Radix (XRD) is a layer-one protocol specifically built for DeFi purposes. Radix promises to be the “layer 1 DeFi done right” since it allegedly will prevent the ever-present danger of exploits and hacks without compromising scalability. It employs a new consensus mechanism called Cerberus, which is supposed to deliver the performance needed to fulfill its ambitious goal of creating a new, decentralized global financial system.
Radix Coin also boasts its own version of the Ethereum Virtual Machine (EVM) called the Radix Engine. It allows developers to build for its ecosystem using pre-built components. Combining all of these features, Radix aspires to replace leading DeFi chains like Ethereum and become the de-facto solution for decentralized finance in the future.
Quick Fact About Radix
|DEFI Coin Name||Radix|
|Circulating Supply||4.62B XRD|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To Visit|
|Twitter Group||Click Here To Visit Telegram Group|
|Documentation||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
What Makes Radix Unique?
Radix promises several highly ambitious improvements vis-a-vis its competitors. First, it vows to skyrocket DeFi developer productivity. Radix claims that DeFi developers spend most of their time on code security rather than focusing on building functional products. Despite that, multi-million dollar exploits have not been averted and are still present in the day-to-day dealings of DeFi. Radix proposes a new programming language called Scrypto, which is purpose-built for DeFi and enables fast and secure development of DeFi-focused DApps.
Moreover, the execution efficiency of DeFi protocols is predicted to grow massively thanks to the Radix Engine, the replacement of the Ethereum Virtual Machine. The first version of the Radix Engine was released after the Radix mainnet went live at the end of July 2021, with a V2 scheduled to come in 2022.
The Radix Engine will also contribute to the blockchain’s scalability in combination with the Cerberus consensus mechanism. Radix argues that even scaling solutions like Ethereum 2.0 or a fully functional Solana will not be able to cope with the amount of data the global financial system processes daily. If DeFi is to go mainstream, blockchains will have to deliver millions of transactions per second, which Cerberus promises thanks to its natively integrated fully sharded solution released in 2023.
How Many Radix (XRD) Coins Are There in Circulation?
XRD will initially be an ERC-20 token used for staking, voting, and paying network transaction fees before transitioning to its final native state. The total supply of XRD is 24 billion, distributed as follows:
- 12 billion was allocated at the genesis of the Radix Public Network. 9.6 billion of these tokens are unlocked and part of the circulating supply; 2.4 billion are indefinitely locked in the stable coin reserve.
- 12 billion is being minted by the Radix Protocol as network emission to reward stakers and validators over an approximately 40 year period. Network emission commenced with the genesis of the Radix Public Network in July 2021.
Of the initial 12 billion, 4.41 billion were distributed as ERC-20 versions. These are distributed as follows:
- Community Contributions (3 billion): distributed to purchasers in the token sale that ran from 2013 to 2017
- Token Sale (642 million)
- Radix Foundation (568 million): Radix Tokens Ltd., a subsidiary of the Radix Foundation, will receive 200 million. 10 million ERC-20 XRD is allocated to marketing, subject to vesting.
- Developer Incentives (100 million)
- Network Subsidy (100 million)
A Token to Power the Radix Ecosystem
Radix native crypto currency of the Radix network is called RADIX (XRD) and is required for securing the network via staking, accessing DeFi, deploying smart contracts and paying for transactions.
100% of all transaction fees are burned.
Lockup via PoS
53.8% of token supply is locked on average across POS networks.
300 million XRD per year will go to stakers for securing the network.
The eXRD/XRD bridge will allow users to move quickly between Ethereum and Radix.
Lockup via DeFi
XRD is likely to be one of the key sources of user collateral for DeFi on Radix.
Fixed Token Supply
XRD has a maximum supply of 24Bn tokens that will not be reached for at least 40 years.
In addition to the native RADIX (XRD) token, the Radix (eXRD) is also available. The eXRD is a wrapped ERC20 of the XRD, issued on the Ethereum Network.
The eXRD can be swapped 1:1 for XRD via Instabridge.io or on Bitfinex.
How Is the Radix Network Secured?
Radix uses a version of sharding for its Cerberus consensus mechanism to deliver its promised top performance. Instead of global ordering, Cerberus uses partial transaction ordering, allocating transactions only to relevant shards. This enables Cerberus to employ a type of Byzantine Fault Tolerance that essentially allows three phases of consensus finding to run in parallel, thereby speeding up the process. That enables Radix to reach the instant finality needed for seamless processing of hundreds of thousands of transactions per second.