Today, we’re very excited to announce that we will become one of the first integrated projects into Radix, a layer-one protocol purpose-built for DeFi. As the protocol prepares to roll out Betanet in April, we will be running validator nodes on Radix Betanet and Mainnet, while also providing seamless access to Ethereum DeFi for XRD ecosystem participants.
Radix DeFi DLT will provide a functionally viable alternative to a global network of traditional financial systems. Its value lies in the capacity to support a tremendous number of interconnected DeFi apps simultaneously, run each of them at high throughput, and without compromising decentralization. The betanet is a final large-scale stress test, marking the completion of major core developments of Radix in preparation for the first public network release later this year. In this phase, we will be amongst the first validator nodes on the network and move on to become one of the first applications to fully deploy with Radix at launch.
“StakeHound is a revolutionary DeFi product that prevents users from having to choose between securing layer 1 protocols and participating in the DeFi application ecosystem,” said Piers Rydiard, CEO of Radix. “Their institutional-grade custody and staking, along with their liquid staked tokens will increase liquidity and security for the Radix network as well as the liquidity of the other communities we are working closely within the Ethereum DeFi ecosystem.”.
The total market cap of Proof-of-Stake (PoS) protocols is valued at over $456 billion with a total of $113 billion locked in staking, according to the Staking Rewards website. We offer our liquid staking solution as a way of capturing some of the staking locked value and seamlessly bridging it into the growing DeFi ecosystem. By creating ERC-20 wrapped XRD, called stXRD, holders will qualify for stable staking rewards payouts and can also take part in the Ethereum DeFi ecosystem, provide liquidity to AMM pools (such as SushiSwap and Uniswap), participate in yield-farming, use it as collateral for lending and borrowing, and more.
“By integrating StakeHound into the Radix ecosystem, we’re multiplying the reward opportunities for the Radix community, while also participating in securing the network,” said Albert Castellana, CEO of StakeHound. “Radix holders will qualify for part of the 300m annual XRD staking rewards while getting liquid access to the best DeFi products on Ethereum such as earning Uniswap LP fees.”
Have questions already? Join the stXRD Discord Community.