The news of an upcoming network upgrade planned for one decentralized finance (DeFi) project is sending its altcoin soaring.
According to a new announcement, the Radix (XRD) ecosystem is planning an upgrade from Olympia to Babylon around July 31st.
Says Radix,
“Babylon upgrade date confirmed: July 31st 2023. The upgrade from Olympia to Babylon will pave the way for global Web3 and DeFi to finally exit the ‘tech demo’ stage with a mainstream-capable user and developer experience.”
At the time of the April 11th upgrade announcement, Radix was trading for about $0.050. The token soared to a high this week of $0.149, a 200% increase.
Radix has retracted to $0.121 at the of writing, down 18.6% in the past 24 hours.
XRD is the crypto asset of the public decentralized network Radix, which aims to rival DeFi leader, Ethereum (ETH).
The project says the Babylon upgrade will make the ecosystem more appealing to developers.
“Regardless of what initially brings someone to Radix, whether it’s the radically better user experience, Scrypto, scalability without breaking composability, RadFi, or even something as light-touch as a simple exchange integration, the one constant is that it’s sticky.
As soon as someone sits down and starts to engage with what’s coming with Babylon, it’s only a matter of time before they’re hooked, and rightly so! The game is about to change, and watching people have that realization is exciting every time.”
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Source: https://dailyhodl.com/2023/04/20/defi-crypto-project-goes-on-parabolic-200-rally-after-announcing-new-network-upgrade/