Ticker: eXRD

E-RADIX (eXRD)
Public Sale

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The information on this page is issued by Radix Foundation Ltd acting as pre-incorporation agent for the Token Generating Entity (TGE).

 Buy Tokens Now

The Radix token sale opens on October 8th, 2020 at 18:00 UTC and will run until all tokens are sold out, or until October 22nd, 2020 at 18:00 UTC.

A maximum of 642m RADIX tokens will be made available to purchase. Allocations will be reserved on a first-to-send funds basis. Funds must be sent as either USDC or ETH. Completion of purchase is dependent on clearing AML/KYC.

FUNDS MAY ONLY BE SENT VIA THE RADIX TOKEN SALE PORTAL. DO NOT SEND FUNDS FROM AN EXCHANGE ADDRESS.

All terms and conditions of sale, risk notices and information on the sales process, KYC/AML etc. will be provided when potential purchasers register their interests on the RADIX TOKEN SALE PORTAL.

1. About RADIX

Decentralised Finance is a world changing innovation. In the last 90 days it has seen a growth rate of over 1,200% and is on track to bring in another $60Bn over the next two years. We truly believe it will change the world.

However, its future is in jeopardy. Ethereum is congested and has become a whales-only playground due to soaring transaction fees. Ethereum 2.0 is years away from delivering any meaningful improvements for DeFi, and breaks core functionality such as atomic composability.

Radix was built to solve these issues. Starting with the groundbreaking consensus algorithm, Cerberus, Radix is the first layer 1 protocol specifically designed to serve Decentralised Finance.

Better technology on its own is not enough to win. Google was not only technologically better, it was easier to use. As a result we realised that a full stack approach is the only way to build a long term advantage.

To do this, Radix is being built to deliver at each of the critical layers of the DeFi stack: the consensus layer, the application layer and the ecosystem layer, giving users the tools to build with unparalleled scalability, ease of use, and liquidity potential.

1.1. Key Highlights

Consensus Layer

At the heart of Radix is the novel, academically proven consensus algorithm: Cerberus, providing the groundwork for the delivery of a public network with Linear Scalability. This means a public ledger could scale seamlessly to thousands of nodes and billions of users. Once delivered this is designed to remove the congestion issues currently faced by Ethereum and others.

Cerberus is designed to deliver True Finality, meaning that once a transaction is final, it is final. No waiting for several blocks and wondering if your transaction has gone through. More importantly, no rollbacks of dependent transactions.

Lastly, Cerberus is designed to provide cross-shard Atomic Composability. This will allow DeFi applications on different shards to simultaneously work together without stalling other applications or transactions. This is a highly technical feat that, so far, only the coming Radix Public Ledger is designed to achieve.

Application Layer

The Radix Engine v2 is designed to bring the next generation of Secure-By-Design DeFi programming tools to help developers build complex financial applications with less bugs and less hacks.

On Radix, developers will be able to quickly assemble DeFi applications from the on-ledger DeFi component library. This is designed to deliver Faster-To-Market builds for DeFi app creators, as well as lower on-ledger running costs.

Behind every successful DeFi component will be the potential for a successful developer. The Radix Dev Royalties is designed to provide on-ledger revenue for component contributors. This is intended to make sure that individual community members, as well as big projects, can become successful building on Radix.

Ecosystem Layer

At Radix, Improving Access for users is a key strategic goal. The partnerships with Copper and the Ren Alliance are the first steps in making access simple and painless. The easier the ecosystem is to access, the more value can be brought on to the Radix Ledger.

Liquidity is the lifeblood of any DeFi ecosystem. Radix intends to take a multi-pronged approach to Improving DeFi Liquidity. First, the Radix Engine v2 is designed to give developers the tools to quickly build liquidity incentives into their applications. Second, the Radix Ledger is designed to be low-cost and high-throughput, allowing liquidity to more easily and cheaply move between DeFi applications. Thirdly, skunkworks projects such as StakeHound are aimed at helping Radix to unlock billions in liquidity across all crypto ecosystems.

Improving Access and Liquidity can also improve how attractive it is to build new DeFi applications on top of Radix. Improving Choice for the user is directly linked to improving Access and Liquidity. The Radix Engine v2 is designed so that as user choice grows, so too can the Radix developer ecosystem.

Access, Liquidity and Choice all feed and build on each other. At Radix this is called the DeFi Cycle, and outside of the technology, it is one of the most important factors in building traction in the ecosystem.

