Aiming to rival DeFi leader Ethereum, Radix (XRD) climbed to a 12-month high of $0.15 on Tuesday. Behind the performance that surpassed the market giants, there was a significant upgrade news.
Radix (XRD) made a difference to its competitors with its 2x performance
DeFi project Radix’s XRD token has more than doubled in the past 30 days, making it one of the top 100 best performing cryptocurrencies.
XRD rose 176% to $0.114, with the price hitting a 12-month high of $0.15 at one point, according to Messari data. The rally increased its market cap to $1.16 billion, helping it reach the 46th-largest cryptocurrency position in the market.
At the time of the April 11 upgrade announcement, Radix was trading at around $0.050. The token rose 200% to $0.149 this week. Following the rise lies two recent developments.
Why is XRD rising? Who supports?
According to Matrixport head of research and strategy, Markus Thielen, fundraising by Radix, led by market maker and investment firm DWF Labs, in March and optimism about an upcoming upgrade seems to have fueled investor interest in the token. The funding round gave Radix a valuation of $400 million.
“Radix has raised $10 million ahead of the Babylon launch scheduled for July 31, which will introduce smart contract functionality on the network,” Thielen said. As Kriptokoin.com, we mentioned that DWF Labs is an active investor during the bear market.
Let's go @radixdlt 👀⚡️ https://t.co/x6O6DBCU1P
— DWF Labs (@DWFLabs) March 23, 2023
XRD rose over 15% at the time the fundraiser was announced on March 23, and a week later, Radix launched its “Release Candidate” network (RCNet), bringing the much-anticipated upgrade from Olympia to Babylon one step further, in an almost vertical position. started to rise.
According to a new announcement, the Radix (XRD) ecosystem plans to upgrade from Olympia to Babylon around July 31.
Radix prices Babylon upgrade
The upgrade will provide Radix with smart contract capabilities and allow developers to build powerful decentralized applications. As of last month, Radix had more than 50 projects developing apps and tools for gaming, trading, lending, NFTs and wallets.
Babylon will natively support liquid staking of XRD, eliminating the need for separate protocols like Lido, which helps ETH stakers maintain their liquidity by issuing their staked ETH. The project says the Babylon upgrade will make the ecosystem more attractive to developers.
According to the latest information, Radix (XRD) plans to upgrade its ecosystem from Olympia to Babylon around July 31. According to the official announcement: “Babylon upgrade date confirmed: July 31, 2023. The upgrade from Olympia to Babylon will pave the way for global Web3 and DeFi to finally exit the ‘tech demo’ phase with a mainstream capable user and developer experience.”
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