• Radix Tokens has raised $10 million in fresh funding ahead of introducing its Babylon mainnet.
• The new funding round was led by DWF Labs and gives the firm a valuation of $400 million.
• Radix aims to tackle DeFi risk through Scrypto, an asset-oriented smart contract language.
Radix Tokens Raises $10M
Radix Tokens has raised $10 million in fresh funding ahead of introducing its Babylon mainnet, which will allow smart contract capability on the Radix network for the first time. The investment round was led by market maker and investment firm DWF Labs, giving the firm a valuation of $400 million.
DWF Labs Investment
The funding round was led by market maker and investment firm DWF Labs and gives the firm a valuation of $400 million. DWF Labs has been splashing the cash lately with this funding round marking its fourth major investment this month. Earlier this week, it led a $40 million funding into decentralized autonomous organization (DAO) tomi, following multimillion-dollar purchases of native tokens from blockchain infrastructure provider Orbs Network and derivatives protocol Synthetix.
Main Aim: Tackle DeFi Risk
One of Radix’s main aims is to tackle the risk of hacks in decentralized finance (DeFi). It does this through Scrypto, an “asset-orientated smart contract language”, providing developers with an off-the-shelf tool for creating assets and setting rules by which they can be transacted. The blockchain has more than 50 projects building on it, offering trading, saving, lending, gaming, non-fungible tokens (NFT) and wallets.
What Is Radix?
Radix is a blockchain platform designed to enable secure scaling for digital assets such as cryptocurrencies or tokens without compromising decentralization or security. Its token RIX is used as fuel that powers transactions on the network while also giving users access to services such as voting rights or staking rewards within its dApps. Additionally, developers are able to build their own dApps using Scrypto – Radix’s smart contract language – allowing them to create their own custom rules for how assets are transacted within their applications built on top of the platform.
Conclusion
In conclusion, Radix Tokens has secured fresh funds from DWF Labs that give it a total valuation of $400 million ahead of introducing its Babylon mainnet which will bring about smart contract capabilities for developers building on top of the platform using its Scrypto asset orientated language to create custom rules around how assets are transacted within their applications built on top of the platform