Monthly Wins: Project Ignition, Scrypto Challenges, and Massive TVL Growth! | The Radix Blog | Radix DLT

March was a month of more growth for Radix and its ecosystem, with TVL soaring from $23M to $50M and transactions on the Babylon network surpassing 99,000 within a week. 

The growth in TVL and transactions is directly related to the success of Project Ignition, the liquidity incentives campaign to onboard more liquidity onto the Radix network; as it stands, the liquidity provided is now at over $10M with a total of over $20M when you take into account the matched XRD. 

The impressive growth Radix experienced in March echoes Piers Ridyard’s comments in his Breakout2024 video. This progress isn’t just a milestone—it’s the dawn of Radix’s breakout year, hinting at the start of more groundbreaking developments and announcements on the horizon.

Here’s an overview of the past month 👇

Latest Updates

Surge: The First Perpetual DEX on Radix: Perpetual trading DEXs exceed a market cap of $2 billion, with markets like dYdX, GMX, and SNX at the forefront, accounting for 7.9% of total DeFi market value. This a great opportunity for the recently announced Surge, the first Perpetual DEX on Radix, to tap into this growing market. A collaboration between CaviarNine, Supra, and Keyrock, Surge will offer an innovative trading platform capable of providing over 100 tradable pairs.

Scrypto Yield Derivatives Challenge: The Scrypto challenges are back! This time, you’re invited to delve deep into the world of yield derivatives. Get ready to test your skills and build the next Pendle-like dApp in the Radix Network. Prizes include 15k USD in XRD, exclusive NFTs, and a fast-track to a Booster Grant! Radix offers entrepreneurs a $250m untapped opportunity to build the yield derivatives infrastructure for the current Radix ecosystem.

Breakout2024: Piers Ridyard recently teased the upcoming events for the year ahead for the Radix network and its ecosystem of builders, including massive user onboarding campaigns, new breakout dApps joining the ecosystem, institutional liquidity flowing into Radix,  RadFi2024, and a higher focus being put into marketing Radix to the wider Web3 and DeFi landscape. 

Additional Updates

Project Ignition Live: Since its launch on March 14th, Project Ignition has quickly achieved what it set out to achieve. Ignition pools now sit at over $10,000,000 in value in wrapped assets alone; this is why TVL is at a boosted $53M compared to $23M just a few weeks ago when Ignition went live, propelling Radix to spot 52 on DefiLlama. You can continue adding liquidity to Ignition pools using participant DEXs to receive up to 20% of the provided value upfront in XRD and can claim trading fees while receiving protection from impermanent loss. 

Coin Bureau Report: Coin Bureau recently released an in-depth review of Radix and its tech stack, commenting: “Radix continues to pave the way for the future of DeFi, poised to meet the demands of global finance for the next 100 years and beyond.”

CryptoEQ Report: Radix Leads in User and Developer Experience: The report concludes that Radix, by making assets a native feature and focusing on a holistic platform design, elevates user confidence and boosts developer productivity and security. This positions Radix as a clear leader in UX and DX among smart contract platforms.

New Developer Incentives Awarded: As part of the Scrypto Developer Incentives Program, RDX Works has rewarded three contributors to the Radix ecosystem. Each person will be awarded $1500 in XRD for contributing to the Radix ecosystem and developing new and valuable tools. These individuals are Radix Billboard, Marco Michelino, and HODL6666. 

BlockPit Integrates Radix: Blockpit, a leading Crypto tax calculation and portfolio tracking company integrated Radix after a successful community vote by the Blockpit community. With over 250,000 supported assets and integrations, Blockpit provides dedicated support for the crypto-specific tax frameworks of the USA, UK, Germany, France, Spain, Austria, Switzerland, the Netherlands, and Belgium. If you’re outside these jurisdictions, Blockpit also offers international tax reports for all other countries. 

Radix Booster Grants: As part of the 25M XRD ($1M+) Ecosystem Fund, developers and entrepreneurs can now apply for Booster Grants and receive up to $15,000 in XRD to support the development of their dApp on the Radix network.

Keyrock OTC Supports Radix: Keyrock’s OTC Desk now supports direct OTC (Over-the-counter) purchases and sales of xETH, xwBTC, xUSDT, xUSDC, and Radix (XRD) tokens for institutions. This service is available via the Keyrock OTC desks for one-time purchases in excess of $100k or multiple purchases of $50k or more.

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