Leadership Team

In order to deliver these three layers of a complete DeFi platform solution, it is necessary to assemble the right team and create the right token economic incentives to build and grow the network.

Radix DLT founder and CTO, Dan Hughes, has been working on the problems associated with scaling public ledgers since 2013. In recent years the research work has expanded out to include academic collaborations, such as the research collaboration with the University of California, Davis and their dedicated blockchain research team.

The team also includes YCombinator alumni, ex-Consensys engineers and builders of professor-beating chess bots! The wide ranging skills set found within Radix is augmented by backers and advisors that have founded and run multi-billion dollar businesses in finance and beyond.

Token Economics

A RADIX ERC20 token (E-RADIX) will be released prior to the commencement of the Radix ledger. As the Radix Protocol is secured via Proof of Stake, the sale of the E-RADIX tokens is intended to promote distribution of stake and achieve a high degree of decentralisation prior to the release of the Radix Ledger (Mainnet).

In order to improve a balance between market supply and demand of E-RADIX tokens, the market price of the E-RADIX tokens will determine how many E-RADIX tokens will be unlocked, making them available to be staked (or otherwise used) once Mainnet has been released. The design of the unlocking mechanism is intended to promote supply and demand that tends towards equilibrium.

1.2. Quick Technology Facts

The Radix platform is a combination of four core technologies that solve all four major barriers to DeFi growth, layer by layer:

Barriers to DeFi Growth DLT Platform Layers Radix Technologies
Scale Dapps without breaking DeFi composability Consensus/Network Cerberus
Avoid smart contract app hacks, exploits, and failures Development Environment Radix Engine
Build interoperable DeFi dApps faster DeFi “Lego Bricks” Component Catalog
Incentivize a decentralized development community Developer Ecosystem Developer Incentives

To read more about each of these, please see our Radix Technology For DeFi section.

1.3. Quick Economic Facts

  • Almost all E-RADIX tokens follow a price-based unlocking schedule. This means that as the token price reaches different milestones over time, more supply unlocks.
    • The starting circulating supply of E-RADIX tokens is 42m.
    • The maximum circulating supply of E-RADIX tokens is 4.41Bn.
    • Founder/Team will get no E-RADIX tokens and will only have their allocation of price-locked RADIX tokens with the initiation of mainnet.
  • E-RADIX tokens are exchangeable 1:1 for RADIX tokens once Mainnet is live. On the mainnet, a further 5.19Bn RADIX tokens will be created and follow the same price-based unlocking schedule as the E-RADIX tokens. Network Emissions for Staking Rewards will also start.
    • The starting circulating supply of RADIX tokens will be 51.9m tokens, plus any E-RADIX tokens exchanged for RADIX tokens.
    • Network Emissions for Staking Rewards are capped at 12Bn RADIX tokens, to be released over a minimum 40 year period.
  • 200m E-RADIX will be allocated for Liquidity Incentives and are intended to be distributed over a 6-month period from the distribution of E-RADIX to community members who provide liquidity to the E-RADIX token.
  • A further 2.4Bn RADIX tokens will be created and locked into the Stable Coin Reserve at the creation of the Radix Mainnet. Truly decentralised stable coins have always been part of the long term work of the project, but there are no near term plans to launch one.

To read more please see our Radix Economics section.

2. E-RADIX Token

Achieving an early and a broad spread of Token distribution is essential to ensure sufficient decentralisation of the public network and that participants are incentivised as swiftly as possible from the moment of instantiation.

A RADIX ERC20 (E-RADIX) token will be released prior to the commencement of the Radix mainnet. The sale of the E-RADIX token is intended to promote distribution of Stake and achieve a high degree of decentralisation prior to the release of the Radix (mainnet).

In addition, as ERC20 tokens are one of the most commonly issued token types, generating an ERC20 RADIX token is also intended to facilitate faster integration into the existing DeFi ecosystem on Ethereum, infrastructure such as exchanges, and user services such as wallets, further assisting distributed stake building.

On instantiation of the RADIX ledger, the E-RADIX token will be exchangeable 1:1 for RADIX tokens.

2.1. E-RADIX Token Sale

The Radix token sale opens on October 8th, 2020 at 18:00 UTC and will run until all tokens are sold out, or until October 22nd, 2020 at 18:00 UTC.

A maximum of 642m E-RADIX tokens will be made available to purchase at $0.039 per token. Allocations will be reserved on a first-to-send funds basis. All purchases must be made in USDC or ETH, and are subject to a minimum purchase size of $5k and maximum of $2m.

