Radix DLT, a London-based DeFi startup is building a decentralised finance protocol, which provides frictionless access, programmability, and liquidity to any asset in the world. Last year, the company reached a major tech milestone by overcoming the issue of DeFi scalability by reaching over 1 million transactions every second with their technology.
First public token sale
Radix DLT, which is on its way to truly open, fair and decentralised finance has completed its first public token sale by raising $12.7M (nearly £9.37M) worth tokens in just two weeks. The funds from the public token sale take the total raised by Radix to $22.7M (nearly £16.2M) following the investment from LocalGlobe and TransferWise’s Taavet Hinrikus in July this year.
E-Radix tokens are now being issued to buyers ahead of the launch of the first public release of the Radix finance protocol, Main Net in 2021. Notably, the eXRD public token sale debuted on October 8 and was estimated to go on until November 6. However, 325 million tokens were to be released in the first wave sold by October 22 as there is an unprecedented demand.
After verification checks, these tokens are being issued to buyers prior to the launch of the first public release of Radix finance protocol called Mainnet in Q2 22021. On the whole, 652 participants across 67 countries bought these tokens before the sale was closed. Also, the average price of the same was $19,000 (nearly £14,000). Individuals bought over 95% of these tokens and when it went live, it was traded for a relatively higher pricing. Notably, the token sale price of $0.039 was increased to $0.54 and settled at $0.07, which is double the token sale price.
The success of this first public token sale is significant for Radix and decentralised finance as both validates the demand for a new way of banking and finance and help Radix secure a position in the market.
Piers Ridyard, CEO, Radix DLT: “Distributing Radix tokens widely helps us achieve our goal to incentivise people to join the Radix community of users and developers, and helps secure the ledger’s decentralisation. We’re very pleased by the support of so many contributors who share Radix’s vision of realising DeFi’s transformative potential.”
Transparent and decentralised system
While the public ledgers such as the one developed by Radix are managed and operated by communities that use them. This is the reason behind token ownership as it is important to create a dentralised and transparent system. Such a system can democratize access to financial services and create a network of assets for the smooth clay secure flow of data and capital.
Transactions can only be approved once they are verified by the network, and to become a member of that community which secures the networks, you need to own tokens. With the decentralised approach, it is possible to create global standards around the issuance and interoperability of products and assets. Also, it radically reduces friction, creates liquidity around products and assets that would never have been liquid before, and moves finance from a handcrafted to a programmatic process.
The future of finance
Radix’s core innovations are Cerberus, a linearly scalable consensus algorithm and Radix Engine, a developer interface, which enables quick public ledger deployments with a secure-by-design environment. With these, the DeFi startup takes pay-per-use, interoperable, frictionless nature of DeFi apps to the next level and simplifies the way these are built via code building blocks that are composed together. This enables greater liquidity using Radix’s APIs.