Radiant Addressing V1 Issues With V2
Decentralized Finance protocol on Arbitrum, Radiant Capital unveils more details on the upcoming V2 expected to launch this week.
Radiant v2 is going live soon, unlocking the full potential of DeFi's first omnichain money market.— Radiant Capital (@RDNTCapital) March 12, 2023
To prepare, the DAO advises all users read through the Migration Day FAQ here: https://t.co/gTYKNwCywd https://t.co/PGZsSWYkb0
Radiant Capital will introduce V2 to address some of the issues from V1. Among these are unsustainable initial emissions, insufficient runway, a low incentive to provide on-chain liquidity to the protocol, and fixed unlock times.
In order to address these issues, Radiant V2 intends to implement improvements in tokenomics, utility, new cross-chain capabilities, multiple new EVM chain launches, and LayerZero Omnifungible Token (OFT) implementation. The team also wants to focus on the accumulation of fair value for the DAO, aiming to become the highest fee-generating protocol in DeFi.
As of Migration Day, RDNT emissions will programmatically be enabled for V2 pools and disabled for V1 pools and the SushiSwap LP "Pool 2" stake pool.
The launch of LayerZero's Omnifungible Token (OFT) will require users to migrate their RDNT V1 tokens to the RDNT V2 OFT, based on the ERC-20 standard. The protocol has a custom Migration Wizard that will guide users through the entire process.
The wizard can guide you to claim rewards, unwind RDNT/ETH Sushi LP positions, move V1 deposits to the V2 lending pool contracts, and finally migrate your RDNT token to OFT, 1:1.
There are certain guidelines Radiant has outlined to move RDNT to V3, regardless of whether you hold RDNT in your wallet, on a centralized exchange, on a decentralized exchange, or whether you have pending or vesting RDNT. You can find them here.
Worth noting users who wish to receive RDNT emissions must maintain an average of 5% of their total deposits in locked Dynamic Liquidity.
Taking Security Seriously
Radiant did V2 audits with Peckshield and Zokyo with no unresolved critical or high issues. Additionally, BlockSec was engaged to perform white hat hacking without any outstanding issues.
According to Radiant, a team of experts will monitor and instantly respond to smart contract events with OpenZeppelin Defender. Moreover, circuit breakers and automated actions are set up to respond in seconds to potential attacks.
Radiant Capital ($RDNT) is trading at $0.2935, up 34.52% in 24 hours.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant's cross-chain interoperability is built on Layer Zero, with v1 taking advantage of Stargate's stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.