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Binance, one of the world's leading cryptocurrency exchanges in terms of trading volume, has added support for a new decentralized finance (DeFi) altcoin.
It listed Radiant Capital (RDNT) in its “Innovation Zone.” The Innovation Zone is a dedicated trading space for crypto assets that may be more prone to rapid price swings.
Radiant Capital is a DeFi protocol that aims to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow various supported assets across multiple chains.
At the time of writing DeFi Llama ranks Radiant V2 as the 58th among all DeFi protocols, with a total value locked (TVL) of $164.09 million.
Radiant Capital’s TVL has risen by more than 14% in the past 24 hours and over 38% in the past seven days. The TVL of a blockchain represents the total capital held within its smart contracts. It is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
RDNT performance
Radiant Capital’s native token, RDNT, is currently valued at $0.375, and it has been performing well recently. RDNT rose over 9% in the span of 24 hours, reaching about $0.41 before correcting to its current price. RDNT is also up by more than 800% since the beginning of 2023.
Binance’s move to list RDNT indicates the exchange’s mission to expand its crypto investment offerings beyond the usual options like Bitcoin (BTC) and Ethereum (ETH). The Innovation Zone, where RDNT is listed, is designed to allow traders to access newer crypto assets that may carry higher risks.
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RDNT’s omnichain money market
Radiant Capital’s omnichain money market protocol is designed to enable users to lend and borrow assets across multiple blockchain networks.
This approach offers greater flexibility and convenience, as users can deposit assets on one chain and borrow assets on another. Radiant Capital aims to increase access to capital and create a more seamless and efficient lending and borrowing process.
As Binance continues to expand its offerings and list newer crypto assets, it remains to be seen how RDNT and Radiant Capital will perform in the highly volatile and constantly evolving world of DeFi.