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If the slew of smart contract hacks that netted attackers over $3 billion in 2022 has taught us anything, it’s that decentralized finance (DeFi) is still an immature industry.
Besides exploits, DeFi still faces scaling issues related to the computational power needed to power complex transactions, and the throughput needed to support the worldwide financial system in the coming years. 
As the current king of DeFi, the Ethereum network is worth assessing to identify the problems and limitations contributing to the industry’s current roadblocks. 
At Consensus 2023, CryptoPotato sat down with Piers Ridyard – CEO of RDX Works – to discuss ways in which Ethereum is not truly optimized for DeFi. He explained some of the better-suited technology underlying modern blockchains, including the newly popular smart contract platform Radix. 
Ethereum’s Clunky Programming Language
According to Ridyard, DeFi in crypto is currently lacking in three major areas: user experience, developer experience, and scalability. 
The first two issues largely stem from the less-than-ideal programming languages for developers to express their ideas for particular financial applications. One such language, he said, is Ethereum’s Solidity. 
“Solidity is like banging your head against a brick wall,” he stated. “If you want to build assets that are highly secure and you want to build financial applications that are highly secure, it’s basically impossible to make it secure in a way that is easy for developers to use.”
Ridyard’s company RDX Works is a core developer for Radix – a DeFi-focused blockchain whose native token, XRD, roared upwards by over 200% from early to mid-April. 
XRD / USD. Source: CoinGecko
Unlike Ethereum and other chains, Radix uses a unique programming language called Scrypto, which is specifically focused on making financial applications easier to build and use. 

Underneath Scrypto is the Radix engine which includes primitives that are part of the ledger itself, providing the essential building blocks for developers to build apps without having to start complex development from scratch. 
“You are not creating your own smart contract that then defines what it means to be a token, what it means to be a token transfer and tracking balances,” said Ridyard. “All of that is done by the ledger itself.”
The Radix engine also protects applications on the platform from “reentrancy attacks,”  a common DeFi loophole that lets a hacker continually withdraw from a smart contract until the victim goes bankrupt. Specifically, the engine prevents infinite callbacks that lead to recursive loops which let hackers drain a contract to zero. 
In February, the DeFi protocol dforce lost $3.6 million to such a bug. “A whole host of maybe half a billion dollars worth of hacks that have just been from reentrancy disappear just because of how we’ve implemented the architecture,” said Ridyard. 
Ethereum’s Consensus Mechanism
Ethereum’s “Merge” upgrade in September – which changed its consensus mechanism from proof of work to proof of stake – was widely praised as the greatest technical feat in the history of crypto. However, in 2023, even proof of stake may be proving less advanced of a mechanism than what newer chains can offer – especially on the scalability front. 
For example, Ethereum doesn’t allow for the parallel execution of transactions that would enable massive throughput. All transactions must be ordered, even if they are unrelated to each other. 
By contrast, Radix uses the “Cerberus” consensus mechanism, which obviates the need for ordering. “They can start and end whenever they need to start and end, and you don’t need to agree between them which one came first and which one came second,” said Ridyard.
Radix still comes baked in with a delegated proof of stake system that protects Cerberus. However, Ridyard doesn’t consider either proof of work or proof of stake to be “consensus mechanisms,” but rather “civil protection mechanisms.”
“A consensus mechanism, is how do the nodes come to an agreement. The civil mechanism is about, how do you defend those nodes from being maliciously attacked in the process of coming to an agreement,” he elaborated. 
Piers Ridyard (Right)
Ridyard said he admired proof of stake for its energy efficiency, but noted that proof of work chains – like Bitcoin – solve certain “bootstrapping” and “randomization” problems. 
DeFi and the SEC
Besides technological limitations, DeFi and the blockchains underpinning it are currently under immense regulatory pressure from the Securities and Exchange Commission (SEC). The agency currently seeks to regulate DeFi exchanges under existing securities exchange laws. 
While Ridyard sees a possibility that regulators “kill” DeFi in America for a period, he doesn’t envision the industry dying globally due to the overwhelming benefit it can provide certain economies. Ultimately, he believes “reading the tea leaves” of how regulators will interpret certain enforcement rules is a bit of a distraction, and that DeFi will ultimately adapt to best conform to each country’s political and economic will. 
“What the regulators are trying to do is find the handles in which they can exercise enforcement against what the government and by and large, what the voting public could consider to be the things they want and they don’t,” he said. “There is going to be some give and take.”
The post The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix appeared first on CryptoPotato.

