Can XRD Crypto Prove to be a Benchmark in the DeFi Industry?

What is XRD crypto?

Radix (XRD) is a layer one protocol specially built to facilitate Decentralised Finance (DeFi). This is a recently emerged project launched in July 2021 and is yet to get fully unveiled by 2023. 

Radix has a vision of increasing the accessibility of its ecosystem and intends to take a dynamic approach to improve DeFi liquidity. Radix ledger is designed to be low cost and high productivity, allowing Liquidity to smoothen between DeFi applications. 

Radix aims to change the issues of developer frustration, hacks, etc., by introducing a more scalable, composable, and secure protocol focused on executing a DeFi centric environment. And make it easier to launch scalable DeFi services and products.

The Backstory of Radix (XRD)

Dan Hughes, who has been working on the issue related to scaling public ledgers for quite some years now, is the founder of the Radix ecosystem. But this research work indulged a lot of entities throughout the years, like the blockchain research team from the University of California, Davis. The teams also comprise YCombinator alumni, ex-consensus engineers, etc. 

Radix founded GoodFi, a non-profit that aims to get 100 million users in the DeFi world by 2025, which already has Chainlink, Sushiswap, Aave, mStable, Terra, etc., as its existing members. 

Radix aims to solve some significant problems that developers currently face

• DApp developers can avoid hacks and exploits and grow because Radix aims to make complex DApps practical. This is done by integrating Scrypto programming language with Radix engine smart contract environment facilitating the development of production quality of DeFi DApp. 

• The on-network Blueprint Catalogue facilitates developers to contribute and access pieces of functionality. The network comes out to be a truly shared computing environment, bringing open source development into the decentralised era. 

• The on-network system of flexible Developer Royalties by Radix allows the Scrypto Developers for valuable code, useful to users and other developers in every transaction.

• The Cerberus consensus protocol provides unlimited DApp scalability and composability, allowing massive parallelisation of simple transactions and complex DApps. 

Features of Radix (XRD)

• It increases the Developer’s productivity, making them focus on functionality instead of focusing on securing their code.

• To solve the problem of DeFi bugs, frauds, and hacks related to the Ethereum network, Radix plans to work on Scrypto, its open-source smart contract language focused on a purpose-built DeFi programming environment. 

• Radix believes the Ethereum Virtual Machine, where the DeFi smart contract logic is executed, to be slow. Radix Engine is equivalent to the EVM but is unique and a more robust one. The Radix Engine uses well structured finite state machines (FSMs) for managing tokens and other assets. This FSMs approach is hardcoded to facilitate easy issuance and transactions of the XRD crypto tokens and any other tokens created by third parties. 

• Radix uses a consensus algorithm called Cerberus, which aims to provide more scalability to the protocol and is unique to the blockchain industry. 

• The entirely shared and linearly scalable version of the Radix public network is set to release in 2023.

XRD crypto

XRD is the native token of the Radix protocol. The token is utilized for the payment of transaction fees on Radix. All the transaction fees on the Radix are burnt, directly affecting the Network use. The holders can also use XRD crypto tokens to participate in the Delegated Proof-of-Stake (DPoS) on the Radix ecosystem.  

The maximum supply of the XRD crypto tokens is 24 billion. With 12 billion allocated at the genesis of the Radix protocol, 9.6 billion of these tokens are part of the circulating supply, and 2.4 billion are indefinitely locked in the stable coin reserve. The protocol mints the remaining 12 billion to reward the validators and stakers over time.  

E-XRD: This is a wrapped version of XRD on the Ethereum network. This version allows for the wrapped form of XRD crypto to be utilized in the Ethereum ecosystem. At the time of writing, eXRD is trading at a value of $0.1023 and stands at a 388th position by market cap, which is $75,188,438, eXRD witnessed its All-Time High last year in November at $0.6967.

XRD Crypto Roadmap

XRD Crypto’s Roadmap is divided into major releases named after historical cities. The previous release was Olympia for July 2021 and Alexandria for December 2021, which focuses on facilitating developers with tools they need to build DeFi DApps on the Radix public protocol. 

For the year 2022, it plans to release Babylon and X’ian for 2023. Babylon would focus on bringing the original set of Scrypto and Radix Engine V2 features from Alexandria to the Radix protocol. And a focus on the Blueprint Catalogue and the Radix Developer Royalties System. 

The X’ian Release for the next will bring along the sharded form of the Cerberus consensus. This Roadmap phase will provide more scalability and composability to the Radix protocol.  

XRD Crypto Price Predictions

At the time of writing, the XRD crypto price is $0.1034. It currently stands at the 3160th position by market cap, $1,130,926,874. The token saw an All-Time High in November 2021 when it hit $0.6538. 

The crypto industry often witnesses a lot of price predictions from various entities. One such XRD crypto price prediction was made by PricePrediction, where it predicts the maximum price of XRD crypto can be $3.43 by 2030. Whereas, WalletInvestor expects the XRD crypto price to reach $0.362 in the next five years. 

Although these price predictions would prove to be precise or not is something to look at in the future. With more and more altcoins emerging almost every day, it is to look forward if XRD crypto evolves to be popular and a great DeFi solutions provider over time. 

ALSO READ: $200 billion wiped from crypto market post Russian invasion 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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