Key points to remember
- Radix is offering a grant program to incentivize developers to build on its DeFi-focused blockchain platform and drive innovation in the space.
- The program offers funding, guidance, and training from the Radix team to chosen projects, covering a variety of topics to help teams succeed in their endeavors.
- Radix’s unique blockchain architecture enables linear scalability and atomic composability, providing a foundation for future DeFi development.
DeFi-focused blockchain platform Base offers developers a strong incentive as it seeks to grow its ecosystem. It has just announced the first phase of the Radix Grants program, the first initiative of its kind.
In a press release, Radix said the program is open to a wide range of projects that aim to build on Radix, including decentralized exchanges, lending dApps, yield farming, stablecoins, oracles, NFTs, aggregators, bridges and games.
The grant program is offered by RDX Works, the company building Radix, and will provide more than just funding. In addition to cash, teams will also receive hands-on guidance and training from the Radix team during the 12-week program. This way, the grant program looks a lot more like a traditional startup accelerator.
RDX Works CEO Piers Ridyard said the program has been carefully designed to ensure serious Web3 developers will have access to everything they need to succeed in their projects.
“We’ve seen the many, costly and self-centered mistakes that other ecosystem-driven initiatives have made,” he explained.
The five selected projects will enter the 12-week program in February. They will receive $30,000 worth of XRD tokens and can attend several classes with the RDX Works leadership team on topics such as community building, product development, and tokenomics. There will also be advice on user testing, compliance, cybersecurity issues, how to incorporate a business and more. Each team will have a bi-weekly one-on-one with an RDX Works mentor, and projects will also be promoted to the wider Radix community. Finally, RDX Works intends to hold an in-person bootcamp at a location yet to be determined in Europe.
Radix hopes the program will spark a new wave of innovation as it attempts to reinvent DeFi as “RadFi,” or Radically different DeFi. Radix has been slowly building the foundations for the future of finance over the past nine years, and to that end, it has come up with an entirely new kind of blockchain architecture that more or less eliminates the need for smart contracts. . With Radix, dApps are rather built with reusable components from an extensive catalog. They are essentially building blocks for dApps on the Radix platform, the main difference being that they have been stress tested to ensure they are free from vulnerabilities. Any developer can create and contribute a component to the Radix catalog and earn royalties for their efforts.
The other unique aspect of Radix is its built-in sharding capability to ensure linear scalability, without affecting the atomic composability required for complex DeFi transactions. This unique architecture will allow Radix to scale to handle millions of dApps, assuming it achieves its goal of becoming the number one blockchain for DeFi.
Radix said it was accepting applications for the first phase of its grant program starting today. It is open to all teams that either have a minimum viable product or a plan to create one soon. In addition, applicants must be willing to set up an incorporated company and undergo “Know Your Customer” checks. While Radix only accepts five projects for phase one, those who miss out can try again when phase two kicks off in Q2.
David is a crypto enthusiast and personal finance expert. He has created numerous publications for different platforms. He loves exploring new things, and that’s how he discovered blockchain in the first place.