Completion of purchase is dependent on clearing AML/KYC with the regulated AML/KYC provider, Altcoinomy. Tokens can only be bought via the Radix Token Portal.

The crypto currency received during this sale are intended to form the permanent endowment for the Radix Foundation. Purchase of these tokens is prohibited by citizens and entities from various jurisdictions, including the USA. A full list may be found on the Radix Token Portal.

3. Radix Technology for DeFi

3.1. Technology Overview

Creating a platform for Mainstream DeFi isn’t a matter of solving one problem; it’s a matter of solving multiple problems that exist at every layer of today’s DLT platforms: low scalability, complex dApp security, poor interoperability and a small builder community.

Public ledgers today may deliver decentralization but were never designed to deliver no-compromises financial infrastructure. Mainstream DeFi needs a public platform designed bottom-to-top to make DeFi just work – for users, and for developers.

To get DeFi into the mainstream, there is some work to do. Mainstream DeFi needs:

Fast, low-cost transactions. Paying $30 for a DeFi transaction, getting into a gas war and waiting 10 minutes to find out if the transaction went through doesn’t work for Mainstream DeFi.

Secure by design systems. The world needs better than simply trusting money to an application written in Solidity and hoping that a programming language quirk doesn’t let millions of value get drained in an instant.

Scalable, composable applications. The magic of DeFi is in the superpower of DeFi applications working together like one huge program all on the same computer. The Ethereum 2.0, Polkadot, Cosmos, Ava Labs, Algorand and Near approach to sharding all break this superpower. So do all Layer 2 scalability solutions like Matic. Composability cannot be compromised for Mainstream DeFi to be successful!

Incentives for making an ecosystem more powerful. A healthy DeFi ecosystem isn’t just made up of large projects (especially not ones which are just paid to be there), but must involve the individual developer. At Radix we believe that it is the individual as much as the company that will bring DeFi into the mainstream, and so we are building incentives for the individual developer right into our public network.

The Radix platform is a combination of four core technologies that are designed to solve all four major barriers to DeFi growth, layer by layer: Cerberus, the Radix Engine v2, the Component Catalog and on-ledger Developer Royalties.

The result are the blueprints for a platform where transactions can be fast, cheap, and secure; where applications can be linearly scalable; where connections between DeFi dApps can be frictionless; where dApps can be built quickly and with confidence in their ability to manage user assets safely; and where builders may be directly rewarded by the platform for useful contributions, both large and small. It is a platform designed to serve as the foundation for Mainstream DeFi at global scale.

Each of the four Radix platform technologies represents a breakthrough in design that we’re excited to share with the world. The Decentralized Finance White Paper is a good starting point to dive into each of these points in more detail.

4. Quotes

TransferWise is a multi-billion dollar company that fixes something that shouldn’t be broken. It exists because the banking system is not interconnected properly. Radix has the potential to radically change what is possible with money and finance.

Taavet Hinrikus

Co-Founder, TransferWise

I really like the people behind Radix, they are wonderful human beings, and very smart, so yes I keep an eye on them. I like to back people that are smart with high integrity.

Willy Woo

Pioneering Crypto Thinker, Radix DLT Angel Investor

I see the same revolutionary potential in the Radix team as I did with the Skype and Netscape teams at the birth of the internet. We’re excited to join them at the start of a new decentralised network revolution.

Saul Klein

Skype, LoveFilm, LocalGlobe

The Radix team has relentlessly pushed to deliver a high throughput layer 1 infrastructure without compromising on decentralisation and composability. We are proud to support them in opening new models and revolutionising finance.

Balder Bomans

Chief Investment Officer, Maven 11 Capital

5. Radix Token Economics

The RADIX token is the capped supply native token of the Radix Public Network. Once the Radix Ledger is live, it is intended that Node operators can become full validators by staking RADIX tokens to become Staking Nodes. They are incentivized to do so because of the new Staking Rewards token emissions that are distributed as staking rewards.

All Network operations that require a change of ledger state (e.g. transaction, token creation, messaging, conditional state creation) must be submitted with a Transaction Fee, in RADIX. Once the requested Network operation has been validated, the Transaction Fee is burnt. This creates a direct relationship between the frequency of token burn with the frequency of Network use.

5.1. E-RADIX Token Distribution

A total of 4.41Bn E-RADIX will be distributed (Initial Supply) as both locked and unlocked tokens on the Ethereum Public Ledger. This chart shows the proposed distribution (ceteris paribus) as a % of Initial Supply:

5.2. E-RADIX Token Unlocking

In order to improve a balance between market supply and demand of RADIX tokens, the market price of the RADIX token will determine how many RADIX tokens will be unlocked, making them available to be staked or otherwise used. The design of the unlocking mechanism is intended to promote supply and demand that tends towards equilibrium.

