With a global market cap exceeding $3 trillion, the cryptocurrency market has soared to new heights. All investors, financial institutions included, seem to be interested in cryptocurrency. Over the past few years, there have been a lot of new tokens that are available to trade for investors. Market demand is growing for Ethereum (ETH) as well thousands of other crypto tokens such as the newly launched, fast-growing Radix with ticker XRD.
You can read on to find out more about Radix(XRD).
Let’s get right to it!
Radix (XRD), What’s it all about?
Radix (XRD), a Layer 1 protocol (L1), is designed to create an interconnected open platform. Developers can use it to build smart money and decentralized financial apps, such as yield farming protocols and stablecoin platforms. Radix offers developers rewards for every improvement to their protocol that is made using native XRD tokens.
Radix, the crypto layer 1 protocol for blockchain, is the first to introduce a composable, secure-by design, scalable platform. This environment has DeFi-specific features to allow it to easily build and launch DeFi. Radix employs Cereberus as its consensus mechanism to deliver DeFi’s global success. Radix also uses the Radix Engine to deploy its version of Ethereum Virtual Machines (EVM).
Radix Platform claims to be the only network decentralized that allows developers build fast without having to worry about cybersecurity risks such as hacking or other attacks.
Radix was invented by Dan Hughes, in 2017. Hughes, a specialist in distributed ledgers and Radix’s CTO is currently his. Piers Ridyard is Radix’s CEO. He is skilled in Management and Business Development as well as Finance, Venture Capital, Private Equity, and Finance.
Radix: What makes it different?
Building decentralized finance applications on most protocols that aren’t specifically built to serve DeFi leads to congestion, hacks, and developer frustration. Radix is a revolutionary platform that makes it easy to build a DeFi-specific environment and is scalable.Scrypto, a new programming language to facilitate the development of scalable DeFi.
Radix is based on two leading technologies, the Radix Engine as well as Cerberus’ consensus algorithm. The network also uses Scrypto programming language to develop smart contracts, which are called “Components” on Radix.
Radix Engine makes use of Component Catalog. This is a list of inactive templates which allows developers to select from existing functionalities. Developers can create new smart contracts or add existing blueprints to allow for unlimited transactions.
Version 1 of the Radix Engine (V1) was launched in July 2021. Version 2 is planned for 2022.
Cerberus is used for transactions validation, security and high network scalability. Cerberus is a significant departure from the other scalable consensus protocols. This protocol allows it virtually unlimited scaleability and maintains atomic composability. Radix transactions can be atomically compiled across multiple shards. Radix protocol allows linear scaling through infinite parallelism and scales thousands to millions of users.
Cerberus uses a Delegated Proof of Stake mechanism (DPoS). XRD token owners can select validator nodes from which to stake their tokens on the network via a process known as delegation. The network is secured and transactions are done by validator nodes. Node runners and stakers are financially incentivized, and receive rewards for their participation in consensus transactions.
Radix is also less expensive than other scaling solutions due to its lower operating costs on the blockchain and on-ledger.
Radix founded GoodFi, an organization that is not for profit with the goal of bringing 100 million people to DeFi by 2025. Chainlink, Sushiswap and Avalanche are all DeFi industry leaders.
Radix (XRD), Tokenomics, and Price
Radix token, an ERC-20 eRadix token (eXRD), was launched for the first time on Ethereum Blockchain. There was a 42 million circulating supply for e-Radix tokens, and a 4.41 billion maximum circulating supply. The token sale saw 642 million eRadix tokens sold (or 14.6% of initial supply).
Radix’s mainnet Olympia went live on July 28, 2021. As a wrapper of XRD, the initial ERC-20-based XRD token (e-XRD), remained on Ethereum. XRD and e-Radix prices are volatile. They depend on many factors such as demand and supply, protocols upgrades and general market trends.
The eXRD price (e-Radix), reached an all-time record high of $0.6538 in November 2021 (data as at February 27, 2022). The full market cap for XRD stands at $3,530,000.520.674.
Some cryptocurrencies such as e-Radix cannot be purchased using another cryptocurrency via decentralized exchanges. To buy e-Radix, you’ll need first to purchase Ethereum (ETH) and then use ETH to buy e-Radix.
XRD’s maximum supply is 24 billion tokens. A total of 10% of the supply (2.4 billion), was dedicated to future development. Another 10%, or 10%, was set aside for stablecoin reserves. Radix Foundation received around 10% of the supply (2.7 billion), while 50% went towards staking rewards. 300 million tokens were put in circulation every year. About 15% of the initial supply (4.41 trillion) was designated as eXRD tokens.
Now, let’s look into where, how, and when to buy Radix (XRD).
Radix (XRD): Where can I buy it?
Radix (XRD), is currently listed on Bitfinex. You can trade e-Radix on a number of crypto exchanges, including Gate.io (Uniswap), Kucoin, Mexc and Hoolgd with good daily volume, like BitMax, MXC, Mexc and Mexc.
Bitfinex lets you purchase (XRD) with the USD/eXRD, BTC/eXRD trading options. Bitfinex, a centralized trading platform, has a high level of liquidity and a large number of market pairs. It consistently exceeds $1Bn per 24 hours. To facilitate ERC-20 token transactions, Bitfinex recently opened the L2 bridge to DeversiFi’s layer-2 decentralized trading platform DeversiFi.
