Radix Raises $12.7 Million To Build DeFi’s First Layer-One Protocol

Blockchain, FinTech, ICO News, Investing, News | October 29, 2020 By:

Radix has raised $12.7 million in a public token sale to build DeFi’s first layer-one protocol.

Decentralized finance is a world-changing innovation, but its future is in jeopardy. Ethereum is congested and has become a “whales only” playground due to soaring transaction fees. Ethereum 2.0 is years away from delivering any meaningful improvements for DeFi and breaks core functionality such as atomic composability.

Radix helps open finance realize its true potential with fast, low-cost, secure transactions; a development environment for safe and flexible management of user assets; and a smart contract marketplace designed to create a vibrant developer ecosystem.

Radix is made up of four breakthrough technologies: Cerberus, a high-speed network consensus mechanism; the Radix Engine, a purpose-built development environment for building DeFi applications; the Component Catalog, a library of DeFi building blocks; and the Developer Royalty System, a first-of-its-kind decentralized incentive program. Together, these tools are designed to create a decentralized, incentivized, and self-sustaining DeFi ecosystem on Radix, making it the world’s most powerful, user-friendly, and interoperable DeFi platform. These core technologies are detailed further in a recently published White Paper. The Radix mainnet will launch in 2021.

The Radix (eXRD) public token sale, which is one of 2020’s most successful token sales and one of the first DeFi token sales, began on October 8 and generated contributions from 652 participants in 67 countries before closing on October 22. The first eXRD tokens will be distributed on November 17. 200 million additional eXRD tokens are planned to be distributed as community liquidity rewards over 6 months to eXRD token holders who add liquidity to the eXRD/USDC pool on Uniswap.

“Distributing Radix tokens widely helps us achieve our goal to incentivize participants and ensure sufficient decentralization of the public network,” said Piers Ridyard, CEO of Radix. “We’re very pleased by the support of so many contributors who share Radix’s vision of realizing DeFi’s transformative potential.”