The unlocking mechanism is planned to be started on the 17th of November 2020, and is designed to continue on the Radix Ledger once instantiated.

Of the 4.41Bn Initial Supply of E-RADIX tokens, 4.2Bn will be distributed as 99% locked and 1% unlocked E-RADIX TOKENS. A further 200m E-RADIX TOKENS are unlocked for Liquidity Incentives, and 10m as a marketing float. These 210m E-RADIX TOKENS are not included in the Circulating Supply tables below.

The 99% locked will remain locked until the 1 week Simple Moving Average (SMA) of the E-RADIX TOKEN price crosses the following milestones:

SMA Milestones

% Total Unlocked

Circulating Supply of E-RADIX TOKENS

Total Market Value of Circulating E-RADIX TOKENS

NA

1%

42,000,000

$1,638,000

$0.05

5%

210,000,000

$10,500,000

$0.07

10%

420,000,000

$29,400,000

$0.09

15%

630,000,000

$56,700,000

$0.11

20%

840,000,000

$92,400,000

$0.13

25%

1,050,000,000

$136,500,000

$0.15

30%

1,260,000,000

$189,000,000

$0.17

35%

1,470,000,000

$249,900,000

$0.19

40%

1,680,000,000

$319,200,000

$0.21

45%

1,890,000,000

$396,900,000

$0.23

50%

2,100,000,000

$483,000,000

$0.25

55%

2,310,000,000

$577,500,000

$0.27

60%

2,520,000,000

$680,400,000

$0.29

65%

2,730,000,000

$791,700,000

$0.31

70%

2,940,000,000

$911,400,000

$0.33

75%

3,150,000,000

$1,039,500,000

$0.35

80%

3,360,000,000

$1,176,000,000

$0.37

85%

3,570,000,000

$1,320,900,000

$0.39

90%

3,780,000,000

$1,474,200,000

$0.41

95%

3,990,000,000

$1,635,900,000

$0.43

100%

4,200,000,000

$1,806,000,000

For more details, please see the Economics White Paper.

5.3. RADIX Token Distribution

In addition to the 4.41Bn E-RADIX tokens, a further 5.19Bn RADIX tokens will be created at instantiation of the Radix ledger as price-locked tokens for: the Founders/Team; the remainder of the Radix Network Subsidy; the remainder of the Dev Incentives; the remainder reserved for endowment of the Radix Foundation. An additional 2.4Bn will be created as an indefinitely locked allocation for the Stable Coin Reserve.

This chart shows the distribution (ceteris paribus) as a % of maximum supply (24Bn RADIX tokens):

5.4. RADIX Token Unlocking

The unlocking mechanism is designed to continue on the Radix Ledger once instantiated. This means that the 5.19Bn RADIX price-locked tokens created with the Mainnet must also, separately, achieve the same 1 week Simple Moving Average (SMA) price targets as the E-RADIX tokens for each tranche to unlock.

In principle, this means that even if the E-RADIX token has achieved 100% unlocking by the time the Radix Public Network is instantiated, the starting supply of unlocked RADIX tokens will still be 1% of the 5.19Bn locked RADIX tokens on the Radix Ledger (mainnet).

6. Traction and Adoption

For Radix to become a universal technology, it must be universally known. Community and visibility is essential to that goal.

The Radix podcast (the DeFi Download) and the DeFi roundtable with Aave, Chainlink, MakerDAO, Argent and Messari is the first part of a wider strategy.

The “8 for 80” campaign is committed to having Radix known by 80% of the crypto industry, in the US, Europe and Asia, within 8 months of the ERC20 listing.

This is planned to be backed up by a high profile marketing campaign, PR and brand strategy to amplify the announcements Radix has in the pipeline.

6.1. Current Community

  • 3,400+ registered interest in running nodes
  • 1,000+ developer signups
  • 27,000+ registered interest in buying tokens
  • Active, open-source git repo for Radix Core

6.2. Ecosystem & Case Studies

These are the announced partners and components of the Radix ecosystem:

Radix is integrating with the Ren Protocol. The Ren Protocol allows native assets to be locked and corresponding “wrapped” tokens to be minted automatically on other public ledgers, without centralized counterparty risk.

