Radix, a decentralized finance entity offering a complete stack concerning Web3 development, has announced an exclusive development. As per the platform, it is unveiling its latest project “Radix Foundry Program” to incubate decentralized applications in high-potential groups to elevate growth in on-chain activity and users. The company took to its official X account to disclose the release of the latest initiative.
Introducing the Radix Foundry Program 🔥This program incubates dApps in high-potential categories to drive significant growth in users and on-chain activity in the Radix ecosystemTeams can receive up to $250k in funding to bring their vision to lifehttps://t.co/dLq4zNBiiz pic.twitter.com/LqjUcujXVR
— Radix – Radically Different DeFi (@radixdlt) May 31, 2024
Radix Releases the Radix Foundry Program, Incubating dApps to Elevate On-Chain Activity
In addition to the announcement of the project on X, it also published a blog post to provide details. It pointed out that within 9 months following the Babylon upgrade many entities have collected significant total value locked. It added that these entities take into account the decentralized exchanges like DeFi Plaza, Ociswap and money markets like WEFT. The respective platforms have reportedly gathered a TVL of above $30M.
In addition to this, decentralized apps like XRD Domains, Trove, and ShardSpace offer the finest experience for Web3 users. Along with that, Hug, Early, and other such meme tokens have attracted more users to the Radix ecosystem. Keeping that in view, the platform is unveiling the Radix Foundry to further the above-mentioned successes. The company brought to the front that the project focuses on incubation of the dApps among high-potential classes.
According to the platform, this development will potentially drive substantial user growth along with on-chain activity and TVL. The projects taking part in the new endeavor will reportedly get technical, business, and marketing support. In addition to offering support, RDX Works will also provide funding of nearly $250 to the participants.
The New Project Targets Fulfilling User Requirements
While discussing the high-potential dApp classes, the platform disclosed up to 4 user objectives. It asserted that crypto consumers chiefly intend to hold and send value to others across the globe. The 2nd user requirement deals with the availability of liquid markets for token trading. Additionally, the users also want to earn profits on capital.
Moreover, they also intend to do all this for entertainment purposes. To meet such demands, the Radix Foundry invites proposals from all the projects in several categories. These categories include liquid staking and restaking, stablecoins and collateralized debt position, launchpad, NFT professional trading, and yield derivatives. They also include real-world assets as well as borrowing and lending money markets.