What is Radix (XRD) crypto and why is it rising suddenly?

Highlights:

• Radix is a layer-one protocol designed for decentralized finance (DeFi) services.
• XRD is the native token of the Radix protocol, and it has multiple use cases like paying transaction fees.
• The Radix (XRD) crypto is available on Bitfinex, a cryptocurrency exchange.

The cryptocurrency market is going through uncertain times as it has been witnessing extreme volatility ever since Russia declared war on Ukraine. On Wednesday, March 16, the crypto market was trading in the green after declining continuously over the past few days.

At the time of drafting, the global crypto market cap was up three per cent over the last day and reached US$ 1.78 trillion. Meanwhile, the total crypto volume jumped 27.6 per cent to US$ 94.61 billion.

Amid the rising cryptocurrencies, one cryptocurrency appeared to have caught the attention of crypto enthusiasts. We are talking about Radix (XRD) crypto, and at 9:30 AM EST, it was up 8.5 per cent to US$ 0.12 per token, and the fully-diluted market cap had increased to about US$ 2.9 billion.

As the virtual currency is probably getting traction, let's find out more:

What is Radix (XRD)?

Radix is a layer-one protocol designed for decentralized finance (DeFi) services, and it was launched in 2017 by Dan Huges, who currently serves as the Director. According to its website, this protocol is designed to prevent hacking and exploit attempts without affecting the scalability.

Notably, Radix protocol has its version of an Ethereum Virtual Machine (EVM) called the Radix Engine. It enables developers to build things in its ecosystem via pre-built components on the protocol.

Radix reportedly aims to replace leading DeFi blockchains and become a one-stop shop for decentralized financial services in future.

XRD is the native token of the Radix protocol, and it has multiple use cases like paying transaction fees, staking and voting on matters related to the protocol. The XRD crypto acts as a utility and governance token in simple terms.

Also Read: Why Waves (WAVES) crypto rallied around 100% in a month?

As per the official website, Radix is building an open and interconnected platform for developing various powerful DeFi applications. Also, to ensure safety, the protocol generates 300 million XRD tokens every year and share them among those who stake. 

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Bottom line

The sudden interest in Radix crypto could be due to the announcement on Twitter. The protocol asked people to join the North & South American Wen Marketing call to chat directly with team members and get exposure to the protocol's plans in 2022.

The total and maximum supply of Radix crypto is 12.1 billion and 24 billion XRD tokens, respectively. Meanwhile, the self-reported circulating supply is 9.8 billion tokens.

The XRD crypto is available on Bitfinex, a cryptocurrency exchange. For investors, it is essential to understand that the crypto market is highly volatile currently, and they should research before investing.

Also Read: Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?

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