Radix Raises $12.7 Million to Improve DeFi Space

Radix, a self-described “first layer-one protocol specifically built to serve DeFi,” has raised $12.7 million to improve its offerings, according to a press release from the group.

That raise will expand its growth, decentralization, and development in general, increasing the rise of DeFi in the crypto space. The platform had a public token sale on October 8, and saw contributions from 67 countries.

Speaking on the matter is Piers Ridyard, the CEO of Radix, who said:

“Distributing Radix tokens widely helps us achieve our goal to incentivize participants and ensure sufficient decentralization of the public network. We’re very pleased by the support of so many contributors who share Radix’s vision of realizing DeFi’s transformative potential.”

The point is to change Ethereum’s congestion and make it so anyone can utilize the platform properly, especially with Ethereum 2.0.

Radix is made up of four technologies, which the release breaks down:

“Cerberus, a high-speed network consensus mechanism; the Radix Engine, a purpose-built development environment for building DeFi applications; the Component Catalog, a library of DeFi building blocks; and the Developer Royalty System, a first-of-its-kind decentralized incentive program. Together, these tools are designed to create a decentralized, incentivized, and self-sustaining DeFi ecosystem on Radix, making it the world’s most powerful, user-friendly, and interoperable DeFi platform. These core technologies are detailed further in a recently published White Paper. The Radix mainnet will launch in 2021.”