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Radix

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Radix?

Radix (EXRD) is a cryptocurrency token that serves as a wrapped representation of the XRD token on the Ethereum network. It allows users to interact with the Radix DeFi ecosystem within the Ethereum network, facilitating 1:1 exchanges between EXRD and XRD. The token is part of a larger platform focused on scalable decentralized finance, featuring technologies like Scrypto, Radix Engine, and Cerberus, designed to provide a secure and composable environment for DeFi applications.

How is Radix used?

Radix (XRD) is a cryptocurrency that serves several purposes within the Radix Public Network. Here are some key uses:

  1. Security and Staking: XRD is used to secure the Radix Public Network through a Delegated Proof of Stake (DPoS) system. Token holders can stake their XRD to participate in transaction validation and earn rewards.

  2. Transaction Fees: XRD is the only token used to pay transaction fees on the Radix network. Fifty percent of these fees are burned, which means they are permanently removed from circulation.

  3. DeFi and Smart Contracts: XRD can be used to access decentralized finance (DeFi) applications and initiate smart contracts on the Radix network.

  1. Governance: XRD holders can participate in governance decisions for the Radix ecosystem.

  2. Collateral: XRD can be used as collateral in peer-to-peer lending.

  3. Wrapped Token (eXRD): The E-RADIX token (eXRD) is a wrapped representation of XRD on the Ethereum network. It allows XRD to be used in Ethereum's DeFi ecosystem and can be exchanged 1:1 with XRD.

How do I store Radix?

To store Radix (EXRD) tokens, you have several options:

  1. Radix Desktop Wallet: This wallet allows staking and is considered a secure option. It provides a staking function, which adds an extra layer of security by requiring a two-week period to unstake tokens, giving you time to react if someone tries to steal your coins.

  2. Ledger Hardware Wallets: Ledger Nano S and Ledger Nano X are compatible with Radix tokens. These hardware wallets offer a high level of security and are recommended for long-term storage.

  3. Radix Mobile Wallet: The Radix Wallet for iOS and Android is designed to securely manage assets on the Radix Network and interact with dApps. It is highly integrated with the Radix Network features and is actively being developed to enhance user experience.

  1. Custodial Wallets: You can also store EXRD tokens on custodial exchanges like Bitfinex, KuCoin, Gate, AscendEX, and MEXC. However, it is generally recommended to avoid storing tokens on exchanges long-term, as you do not control the keys and are vulnerable to exchange hacks.

  2. Trust Wallet: Some users temporarily store their tokens in Trust Wallet until they can transfer them to a more secure option like a hardware wallet.

It is essential to always keep your seed phrases private and secure to protect your crypto holdings.

How to buy Radix?

To buy Radix (EXRD) tokens, follow these steps:

  1. Create a Crypto Wallet:

    • Download and set up a crypto wallet like Trust Wallet, which supports the Ethereum network. Ensure you have the official Chrome extension or mobile app and keep your seed phrase safe.
  2. Buy Ethereum:

    • Open a Binance account and purchase Ethereum as your base currency. If you are new to Binance, refer to their guide on registering and buying your first cryptocurrency.
  3. Transfer Ethereum to Your Wallet:

  • Withdraw the Ethereum from Binance to your Trust Wallet. Make sure to set the network to Ethereum and provide your wallet address.
  1. Choose a Decentralized Exchange (DEX):

    • Select a DEX that supports your wallet, such as 1inch. Ensure the DEX supports the blockchain where your e-Radix is listed.
  2. Connect Your Wallet to the DEX:

    • Use your wallet address to connect to the DEX. If e-Radix doesn’t appear, find its smart contract address on Etherscan and copy it into the DEX.
  3. Trade Ethereum for e-Radix:

  • Select Ethereum as the payment and e-Radix as the coin you want to buy. Be cautious of scams and ensure you have the official contract address.
  1. Swap and Complete the Transaction:
    • Click the Swap button to complete the transaction. Your e-Radix tokens will be in your wallet once the swap is successful.

Alternatively, you can purchase e-Radix directly on centralized exchanges like Bilaxy or decentralized exchanges like Uniswap, following the specific exchange's procedures.

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History of Radix

The history of Radix (EXRD) began with the launch of e-Radix (EXRD) on October 20, 2020. e-Radix was introduced as a means to distribute tokens widely before staking began as part of Radix's Delegated Proof of Stake system. This strategy aimed to further decentralize the Radix Public Network. The eXRD token has the same functionality as the native cryptocurrency of the Radix network, XRD, and is used to pay transaction fees, incentivize validators, and access various services within the ecosystem.

Radix itself is a tier-1 decentralized ledger technology (DLT) protocol designed to serve DeFi applications with a highly scalable and composable 'Cerberus' consensus design. The platform utilizes a sharded architecture that allows for parallel processing of transactions, increasing the network's throughput and speeding up transaction confirmation times.

The native token, XRD, was introduced in July 2021 as part of the genesis of the Radix Public Network. XRD is used for staking and paying transaction fees, and it has a maximum supply of 24 billion tokens. The token's value is subject to market fluctuations, and its price is determined by the demand and supply dynamics in the market.

e-Radix gained attention in the cryptocurrency community for its unique approach to solving scalability and speed issues faced by other digital currencies like Bitcoin and Ethereum. Users can acquire eXRD tokens through exchanges, mining, or staking, which involves holding eXRD tokens in a designated wallet to support the network's operations and earn rewards in return.

