Radix, the first layer-one protocol for DeFi has raised $12.7 million to support the growth and development of the DeFi ecosystem, as per an official press release. The firm’s mainnet launch is expected to go live by next year.
DeFi’s high Ethereum gas fees have created doubts among the many regarding its sustainability in the future. Also, the network’s numerous issues such as poor scalability and high congestion are now a matter of concern, especially with the upcoming and the much anticipated Ethereum 2.0.
However, Radix solves these by enabling cheaper, faster, and secured transactions within the network to allow flexibility in the management of user assets. Also, the smart contract marketplace intends to provide a vibrant developer environment.
Piers Ridyard, CEO of Radix said in the announcement release:
“Distributing Radix tokens widely helps us achieve our goal to incentivize participants and ensure sufficient decentralization of the public network. We’re very pleased by the support of so many contributors who share Radix’s vision of realizing DeFi’s transformative potential.”
On October 8, the Radix platform had a public token sale bringing contributions from over 67 countries across the globe.
The press release shares that the Radix platform is made up of four innovative technologies:
"Cerberus, a high-speed network consensus mechanism; The Radix Engine, a purpose-built development environment for building DeFi apps The Component Catalog, a library of DeFi building blocks; The Developer Royalty System, a first-of-its-kind decentralized incentive program."
Moreover, all these tools collectively intend to create a decentralized, incentivized, and self-sustaining DeFi ecosystem on the Radix platform.
Radix’s first eXRD tokens will be distributed on November 17, 2020. Meanwhile, an additional 200 million eXRD tokens are planned for distribution as community liquidity rewards for 6 months for those eXRD token holders who add liquidity to the eXRD/USDC pool on Uniswap.