DigiFinex, another cryptocurrency exchange where you can purchase Radix(XRD), is also available. To find out more about the exchanges you can purchase XRD on, please visit CoinStats’ page on XRD Markets.
Let’s look into how to buy Radix (XRD) on Bitfinex.
What exactly is Bitfinex
Bitfinex, one of the most established cryptocurrency exchanges in existence since 2012 is Bitfinex. Bitfinex is headquartered in Hong Kong. Its management company, iFinex Inc., manages it.
Bitfinex is the biggest cryptocurrency exchange in terms of volume with over $2B daily trading volume. Bitfinex has a reputation for high liquidity, in BTC/USD daily volume.
Bitfinex, a cryptocurrency exchange centralized in the United States, offers its customers a variety of features and services that make trading easy and smooth. Bitfinex offers trading support for more than 500 tokens. These include Bitcoin (BTC), Ethereum, ETH and Ripple(XRP), Cardano [ADA]) as well as popular altcoins Dogecoin (DOGE), Shiba Inu (“SHIB”), etc. You can trade in fiat to crypto and crypto-tocrypto currencies. It is accessible from most countries around the globe. Bitfinex offers advanced trading options and tiered fees. It also has menus and dashboards that make it easy to navigate.
Bitfinex suffered hacking attacks in 2015/16 despite having strong security precautions. Nonetheless, Bitfinex’s recovery management after the hacks was legendary, and since then, it has significantly improved its security and compensated lost funds to every user.
Bitfinex – How to Purchase Radix (XRD).
You can purchase Radix(XRD) from Bitfinex by following the below steps. Although the process works similarly to other cryptocurrency platforms, novices may find this step-by-step guide useful.
Register for an account
To buy, sell, trade, and exchange crypto fast, you’ll need to open an account with your preferred cryptocurrency exchange, i.e., in this case, it’s Bitfinex. To signup for Bitfinex, you’ll need to provide personal information such as your name, contact number, email address, home address, social security number, etc. Once you’ve entered all this information, the exchange will ask you to set up two-factor authentication with the Google Authenticator. Once you have been verified and received a verification email, trading can begin.
Verification
Bitfinex complies with the Anti-money-laundering, Know Your Customer, and Counter-Terrorism Financing laws and regulations. Bitfinex offers four levels of verification:
- Basic: For new users, the basic level allows them to create an Bitfinex account. They also need to verify their email. At this level of verification, users can deposit, trade, and withdraw various cryptocurrencies, but the advanced features aren’t available to them.
- Basic Plus For the Basic Plus level, you’d need to upload an Official Photo ID, Biometric photo (selfie), and Phone number. This level allows you to unlock Bitfinex affiliate programs features like Multipliers.
- Intermediate: To become an Intermediate level user, you’d need to be a Basic Plus user and then upload a Second Official ID, Proof of Address, Financial Questionnaire, and KYC declaration. Intermediate users have access to many Bitfinex features, including margin trading and derivatives trade.
- Full: A Bitfinex Full user must first be an Intermediate user. Then upload your bank statement. All Bitfinex features will unlock when you do this.
Radix
Once you’ve successfully verified your account, the next step is to purchase Radix (XRD). You’ll need to deposit funds onto your account. Deposits can be made in fiat or cryptocurrencies, however only full users are allowed to make bank transfers. Bank transfers can be done in USD or EUR. To buy Radix (XRD), you can either choose an XRD/USD trading pair or an XRD/BTC trade pairing to exchange USD for BTC. Once you have chosen your trading pair, place a Market Order to purchase Radix for the lowest market price.
Keep Your Radix (XRD) Tokens
Once you’ve completed your Radix (XRD) purchase, the next step is to select a crypto wallet to store your coins securely. Your coins can be stored in your exchange wallet; however, in this case, they’ll be exposed to hacking. It is highly recommended that you create a private wallet using your personal keys. You can choose from software or hardware wallets depending on how you invest. The latter is more secure.
- Software (Hot), Wallet Hot wallets or software wallets can connect to the internet 24/7. Because they store your keys online, they are less secure. Software wallets can be used for free and are easy to learn. MetaMask and Coinbase are three of the most well-known and popular software wallets. The CoinStats Wallet, which allows you to store your DeFi tokens at a very high APY rate, is the best.
- Hardware (cold) Wallet The hardware wallet stores your private keys to enable you to send and receive cryptocurrency. Because they provide offline storage and significantly reduce the risk of hacking, hardware wallets are often considered to be the best way to keep your crypto. The pin secures the wallet and erases all information after several failed attempts. This prevents physical theft. The hardware wallets allow you to sign and confirm transactions via the blockchain. This gives you additional protection against cyberattacks. The most secure hardware wallets, Nano and Ledger, allow you to securely manage Radix tokens.
Last Word
Radix was the first layer-one protocol designed specifically to help DeFi. Radix will help to ensure the DeFi ecosystem continues growth and mass adoption. If you’re considering investing in Radix as a part of your portfolio, make sure to do your own research, consider your own circumstances, take the time to explore all your options, and only invest what you can afford to lose.