Radiant Capital reschedules Ethereum mainnet launch, 1 million Arbitrum tokens set for distribution


  • Radiant Capital was expected to launch its Ethereum mainnet on October 3, but put it off twelve days.
  • The omnichain lending protocol cited better opportunities for significant gas optimizations towards a more refined user experience.
  • The 12 days will allow the firm time to implement additional contract upgrades and comprehensive testing.
  • A DAO vote will soon be initiated concerning distribution of remaining 1M ARB, initially allocated to Radiant DAO from Arbitrum's airdrop.

Radiant Capital, an omnichain lending protocol, was scheduled to launch on the Ethereum mainnet, on Tuesday, October 3 but in the end it postponed the event. Notably, there are $70 billion in stablecoins on Ethereum (ETH), most of which are not utilized to generate yield.

Also Read: This altcoin nears the end of its five-month downtrend and could rally 40% soon

Radiant Capital postpones Ethereum mainnet launch

Radiant Capital announced that it has postponed its much anticipated launch on the Ethereum mainnet to a later date, October 15, highlighting that it had “identified opportunities for significant gas optimizations.” With this discovery, the lending protocol opted to prioritize “competitive gas costs” as an enabler to delivering an optimal user experience.

The omnichain lending protocol will therefore spend the next twelve days implementing additional contract upgrades and performing more thorough testing.

Radiant Capital to hold DAO vote for ARB tokens distribution

Regarding the remaining 1 million Arbitrum (ARB) tokens that had been allocated to the Radiant DAO from Arbitrum’s airdrop, the Radiant ecosystem will be holding a decentralized autonomous organization (DAO) vote to decide on distribution.

Earlier in the year, Radiant received a 3,348,026 ARB grant from the Arbitrum Foundation. The lending protocol was among the largest recipients of the initial ARB grant, which helped solidify its place as a pivotal protocol in the Arbitrum ecosystem.

Radiant price has dipped almost 10% following the news, to trade at $0.2323. Ahead of the announcement, RDNT had rallied 25% as community members recorded the countdown to the launch. Following the announcement, however, almost half of all that ground covered was lost.

Read here for the Radiant Capital price outlook.

Ethereum FAQs

What is Ethereum?

Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.

What blockchain technology does Ethereum use?

Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.

What is staking?

Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.

Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?

Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.

More TRON News

XRP fails to break past $0.50, posting 20% weekly losses

XRP fails to break past $0.50, posting 20% weekly losses

XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22. 

More Ripple News

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

More Bitcoin News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP