Key Takeaways
- Radix is offering a grant program to incentivize developers to build on its DeFi-focused blockchain platform and promote innovation in the space.
- The program offers funding, guidance, and training from the Radix team to the chosen projects, covering various topics to help the teams succeed in their endeavors.
- Radix’s unique blockchain architecture allows for linear scalability and atomic composability, providing a foundation for future DeFi development.
DeFi-focused blockchain platform Radix is offering developers a strong incentive as it looks 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 are aiming to build on Radix, including decentralized exchange platforms, lending dApps, yield farming, stablecoins, oracles, NFTs, aggregators, bridges and games.
The grant program is being offered by RDX Works, the company building Radix, and will offer a lot more than just funding. In addition to money, teams will also receive hands-on guidance and training from the Radix team over the course of the 12-week program. In this way, the grants program sounds much more like a traditional startup accelerator.
RDX Works CEO Piers Ridyard said the program has been carefully designed to ensure serious Web3 developers will receive access to everything they need to succeed with their projects.
“We’ve seen the numerous, expensive, and self-centered mistakes that other ecosystem-focused initiatives have made,” he explained.
The five chosen projects will enter the 12-week program in February. They’ll receive $30,000 worth of XRD tokens, and get to attend multiple classes with the RDX Works leadership team on topics such as building a community, developing a product and tokenomics. There will also be guidance on user testing, compliance, cybersecurity issues, how to incorporate a company and more. Each team will have a bi-weekly one-on-one with a RDX Works mentor, and the projects will also be promoted to the wider Radix community. Finally, RDX Works intends to hold an in-person bootcamp at a yet-to-be-determined location in Europe.
Radix hopes that the program will spark a fresh wave of innovation as it attempts to reinvent DeFi as “RadFi”, or radically-different DeFi. Radix has been slowly building the foundation of the future of finance for the past nine years, and to that end it has come up with a completely new kind of blockchain architecture that, more or less, does away with the need for smart contracts. With Radix, dApps are instead built with reusable components from an extensive catalog. They’re basically building blocks for dApps on the Radix platform, with the main difference being that they’ve been stress-tested to ensure they’re free of 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 that’s 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’s accepting applications for phase one of its grants program from today. It’s open to all teams that have either a minimum viable product, or a plan to create one soon. In addition, applicants must be willing to establish an incorporated company and undergo “Know Your Customer” checks. While Radix is only accepting five projects for phase one, those who miss out can try again when phase two kicks off in the second quarter.