Read more

StakeHound is aiming to unlock more than $20 billion in liquidity for the Radix ecosystem by tokenizing staked positions across all major crypto currency networks and issuing those tokens onto the Radix public ledger.

Read more

Radix has been added to the Argent wallet to provide a seamless mobile experience for all E-RADIX token holders, giving a simple and secure mobile ready DeFi experience for any token holder.

Read more

Download your wallet today: https://argent.link/radix

Noether DLT is developing an Ethereum-based smart contract platform for the Radix ledger. This is intended to allow Ethereum DApps to migrate to the Radix ecosystem with minimal effort, giving them the versatility of Ethereum smart contracts at the speed of Radix.

Read more

Radix has partnered with Copper Custody to bring 137 of the top crypto assets across to the Radix Public Ledger as wrapped tokens. Ensuring everything from Bitcoin to Zcash can be compatible with the Radix DeFi ecosystem.

Read more

6.3. Case Studies

Although the Radix Public Ledger is not yet live, Radix DLT has done several private network builds on various iterations of the technology. This has helped identify rough spots for improvement, practically demonstrate the ease of developing with Radix, and provided several real world test environments.

Here is a selection of builds that have been done while developing the Radix Engine:

$300Bn Automobile Company – Cashless Dealership PoC

Radix DLT advised on and co-built a mobile payment and card payment proof of concept. This was to demonstrate the ease of using the Radix technology to provide an instant cash payment and loyalty point system for a global network of owned and franchised dealerships.

National Currency Issuance – 6m Citizens

For the last two years, Radix DLT has been advising a collection of nations with a population in excess of 6m citizens on their plans to issue a fully digital sovereign currency. This has included advice on designing a digital currency to allow a gradual movement from a currency peg to a floating currency, as well as system architecture to extend beyond currency to include identity, benefits, healthcare and voting.

7. Team

7.1. Overview

Radix, founded by Dan Hughes, consists of a range of experienced and innovative technologists, successful entrepreneurs, and individuals with proven results in a range of professional disciplines. This global team of experts provide the skills and experience to deliver the vast potential of Radix as well as having the joint belief in the vision Dan started in 2013.

7.2. Leadership Team

Dan Hughes

CTO

Dan founded Radix after developing and selling IP now found in key mobile NFC payment technology. He also designed and co-built T-Mobile’s 1st mobile internet platform.

Piers Ridyard

CEO

A Y Combinator Alumni, Piers joined Radix after exiting his previous company which built DLT based deal rooms for clearing syndicated insurance contracts.

Adam Simmons

Head of Strategy

A digital marketing expert, Adam previously built a video sharing platform to over 35 million Monthly Active Users and the VRA token community to over 250k people.

Leroy Margolis

Head of Finance

With a background in banking with technology & telecoms clients, Leroy is leveraging his experience to set the financial strategic objectives for Radix’s next phase of growth

8. Roadmap

Pre-2020
Technical
Non-Technical

Q4‐2020
Technical
Non-Technical
  • Radvocates Ambassador Program Stage 2
  • ERC20 Token sale
  • ERC20 DeFi launch
  • ERC20 Token Listed on Exchanges

2021
Technical
  • Betanet for node-runner testing (Q1)
  • Mainnet Staking/Node runner client release (ahead of mainnet) (Q2)
  • Radix ERC20 <-> Mainnet token swaps go live on partner exchanges (Q2)
  • RPN-1 Mainnet launch (Q2)
  • Radix Engine V1 (Q2, part of mainnet launch)
  • Network Emissions start (Q2, part of mainet launch)
  • Radix Engine V2 + On Ledger Royalties (H’2)
  • Radix Dev Royalties Program Launches (H’2)
  • First DeFi catalog Components released (H’2)
Non-Technical

2022+
Technical
Non-Technical
  • Radix “Developer’s Guide” component-browsing service (2022 Q1)

9. Press

“Unlike the general purpose protocols that came before it, such as Ethereum, Radix is building a layer 1 protocol specifically for decentralised finance.”

“[Crypto is]…all noise and egos and fighting over things that don’t really matter. My opinion is just ignore it all, and the tech will speak for itself.”

“Ultimately, Mainstream DeFi will happen when all of the barriers holding back DeFi today are removed, without compromising decentralization. It happens when developers are finally given the tools they need to build apps that can surpass the services offered by the traditional financial industry. It happens when users of those apps wonder why they ever put up with the old way. Mainstream DeFi will move far beyond $4 billion and begins to absorb the $111 trillion waiting to be deployed onto the public ledger. Mainstream DeFi is the future we built Radix for.”