According to Blockworks, Radix, a Layer 1 network, has been laying the groundwork for the next generation of DeFi. Following the introduction of smart contract capabilities with the Radix Babylon Mainnet Upgrade, the Layer 1 protocol has significantly expanded its total value locked (TVL) in the past six months. This positions Radix for a significant breakout year in 2024. With TVL metrics now stable, the focus has shifted to expanding the Radix user base and increasing on-chain activity.
As part of the #Breakout2024 plans announced in March, which include major marketing campaigns, Radix has introduced Token Trek. This new community rewards program, built by dmany, was launched with over $120,000 in rewards. Any Web3 user can earn a share of these rewards by exploring the Radix Ecosystem. Token Trek is designed to stimulate on-chain activity, allowing users to earn XP which can then be exchanged for $XRD, and ecosystem tokens by completing a range of tasks utilizing the rapidly growing number of dApps already live on Radix.
The momentum on Radix Token Trek follows the recent launch of Project Ignition in March 2024. This was the first major event as part of the #Breakout2024 campaign, and saw $10+ million in liquidity injected into the Radix ecosystem. Project Ignition incentives aimed to increase the amount of TVL of major cryptocurrencies such as USD Coin (USDC), Tether (USDT), wBTC, and Ether (ETH) in the Radix ecosystem. Within two weeks, Project Ignition resulted in a 76% increase in Radix total value locked (TVL) and a significant increase in on-chain activity on Radix.
In addition to Ignition and Token Trek, Radix is fostering new integrations as part of #Breakout2024, including LayerZero and Maya Protocol — a cross-chain liquidity and swap protocol that utilizes an innovative cross-chain liquidity mechanism. The Maya community voted to integrate Radix, with over 95 percent of participants saying yes, demonstrating the excitement about the growth that a Radix integration will bring. This integration will allow for a permissionless flow of assets between Ethereum, Thorchain, Kujira, Arbitrum, Bitcoin, and the Radix network, boosting the growth of TVL and its users.