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How Radix works

Radix, with its native token XRD, operates as a decentralized public ledger, facilitating secure and transparent transactions within its ecosystem. The XRD token plays a crucial role in maintaining the security and integrity of the Radix Public Network through its Delegated Proof of Stake (DPoS) system and transaction fees.

Delegated Proof of Stake (DPoS) System

In the DPoS system, XRD token holders can participate by staking their tokens to secure the network. This process involves delegating tokens to validator nodes, which are responsible for maintaining the integrity of the network. The top 100 validator nodes with the most delegated stake are chosen by the Radix Protocol to form the validator set. This mechanism ensures that the network is protected from Sybil attacks and maintains a high level of security.

Transaction Fees

XRD tokens are also used to pay for transaction fees on the Radix Public Network. These fees are primarily intended to prevent spam transactions and maintain the efficiency of the network. Notably, 50% of the base network fee is burned, meaning the tokens used to pay the fee are destroyed by the Radix Protocol. This mechanism helps maintain the value of XRD tokens by reducing the circulating supply.

Supply and Allocation

The XRD token has a maximum supply of 24 billion tokens. At the genesis of the Radix Public Network, 12 billion tokens were allocated, with 9.6 billion tokens fully unlocked and circulating, and 2.4 billion tokens indefinitely locked in the stable coin reserve. The remaining 12 billion tokens are being minted by the Radix Protocol over an approximately 40-year period as network emission rewards to incentivize stakers and validators.

Wrapped Token (eXRD)

Radix also has a wrapped token called eXRD, which represents XRD on the Ethereum network. eXRD allows XRD tokens to be used within Ethereum’s DeFi ecosystem, providing greater flexibility and interoperability. eXRD tokens can be exchanged for XRD tokens at a 1:1 ratio via bridges like Instabridge, ensuring that both tokens hold the same utilities and value.

Other Uses

In addition to staking and transaction fees, XRD tokens can be used within the Radix DeFi ecosystem as collateral in lending protocols or as an intermediary facilitating exchange between other tokens. This versatility makes XRD a fundamental part of the Radix Public Network.

Future Developments

The Radix Xi’an release is expected to remove the limit of 100 validators, allowing for an unlimited number of validators to participate in the DPoS system. This change will further enhance the security and decentralization of the Radix Public Network.

Overall, Radix and its XRD token are designed to provide a secure, decentralized, and scalable platform for DeFi applications, with a strong focus on tokenomics and the long-term sustainability of the network.

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Radix's strengths

The token Radix (eXRD) has several strengths:

  • Wrapped Representation: eXRD is a wrapped representation of XRD on Ethereum, allowing users to access the Radix ecosystem within the Ethereum DeFi ecosystem. This enables the use of XRD in Ethereum-based DeFi applications, expanding its utility and reach.

  • 1:1 Exchangeability: eXRD can be exchanged 1:1 with XRD via Instabridge or exchanges like Bitfinex, ensuring that users can seamlessly switch between the two tokens without any loss of value.

  • No Expiration: There is no expiration date for eXRD tokens, allowing users to exchange them for XRD tokens at any time, providing flexibility and convenience.

  • Decentralization: The existence of eXRD tokens helps decentralize the Radix Public Network by allowing users to participate in the Ethereum DeFi ecosystem while still being connected to the Radix network.

  • Security: eXRD tokens are backed 1:1 by XRD tokens held at a secure third-party custodian, ensuring the integrity and security of the tokens.

  • Composability: eXRD tokens enable the integration of Radix with other Ethereum-based DeFi applications, enhancing the overall composability of the ecosystem.

  • Scalability: By allowing users to access the Radix ecosystem through Ethereum, eXRD tokens contribute to the scalability of the Radix network.

  • Tokenomics: The tokenomics of eXRD are designed to maintain a balance between the incentives for maintaining the project and the distribution of tokens, ensuring a healthy and sustainable ecosystem.

These strengths make eXRD a valuable and versatile token within the Radix ecosystem.

Radix's risks

Radix (EXRD) faces several financial risks that investors should be aware of. These risks include:

  • Risk of Devaluation: Radix has a high risk of devaluation, with a more than 66% chance of experiencing financial distress in the next few years.
  • Price Volatility: The cryptocurrency's price can be highly volatile, with significant changes in value over short periods, making it a high-risk investment.
  • Liquidity Risks: Radix's liquidity management and financial exploits can be vulnerable to gameable lapses in protocol logic, pool composition, or oracle pricing mechanisms, which can lead to significant financial losses.
  • Execution Risk: There is a risk that unforeseen design flaws in the system could arise, impacting the project's success.
  • Network Effects: The project's comprehensive system design may lead to a lag in network effects compared to other established alternatives, making it more challenging to gain traction.
  • Regulatory Risks: The cryptocurrency market is subject to regulatory risks, which could impact the value of Radix if stricter regulations are implemented.

These risks highlight the importance of thorough research and risk assessment before investing in Radix.

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Radix's ecosystem

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Radix’s team

  • Ben Far: Head of Partnerships, with a professional background in governance, audit, risk management, and regulation of financial technology. He works to attract key partners to build on or integrate with Radix, including DeFi dApps, exchanges, wallets, oracles, custodians, and more.
  • Mikael Perttula: Head of Community, with a background in marketing and customer-facing roles. He focuses on building and engaging with the community, recognizing its importance in the long-term success of the project.
  • Dan Hughes: Founder and CTO, a self-taught programmer with extensive experience in decentralized technology. He leads the technical development of Radix.
  • Piers Ridyard: CEO, contributing legal and entrepreneurial expertise to the project.

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