs), and repos.
The report stated collateralisation of 111.35% against the circulating supply at its specified reference point.
There is an important limitation: the report explicitly stated that it had not yet been audited by an independent entity. Its figures should therefore be understood in that context.
🔹 3. Changes to the Reward Schedule
The original weekly reward rates were:
• Week 1: 10,000 RLS per 1,000 BRL1.p
• Week 2: 8,000 RLS
• Week 3: 6,000 RLS
• Week 4: 4,000 RLS
The rates were later reduced by 50% for new deposits, becoming 5,000, 4,000, 3,000, and 2,000 RLS respectively.
Deposits within the first R$250,000 retained the original rates. This distinction matters when assessing individual deposit transactions and their expected reward allocations.
🔹 4. What Actual Deposit Transactions Reveal
I examined two onchain deposits.
The October 16 transaction recorded a deposit of 100,000 BRL1.p with a reward allocation of 1,000,000 RLS, consistent with the original Week 1 rate.
The October 28 transaction recorded a deposit of 5,271.47899 BRL1.p with a reward allocation of 21,085.91596 RLS, consistent with the revised Week 2 rate.
These transactions provide concrete evidence of recorded deposits and calculated reward allocations. They should not be confused with proof that the rewards have already been paid.
🔹 5. Lock-Up Conditions and Reward Delivery
The launch terms included a deposit lock-up, scheduled reward credits into staking, and a 14-day unbonding period for staked rewards.
The reward credit dates specified in the schedule were still in the future as of November 2, 2026. Actual delivery therefore needs to be assessed when those dates arrive, rather than assumed from the deposit records alone.
🔹 6. Vault Contract Architecture
The vault uses an ERC1967 proxy linked to a separate implementation contract. This architecture allows the proxy to route interactions to the implementation.
However, identifying the proxy and implementation does not establish who controls upgrades. The administrator, multisig or timelock arrangements, and complete upgrade history were not independently verified in this analysis.
Final Takeaway
The available evidence shows real onchain deposit activity, reward calculations consistent with the applicable rates, and a close numerical reconciliation between the examined Polygon bridge-vault transfers and the displayed Rayls token supply.
At the same time, several questions must remain separate: independent reserve assurance, actual reward delivery, and the people or mechanisms controlling contract upgrades.
A strong analysis should not treat every claim as proven simply because a transaction or contract exists. It should clearly distinguish verified records, published terms, and details that still require confirmation.