I wrote a new blog post explaining how RAI works, from the perspective of supply and demand for stablecoins:

https://dankradfeist.de/ethereum/2023/01/31/rai-crypto-experiment.html

icebreaker.xyz/0xen |
https://gallery.so/Oxen/galleries | https://opensea.io/collection/farcats

slow depreciation isn't a death spiral, it's just the price of stability. See Dankrad's post.

I think the price of stability tends to be high in bear markets. Loss of confidence means lower appetite for leverage. I don't expect such a high loss in a more average year.