Arca Investment bridged 450 ETH through Arbitrum and acquired Radiant Capital and Dopex crypto tokens. In the meantime, it should be noted that the February performance of the mentioned tokens was quite successful.
Arca collects Radiant Capital and Dopex tokens
According to data from Arbiscan, Arca has purchased Radiant Capital-specific 422,000 RDNT and Dopex-specific 757 DPX crypto tokens for $125,000 and $285,000, respectively. The average purchase price of each was $0.27 and $360, respectively.
.@arca continued to bridge 450 $ETH to @arbitrum and bought:
• 422K $RDNT ($125K)
• 757 $DPX ($285K)Their average buying price is $0.27 and $360, respectively. pic.twitter.com/4XZUQYO3Hn
— The Data Nerd (@datanerdonchain) February 23, 2023
Both tokens are compliant with the ERC-20 standard and are used for governance. Therefore, holders can use them to vote on offers. It is not yet clear why Arca is accumulating Dopex and Radiant Capital tokens. But what is known is that these protocols are active and have attracted capital in recent weeks.
Dopex is a decentralized options exchange and claims to have ‘options with maximum liquidity and minimum risk’. Dopex is available on Polygon, an Ethereum side-chain, and on the Ethereum main-net, as well as launching on Arbitrum One, a general-purpose Ethereum layer-2 platform that is the largest by total value locked (TVL). As of February 23, Dopex’s open interest was over $300 million. He also had a TVL of $58.7 million.
Radiant Capital is a decentralized, unsupervised lending protocol whose site is hosted on an interplanetary file storage (IPFS) system. It was forked by TVL from Aave, one of the largest DeFi protocols in the world. The DApp is deployed on Ethereum and Arbitrum. It allows users to earn interest when they lend a variety of assets, including USDC, USDT and wETH. As a decentralized money market, Radiant Capital allows borrowers to take out loans. At the time of writing, the TVL value of the protocol was $87.85 million.
Radiant Capital TVL: DeFiLlamaHow is the price performance of cryptocurrencies?
DPX and RDNT prices have been in an uptrend lately. In the three months since November 2022, DPX prices have soared from around $155 to $530 this week. That is, it has more than tripled, reaching the new highs of the first quarter of 2023. At the time of writing, the token is trading at around $380. However, it recorded an increase of over 35% in February.
February Dopex price / Source: TradingViewMeanwhile, RDNT has grown by over 500% since the beginning of the year. The coin reached $0.28 from around $0.047 recorded on January 13, 2023.
According to experts, their price performance reflects the overall performance in the crypto markets. As you follow on Kriptokoin.com, Bitcoin and Ethereum also recovered in the new year. The top two cryptocurrencies have bounced from 2022 lows and are currently trading above $23,000 and $1,500 respectively.
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