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.
gm Radiants-
— Radiant Capital (@RDNTCapital) October 2, 2023
During the final stages of testing for @ethereum mainnet deployment, we've identified opportunities for significant gas optimizations. It's imperative to ensure competitive gas costs to deliver an optimal user experience.
Therefore, we are rescheduling the… https://t.co/4mzlYnl5gi
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.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
