Radix is a decentralized finance network that is working to remove the barriers limiting the expansion of Defi by building a layer-1 protocol that can directly address the needs of Defi on a global scale.
Decentralized finance applications are currently built on L1 protocols that are not fit for the purpose leading to congestion, hacks, and user and developer frustration.
By introducing a scalable, secure-by-design, and composable platform with a Defi-centric execution environment, Radix makes it easy to build and launch scalable Defi products and services.
With the invention of blockchain technology, Defi is the finance industry by bringing finance into the internet age. As such, it took the first steps to replace a financial system that is inherently monopolistic with a better one that is open, and democratic.
What Is Radix?
Today’s financial system is operated through a limited number of closed institutions that are inherently exclusionary, slow to address user needs, and wildly inefficient and uncompetitive.
Radix is a decentralized network helping developers to build quickly without the constant threat of exploits and hacks. It is also a place where every improvement will get rewarded and where scale will never be a bottleneck.
Defi allows the world to imagine a better system where everyone can hold their assets on a shared, open network.
On the Radix network, developers with great ideas can easily create safe, powerful finance applications, then all of the finance can be rebuilt in a way that is inclusive, convenient, cheap, and highly competitive.
There are barriers that make platforms hosting the first baby steps of Defi can’t meet this standard, therefore, Defi will remain a dream if we have no better solution.
Radix is creating the solution!
What are Radix’s Solutions for Defi Technology?
Calling itself a game changer for building Defi, the Radix platform provides an integrated technology solution to the multiple problems that limit DeFi’s potential. There are major barriers that Defi developers face today that Radix can solve.
As Defi today is riddled with hacks, bugs, and other issues, Radix offers a custom-built execution environment for Defi as well as predictable and modular smart contracts.
On Ethereum and other smart contract platforms today, it is extremely difficult to develop production-quality dApps as hacks, exploits, and failures of Solidity-based dApps are common.
By introducing Scrypto and Radix Engine, Radix removes these issues by natively embedding tokens, NFTs, and other assets into the code as assets, as opposed to individual smart contracts. This allows them to easily define how should they behave from the get-go, in a way that help developers to quickly and easily build secure Defi applications.
In addition, the Radix Engine is like a game engine for finance, it securely manages the essentials of asset management automatically. Therefore, it provides pre-built ways of meeting those needs, freeing the developer to just build the game.
Radix can help developers to be able to faster learn how to build adequate Defi dApps
Scrypto is based on developer-favorite Rust and its asset-oriented features that make secure dApp development faster. This can attract more developers to build more Defi dApps making the finance environment in Defi better.
Radix and dApps
It can’t be denied that one of the most important potentials of Defi is the ability to connect dApps together. Although Ethereum made composability between smart contracts possible, it is in a way and requires custom smart contracts.
Meanwhile, Radix Engine allows each transaction to be able to move assets between any number of dApps freely and directly without requiring any custom smart contract code.
Besides, Radix also features a consensus algorithm, called Cerberus, that will provide unlimited scalability without breaking Defi composability.
The platform is the only public decentralized network capable of supporting billions of users conducting millions of transactions through many thousands of dApps together.
One of Defi’s superpowers is the ability for dApps to interact with each other in a single transaction, called atomic composability. Cereberus, in this case, will maintain atomic composability across shards by making every transaction an efficient cross-shard transaction.
Understanding that it can take developers millions of dollars and years of work to a project from concept to success, Radix provides blueprints and developer royalties, meaning the network rewards developers who build things that make the ecosystem better.
As Radix’s Cereberus is designed to scale to millions of transactions per second, there will never be situations where gas fees skyrocket due to congestion on the network.
This gives everyone the ability to access Defi. Radix keeps transaction fees low enough to never stand in the way of Defi’s growth.
To fairly calculate the fee for each transaction, the Radix Protocol includes a fee schedule that adds up the total for the transaction’s contents. Currently, this schedule is as follows:
Not only that, but the platform is also able to meet most of your demands regarding Defi finance services, including Decentralized Exchanges, Collateralized Lending, Yield Farming, Money Markets, NFTs, Gaming, Portfolio Management, DeFi Insurance, and many more.
In that, Decentralized Exchanges or DEXes allow you to trade two or more tokens in a single transaction at a certain price without the need for a trusted third party.
Radix Tokens & Tokenomics
The token XRD is the native cryptocurrency of the Radix network which is used in staking, accessing Defi, deploying smart contracts, and paying for transactions.
The maximum supply of XRD is 24Bn XRD tokens. In that, 12Bn was allocated at the genesis of the Radix Public Network as network emission to reward stakers, 9.6Bn of these tokens are fully unlocked and circulating, and 2.4Bn are indefinitely locked in the stablecoin reserve.
The 24Bn XRD tokens were allocated as follows:
- Token sale: 2.7% – 642m XRD tokens
- Network Subsidy: 2.5% – 600m XRD tokens
- Developer Incentives: 2.5% – 600m XRD tokens
- Radix Foundation: 9.0% – 2.158Bn XRD tokens
- Liquidity Incentives: 0.8% – 200m XRD tokens
- Radix Community: 12.5% – 3Bn XRD tokens
- Founder Retention: 10% – 2.4Bn XRD tokens
- Stable Coin Reserve: 10% – 2.4Bn XRD tokens
- Network Emission: 50% – 12Bn XRD tokens
In addition, there’s E-RADIX token or eXRD is the wrapped representation of XRD on Ethereum. In that, each eXRD is backed 1:1 by an XRD held at a secure third-party custodian.
The circulating supply of eXRD on Ethereum changes, as it depends on how much XRD is deposited and wrapped into eXRD. The eXRD can be swapped 1:1 for XRD via Instabridge.io or on Bitfinex.
The eXRD/XRD bridge will allow users to move quickly between Ethereum and Radix. Users can purchase XRD or eXRD on Bitfinex, Kucoin, Uniswap, gate.io, AscendEX, MEXC global, Zerion, and Hoo.
Radix Desktop Wallet
The Radix Desktop Wallet is where you can create accounts, deposit XRD tokens, send and receive them, as well as help secure the Radix Public Network against attacks by staking XRD tokens.
To set up a wallet, you will need to download, install the Desktop Wallet, then click Create a new wallet.
The wallet will generate a random 12-word “seed phrase”, you will need to enter a random selection of words from your seed phrase in the next step.
If you didn’t remember the words in the correct order, click Start Over to start again and generate a new seed phrase.
Then choose a password and create a 4-digit PIN to create your account.
Closing Thoughts on Radix
Radix’s comprehensive, integrated bottom-to-top technology approach is what will make Radix the place where Defi developers have everything they need to remake global finance.
Blockchain and Defi are opening a new era for the global economy and developers have a lot of work to make the dream come true. To learn more about Radix, just click here!