Global cryptocurrency market capitalization reached an unprecedented $3 trillion. Everybody is interested in cryptocurrency these days, whether it’s financial institutions or individual investors. The number of available tokens for trade to investors has increased dramatically in recent years. Market demand is growing for Ethereum (ETH), and many 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) as well as how to purchase 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 rewards developers for any improvement of the protocol with the native XRD token.
Radix is the crypto layer 1 protocol for blockchain. Radix introduces a composable and scalable platform, which can be secure-by design, as well as a DeFi specific build environment. This makes it simple to create and launch DeFi. Radix utilizes Cereberus, a newly-developed consensus mechanism. This allows for the high performance required to make DeFi an international phenomenon. Radix also uses the Radix Engine to deploy its version of Ethereum Virtual Machines (EVM).
Radix is a decentralized platform that allows developers the freedom to create quickly and without concern about security threats such as hacking attacks or other cyberattacks.
Radix was created by Dan Hughes back in 2017. Hughes, who is an expert in distributed ledgers, currently serves as Radix’s Chief Technology Officer. Piers Ridyard is Radix’s CEO. He is an expert in Management, Business Development 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 is scalable and secure by design. It also features a DeFi-specific build environment.Scrypto is a new programming language that makes it simple to develop and launch scalable DeFi.
Radix uses two of the most important technologies in Radix: Cerberus consensus algorithm and Radix Engine. 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 (V1) of Radix Engine was published in July 2021. Version 2 (V2) will be launched 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 work atomically over multiple shards. This protocol offers linear scaling via unlimited parallelism that scales to thousands of nodes or millions of users.
Cerberus relies on a Delegated Proof of Stake(DPoS), mechanism. 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 and Sushiswap industry leaders, Aave, Chainlink and Avalanche have all joined GoodFi.
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 (14.6% from the initial supply).
On July 28th, 2021 the Radix mainnet Olympia launched and the native network went live with the XRD token. 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 market capitalization of XRD, fully diluted, is $3,530,000.520.674.
Some cryptocurrencies like e-Radix can only be bought with another cryptocurrency through 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) and 50% for staking rewards. 300 million tokens were put in circulation every year. About 15% of the initial supply (4.41 trillion) was assigned 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. The token can be traded at a number of crypto exchanges, including Gate.io (Uniswap), Kucoin, Mexc and Hoolgd with good daily volume, like BitMax, MXC and Mexc.
Bitfinex allows you to purchase (XRD), with both USD/eXRD or BTC/eXRD trading pair. Bitfinex has an extensive range of markets, pairs, and is a centralized platform that consistently trades in excess of $1Bn every 24 hours. The first L2 bridge was launched by Bitfinex with DeversiFi, a layer-2 decentralized trading platform. This will allow ERC-20 token transactions to be made between decentralized and centralized exchanges.
DigiFinex is another crypto exchange that allows you to buy Radix (XRD). For more information about exchanges that allow you to buy XRD, visit the CoinStats page.
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’s high liquidity is reflected in its daily BTC/USD trading volume.
Bitfinex, a cryptocurrency exchange centralized in the United States, offers an array of services and features that will make trading easy and smooth. Bitfinex offers trading support for more than 500 tokens. These include Bitcoin (BTC), Ethereum, ETH), Ripple(XRP), Cardano [ADA], and popular altcoins Dogecoin (DOGE), Shiba Inu (“SHIB”), etc. You can trade in fiat to crypto and crypto tocrypto. It supports most countries around the globe. Bitfinex has a tiered pricing structure, a large range of trading options, and easy-to-use dashboards.
Bitfinex was still hacked despite its robust security systems in 2015. 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 buy Radix (XRD).
You can purchase Radix(XRD) from Bitfinex by following the below steps. This process is the same as buying cryptocurrency on another platforms. However, beginners might find our step by step guide to be helpful.
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. After verification, an email confirmation will be sent to you. You can then start trading.
Verification
Bitfinex complies with the Anti-money-laundering, Know Your Customer, and Counter-Terrorism Financing laws and regulations. Bitfinex has four levels for 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. You can get Multipliers for Bitfinex Affiliate Programs at this level.
- 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. While you can either deposit fiat currencies or cryptos, only Full Users can do bank transfers. Bank transfers can be done in USD or EUR. For Radix (XRD), either an XRD/USD/BTC or XRD/USD trading pair can be chosen. You can exchange USD for BTC or choose XRD/USD. 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. A private wallet should be created with your unique keys. It depends on what your investment preferences are. You might decide between software or hardware wallets. However, the former is safer.
- Software (Hot), Wallet Hot wallets are software wallets that can be connected to the Internet at any time. 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. You can earn a high APY with your DeFi tokens by using the CoinStats Wallet.
- Hardware (Cold) Hardware wallets are devices that store the private keys required to send or receive crypto. A hardware wallet is the most secure way to store your cryptocurrency because it offers offline storage. This significantly lowers the chance of hackers stealing the data. The pin secures the wallet and erases all information after several failed attempts. This prevents physical theft. The hardware wallet allows you to sign and confirm transactions via the blockchain. This gives you additional protection against cyber attacks. The most secure hardware wallets, Nano and Ledger, allow you to securely manage Radix tokens.
Last Word
Radix was the first protocol to be built specifically for DeFi. It will be a catalyst for the growth and widespread adoption of DeFi’s ecosystem if it succeeds. 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.