Despite being the so-called “king of Defi”, Ethereum’s structure isn’t exactly optimized for building and scaling financial applications. 

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The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

XRD, the native token of the Radix network, looks set to end the month in great form, having recorded an impressive 14.2% price surge in the past week. According to data from CoinGecko, the cryptocurrency is the 46th-largest token, with a current market cap of $1.1 billion.
Meanwhile, blue-chip cryptocurrencies BTC and ETH have also gained 5.2% and 1.5%, respectively, in the last seven days.

Radix Up By 167% In 30-Day Price Rally
The past week’s headlines were dominated by the First Republic Bank’s ongoing crisis and the anticipated return of Bitcoin’s price to 30k. As a result, the market performance of most altcoins, including Radix, has largely gone under the radar. 
CoinGecko data reveals that RDX is one of the best-performing tokens in the last seven days. Interestingly, a broader look at the market shows that this bullish run stretches as far back as a month.
In the past 30 days, XRD has rallied a staggering 167% price increase, reaching a 12-month high of $0.15 level during the period. This price upswing came with a boost in market capitalization, enabling Radix to break into the top 50 largest cryptocurrencies by market cap.
As of this writing, XRD is valued at $0.111545, tallying a 5.1% price jump in the past 24 hours. However, it is worth noting that the coin’s trading volume slipped by 16.40% in the same period, indicating a recent dip in market activity.


Milestone Radix Upgrade, Babylon, To Launch In July
It appears that the recent price rally of Radix is connected to the impending upgrade slated for July. According to Markus Thielen, head of research and strategy at Matrixport, Radix’s March fundraiser and the highly-anticipated upgrade seem to have heightened interest in the XRD token.
Price action reveals that the XRD gained more than 15% on March 23, the day the fundraiser was announced. A week after, the coin would experience a remarkable price surge in the wake of the Release Candidate network (RCNet) rollout.
That said, the mainnet, codenamed Babylon, is scheduled to launch on 31st July and introduce smart-contract functionality to the decentralized Radix network. Babylon will enable developers to build robust and excellent decentralized applications.
“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 stated in its official announcement.
Furthermore, this upgrade will natively facilitate the liquid staking of XRD tokens through the issuance of Liquid Stake Unit tokens. Ultimately, this means that there won’t be a need for other equivalent staking protocols, such as Lido.







XRD, the native token of the Radix network, looks set to end the month in great form, having recorded an impressive 14.2% price surge in the past week. According to data from CoinGecko, the cryptocurrency is the 46th-largest token, with a current market cap of $1.1 billion. Meanwhile, blue-chip c...

newsbtc.com

Radix (XRD) Gains 14% In The Past Week, Continues Impressive Form

After several days of sideways trading and little-to-no action, bitcoin finally went on the offensive and soared to almost $29,000.
The altcoins have also turned green, with ADA and SOL surging the most from the larger-cap ones, while RADIX has skyrocketed by double digits.
Bitcoin Eyes $29K
After last week’s substantial price declines, which drove BTC from over $30,000 to $27,000 in a matter of days, the cryptocurrency had failed to produce any substantial moves up. As such, it had remained relatively stagnant and even charted a monthly low yesterday at $27,000.
However, it seems the growing banking troubles in the US, this time with First Republic, have helped the asset regain some value. The BTC bulls drove it higher by almost two grand, and it came inches away from $29,000.
Being over 5% up on the day has propelled its market capitalization to well above $550 billion. It’s worth noting that the metric had declined to under $530 billion just yesterday.
Additionally, bitcoin’s market dominance has shot up by over half a percent in a day and is now above 46.5% on CMC.
BTCUSD. Source: TradingView
XRD Soars 22%
The altcoins also struggled in the past few days, but the landscape is entirely different today. Ethereum came close to breaking below $1,800 but has jumped by over 3% in a day and currently sits close to $1,900. Nevertheless, ETH is still down more than $200 since its 11-month peak earlier this month.
Binance Coin has increased by a similar percentage and trades close to $340. Ripple, Dogecoin, Polygon, Polkadot, Litecoin, and Shiba Inu are also well in the green.
Solana and Cardano have jumped the most from the top 10 alts, with just over 5% each. More gains come from ICP, HBAR, NEAR, ARB, and GRT. CRO has gained the most from the top 50 alts, with a 13% surge after a partnership with Amazon Cloud.
Radix (XRB) continues with its massive role, soaring by 22% in the past 24 hours alone.
The total crypto market cap has added $40 billion daily and sits at almost $1.2 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Bitcoin Reclaims $28K While Radix (XRD) Explodes 22% Daily (Market Watch) appeared first on CryptoPotato.

