Radix raises $12.7M to support DeFi one-layer protocol
Radix, a layer-one protocol for DeFi, today announced it has raised $12.7 million to support the growth, decentralization, and development of its platform for building and deploying DeFi applications.
The Radix (eXRD) public token sale began October 8 and generated contributions from 652 participants in 67 countries before closing October 22. The purchase of Radix tokens was subject to a $5,000 minimum purchase and the successful completion of strict KYC/AML but excluded certain jurisdictions, such as the United States.
“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.”
DeFi 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. The Radix Public Network is designed to solve these issues by enabling fast, low-cost, secure transactions; a development environment focused on enabling 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 first eXRD tokens will be distributed November 17. Tow hundred million additional eXRD tokens are planned to be distributed as community liquidity rewards over six months to eXRD token holders who add liquidity to the eXRD/USDC pool on Uniswap.