More than 50 projects are building on the Radix Network
Radix, the “Full Stack” Layer 1 smart contract platform, is set to launch its Babylon mainnet upgrade around 27 September 2023. This unlocks live Scrypto smart contracts and the Radix Wallet, ushering in a radically better developer and user experience for DeFi and Web3.
- What does DeFi look like in 2023 so far? And what lies ahead?
- Radix’s Babylon enhancement: what to expect
- Pioneering projects poised for Babylon’s launch
- A big step closer to asset sovereignty in DeFi
What does DeFi look like in 2023 so far? And what lies ahead?
As 2023 unfolds, decentralized finance (DeFi) is witnessing continuous innovation and adoption. Notably, a recent court ruling could lead to the creation of the first Bitcoin ETF. Additionally, PayPal’s foray into the stablecoin field is poised to onboard a new wave of users. These developments emphasize that traditional financial institutes want to embrace the developments in Web3.
Beyond these headline-making developments, the on-chain data also reveals a promising trend. According to DappRadar’s report, the second quarter of 2023 recorded a significant growth in the dominance of DeFi within the blockchain industry, as exemplified in the chart below.
When the landscape undergoes rapid shifts, it’s becoming more accessible for users to explore DeFi dapps. However, to onboard the next billion users, enhancing the decentralized infrastructure remains paramount. While various blockchain options are available, developers and users alike can find unmatched experience with DeFi-oriented networks such as Radix.
Radix’s Babylon mainnet upgrade is scheduled to launch around 27 September 2023. What transformative advantages will accompany this milestone?
Radix’s Babylon enhancement: what to expect
In the wake of the recent Vyper exploit, DeFi faces another stark wake-up call regarding the importance of security, a topic that Radix is well-poised to address with its “Full Stack” approach for DeFi and Web3.
This means that every layer of its technology stack has been carefully designed and seamlessly integrated to offer the best possible user experience and developer experience.
- Read this article to learn how Radix’s Web3 stack makes DeFi mainstream.
The Babylon upgrade marks a significant turning point for Radix, enabling developers to utilize Scrypto-based smart contracts for building dapps.
Scrypto inherits the robust traits of the programming language Rust, while specializing in digital asset programming. With an asset-focused design, it treats digital assets as native first-class entities, like “physical” objects that must be held or transferred inside containers with behaviors guaranteed by the Radix Engine execution environment, enhancing their security and integrity on Radix.
With assets (such as tokens and NFTs) as native features of the programming environment, developer productivity and speed to market are increased by multiple factors, in the same way that game engines, with native features for physics and gravity, increase game developer productivity.
- For a deeper dive into Scrypto, explore this article or kickstart your project with Radix’s comprehensive developer documentation.
Radix Wallet debuts
Also, as part of this release, the Radix Wallet will debut on both iOS and Android. Tailored for mainstream users, the wallet incorporates a variety of game-changing UX features.
For instance, within the Radix Wallet, the Transaction Review replaces the obscure strings of characters commonly found in most crypto wallets. Instead, it displays user-friendly, human-readable transaction details. This is in contrast to the random string of characters that is presented when users “blind sign” on other platforms.
Additionally, the wallet introduces “Personas,” which enable Web3 login with selective data sharing and the segregation of online identities from asset accounts. As a result, it enhances privacy and simplifies the Web3 login procedure.
Pioneering projects poised for Babylon’s launch
The Radix ecosystem is rapidly expanding, with over 50 pioneering projects in development.
One of these noteworthy projects is DefiPlaza, which facilitates token trades as an Automated Market Maker (AMM). Once the Radix Babylon network launches, DefiPlaza will be among the first decentralized exchanges (DEXs) on Radix.
Another noteworthy endeavor, RadLock, focuses on facilitating trust and efficiency in projects’ virtual economies. By providing services like token locking, token vesting, and ICO launchpad, RadLock equips project builders with the tools to establish tokenomics that foster confidence and operational efficiency.
A big step closer to asset sovereignty in DeFi
Reflecting on this year’s unsettling collapse of several banking systems, the fundamental significance of asset sovereignty becomes clear. The launch of Radix’s Babylon upgrade takes us closer to realizing this essential goal – providing us with the means to exercise complete control over our assets.
As we navigate the evolving landscape of finance and technology, the power of DeFi, coupled with the strides of Babylon, propels us forward. Most importantly, it empowers individuals to take ownership of their DeFi assets like never before.
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