CRO is today's top performer within the top 50 alts with a massive 13% surge. 

Bitcoin Reclaims $28K While Radix (XRD) Explodes 22% Daily (Market Watch)

The cryptocurrency market took a beating throughout the past week, losing well over $100 billion in the process. This comes on the back of considerable losses across the board, with BTC’s price still unable to reclaim the $28K level.
Bitcoin Price Below $28K
Bitcoin managed to recover a slight 1% throughout the past 24 hours but is still down a lot over the week.
Source: TradingView
That said, the cryptocurrency is unable to reclaim the $28K, and it’s apparent that the bulls are struggling to regain control. Over the past week, it lost about 9% but still managed to significantly outperform the rest of the market.
This is evident in Bitcoin’s dominance – the metric used to gauge its share relative to that of the rest of the market. At the time of this writing, it stands at 44%, up 4% during the past seven days. This suggests that BTC managed to perform a lot better than altcoins.
Radix Stands Out, Gains 13%
Radix (XRD) is up 30.9% during the past seven days, gaining around 13% in the past day alone. The cryptocurrency still lost a lot of value during that period but remains the absolute best performer in both time frames.
WOO Network (WOO) is also up around 11.5%, followed by BitTorrent (BTT), which is up 6%. On the other end of the spectrum, there’s Arbitrum’s ARB, which lost around 2.3%. In general, the market was relatively flat throughout the past 24 hours.
Source: Quantify Crypto
Ethereum continues trading below $1,900, while XRP lost the pivotal $0.5 level. It’s interesting to see whether or not the sentiment will shift or if there’s more pressure ahead.
The post Bitcoin Unable to Reclaim $28K, Radix (XRD) Pumps 13% Daily (Market Watch) appeared first on CryptoPotato.

The crypto market is unable to recover, with BTC failing to reclaim $28K and ETH well under $2K. 

Bitcoin Unable to Reclaim $28K, Radix (XRD) Pumps 13% Daily (Market Watch)

Blockchain interoperability protocol LayerZero has partnered with layer-1 protocol Radix to give users omnichain communication services and enhance their Web3 experience.
According to a press release seen by CryptoPotato, the partnership will see the LayerZero protocol integrated into Radix’s Babylon public network in the second half of 2023.
LayerZero Taps Radix for Network Integration
LayerZero is a blockchain messaging tool that allows decentralized applications (dApps) to communicate across 30 different protocols.
On the other hand, Radix, scheduled to launch in Q2, 2023, offers consumer-friendly dApp tools for developers. The L1 protocol allows native account abstraction, human-readable transactions, and DeFi-optimized execution with a focus on usability.
With the collaboration, the Radix ecosystem will gain access to secure cross-chain communication tools upon its launch. The protocol’s users and developers will experience a more connected ecosystem, making it easier to utilize omnichain functionality and execute cross-chain asset transfers.
Integrating with LayerZero will also enable Radix users to easily navigate different blockchain networks and access a wider range of services and assets.
Commenting on the alliance, Radix Foundation Director, Piers Ridyard, said:

“Our mission is to make crypto accessible to everyday users. With the Radix platform being integrated with LayerZero, it is taking a significant step forward in achieving that goal. This integration will not only enhance the user experience on the Radix public ledger but also showcase the true potential of cross-chain interoperability.”

Expanding the Reach of LayerZero Technology
Furthermore, the partnership with Radix will expand the reach of LayerZero technology, allowing a more extensive user base to gain access to the protocol’s interoperability features.

“We are thrilled to be working with Radix to bring our LayerZero technology to their thriving ecosystem. This partnership aligns perfectly with our vision of creating one unified Web3 ecosystem that connects each blockchain’s developers and user community,” LayerZero CEO and co-founder Bryan Pellegrino said.

Launched in 2021, LayerZero has evolved by creating various interoperability tools. The interoperability protocol recently closed a $120 million Series B funding round, increasing its valuation to $3 billion from the $1 billion reached last year.
The post LayerZero Partners L1 Protocol Radix to Enhance Web3 User Experience appeared first on CryptoPotato.

LayerZero's suite of interoperability tools will give Radix's users a more united and connected experience in the protocol's ecosystem.

Radix price	$0.067474
Low - High 24H	$0.067436 - $0.072806
Market cap	$687.10M
Volume 24H	$2.97M
All time high	$0.651264 -89.64% November 14th 2021
All time low	$0.031453 114.51% November 29th 2022
Genesis date	N/A

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