Radix, a pioneering full-stack layer-1 smart contract platform, has launched Project Ignition this week, an initiative aimed at injecting liquidity into its DeFi ecosystem. The project, which boasts $10 million in liquidity incentives, is set to redefine the DeFi landscape by offering lucrative opportunities for participants and amplifying the scalability of strategies within the ecosystem.
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Through strategic partnerships with prominent liquidity pools like CaviarNine, DeFiPlaza, and Ociswap, Project Ignition incentivizes liquidity providers by offering an equal amount of XRD tokens for every $1 in wrapped assets (xUSDC, xUSDT, xwBTC, or xETH) added to the participating pools.
With the potential to double the initial liquidity, Radix anticipates a substantial increase in Total Value Locked (TVL) over the coming weeks. Project Ignition is just one of several initiatives unveiled as part of Radix’s #Breakout2024 campaign, signaling the platform’s commitment to driving innovation and growth within the Web3 space.
For more details on Project Ignition, interested parties can refer to the Radix blog for comprehensive information and guidelines on participation.
Surge: Radix’s First Perpetual DEX
In parallel with Project Ignition, Radix has announced the launch of Surge, the first perpetual decentralized exchange (DEX) on its network. Developed in collaboration with industry leaders CaviarNine, Supra, and Keyrock, Surge represents a significant leap forward in decentralized trading solutions.
Surge offers an extensive array of over 100 tradable pairs, leveraging the full capabilities of the Radix technology stack to deliver a seamless, secure, and intuitive trading experience.
Backed by substantial external investments and supported by Supra’s Distributed Oracle Agreement (DORA) protocol, Surge aims to revolutionize the perpetual trading landscape.
Early access to Surge’s incentivized testnet is now open for registration, offering users the opportunity to experience the platform’s innovative features firsthand. With Radix’s unwavering commitment to fostering community engagement and rewarding early adopters, Surge presents a compelling proposition for those eager to explore the future of decentralized trading.
As part of Radix’s Breakout2024 initiative, Surge heralds a new era of innovation within the Web3 community, poised to attract a wave of users and liquidity to the Radix ecosystem. With a lineup of breakout dApps set to debut on the network, Radix is primed to showcase its transformative potential and solidify its position as a leader in the decentralized finance landscape.
Insight from Piers Ridyard, CEO of RDX Works
“Right now, most crypto perpetuals are traded on centralized exchanges, representing over 95% of the total traded volume in crypto perpetuals globally. This was also once true about Centralized vs Decentralized exchanges for spot traded volume.”
“Fast forward to today, and Uniswap v3 regularly sees more spot volume than Coinbase. I see the same potential in decentralized perpetuals in 2024 that I saw in decentralized exchanges in 2020.”
Piers Ridyard, CEO of RDX Works
“The quality of the Surge team and their ability to execute on Radix make me incredibly excited for what the future for perps on Radix looks like,” said Piers Ridyard, CEO of RDX Works.
For enthusiasts seeking early access and exclusive rewards, registration for Surge’s testnet is now open, offering a glimpse into the future of decentralized trading on the Radix network. Stay tuned for further updates and announcements as Radix continues to push the boundaries of possibility in the Web3 space.
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