Radix’s XRD token has surged by 176% to $0.114 in the past 30 days, making it the best-performing top 100 cryptocurrency. According to Messari data, the token’s price reached a 12-month high of $0.15 at one point. The rally has boosted the cryptocurrency’s market capitalization to $1.16 billion, making it the 46th largest coin in the market. In contrast, market leaders bitcoin (BTC) and ether (ETH) have gained only 2.6% and 8.2%, respectively, over the same period, while the total crypto market capitalization has increased 5% to $1.18 trillion.
The surge in XRD’s price can be attributed to Radix’s March fundraising, led by market maker and investment firm DWF Labs, and optimism about an impending upgrade, according to Markus Thielen, head of research and strategy at Matrixport. The financing round gave Radix a valuation of $400 million. “Radix raised $10m in funding ahead of the launch of its Babylon mainnet scheduled for July 31, which will introduce smart-contract functionality on the network,” Thielen said in an email.
XRD’s rally began on March 23, when the fundraising was announced, and gained momentum a week later after Radix rolled out the “Release Candidate” network (RCNet), bringing the highly-anticipated upgrade from Olympia to Babylon a step closer. The upgrade will introduce smart-contract capabilities to Radix, allowing developers to create powerful decentralized applications. As of last month, Radix had over 50 projects developing applications and tools for gaming, trading, lending, NFTs, and wallets. Babylon will natively support liquid staking of XRD, eliminating the need for separate protocols like Lido, which help ether stakers retain the liquidity of their coins by issuing staked ether tokens. Staking refers to locking coins in the blockchain to boost network security in return for rewards.
“The Radix Public Network upgrade from Olympia to Babylon will occur on or about July 31st, 2023, paving the way for global Web3 and DeFi to finally exit the ‘tech demo’ stage with a mainstream-capable user and developer experience,” Radix said in an official announcement. The upgrade has generated excitement among investors, who are betting on the potential growth of decentralized finance (DeFi).
Radix’s XRD token has been gaining popularity among cryptocurrency enthusiasts due to its unique features. The token is designed to be scalable and secure, with a high throughput of up to one million transactions per second. It also has a low latency of less than one second, making it ideal for high-frequency trading. Additionally, XRD can be used for governance and voting, giving users a say in the future direction of the network.
The surge in XRD’s price is a testament to the growing interest in DeFi, which has been gaining traction in recent years. DeFi allows users to access financial services without the need for intermediaries such as banks. Instead, transactions are executed on decentralized platforms that are powered by smart contracts. This allows for greater transparency, security, and efficiency in financial transactions.
In conclusion, Radix’s XRD token has emerged as a top-performing cryptocurrency in the past 30 days, thanks to its unique features and the growing interest in DeFi. The upcoming upgrade to Babylon is expected to further boost the token’s value and attract more investors to the platform. As the DeFi ecosystem continues to evolve, Radix is well-positioned to play a key role in shaping the future of finance.