Radix Raises $12.7 Million to Support The First Layer-One Protocol for DeFi
652 contributors from 67 countries participated in the Radix public token sale to help DeFi realize its transformative potential
LONDON — October 29, 2020 — Radix, the first layer-one protocol for decentralized finance (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 on October 8, 2020 at 18:00 UTC and generated contributions from 652 participants in 67 countries before closing on October 22, 2020. The purchase of Radix tokens was subject to a $5,000 minimum purchase and the successful completion of strict KYC/AML, and 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 on November 17, 2020. 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. More details about the program can be found here.
To learn more about the Radix token sale, please visit https://tokens.radixdlt.com/.
Radix (www.radixdlt.com) is the first layer-one protocol specifically built to serve DeFi. Decentralized finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix changes this by introducing a scalable, secure-by-design, composable platform with a DeFi specific build environment to make it easy to build and launch scalable DeFi.
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