Radix Native Token
|All Time High:|
|Market Cap: |
|The price of #XRD today is $0.06 USD.|
The lowest XRD price for this period was $0, the highest was $0.062, and the current live price for one XRD coin is $0.06153.
The all-time high XRD coin price was $0.65.
Use our custom price calculator to see the hypothetical price of XRD with market cap of BTC or other crypto coins.
|The code for Radix Native Token is #XRD. |
Radix Native Token is 1.1 years old.
|The current market capitalization for Radix Native Token is $615,018,004.|
Radix Native Token is ranked #64 out of all coins, by market cap (and other factors).
|There is a medium volume of trading today on #XRD.|
Today's 24-hour trading volume across all exchanges for Radix Native Token is $327,174.
|The circulating supply of XRD is 9,995,361,808 coins, which is 81% of the total coin supply.|
|XRD has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 6 crypto exchanges.|
View #XRD trading pairs and crypto exchanges that currently support #XRD purchase.
Rekt Retweet #12: Native Token Validation — Why the $2.1m
Rekt Retweet #12: Native Token Validation — Why the $2.1m Gym Network hack could NEVER happen on Radix | The Radix Blog | Radix DLT July 20, 2022 Gym Network is a yield aggregator on Binance Smart Chain (BSC) that allows users to deposit tokens such as BUSD to earn yield in BSC DeFi. Once deposited, users earn GYMNET tokens as reward. The yield from BSC DeFi is used to buy back and burn GYMNET. On June 8 2022, a hacker bypassed the deposit process, minting GYMNET tokens for themselves directly. The Gym devs failed to include a “call verification” on the depositFromOtherContract() method, and so the hacker could simply call the method and mint as much GYMNET as they wanted without having to deposit any BUSD. $2.1m was stolen. So why couldn’t this hack have happened on Radix’s upcoming Babylon release? On Radix, tokens are native first-class features of the platform. Tokens live in vaults inside smart contract components, and are physically passed between vaults through “buckets”. If “Gym Network” were built on Radix, users would have direct custody of their tokens in their own account component (instead of the tokens living in a balance sheet in someone else’s smart contract). To deposit their BUSD, a user sends these to the “Gym Network” vault. When being passed between vaults, tokens must be placed in a bucket, which is a temporary container for tokens that must be empty by the end of the transaction. Only after those tokens have been physically received via a bucket, with Radix Engine validating the correct tokens are placed in the correct vault, will “Gym Network” on Radix check how many tokens have been received and mint GYMNET to send back to the user. With the validation of tokens being performed by Radix Engine, instead of left to the developer, if the hacker attempted this hack on Radix, the hack would fail immediately, as there is no way to call “Gym Network” to mint GYMNET, without a bucket containing real BUSD. With Solidity devs responsible for all token and validation logic where mistakes are easy, it’s no wonder they spend up to 90% of their time validating and securing their code, and only 10% on actual functionality. DeFi developer productivity needs its “Game Engine” moment, with all the hard stuff, like token logic and validations, handled by the platform itself. To find out how Radix Engine provides these features, see: https://www.radixdlt.com/post/radix-engine-v2-an-asset-oriented-smart-contract-environment For the last in the Rekt Retweet series: Rekt Retweet #11: Re-entrancy — Why the $11m Agave and Hundred Finance hacks could NEVER happen on Radix Originally published at https://www.radixdlt.com.
Radix Report — from RDX Works — 14th July | The Radix Blog | Radix DLT
Radix Report — from RDX Works — 14th July | The Radix Blog | Radix DLT July 14, 2022 — Overview — Piers Ridyard, CEO. — While the last two weeks continue to see blood in the wider crypto market with Voyager declaring bankruptcy and the continued saga of Celsius, it has been great to see the continued growth in Radix where it matters — builders. For those who didn’t catch it, we recently passed 2,000 clones of the Scrypto repo. This means that over 2000 developers have now downloaded and started playing with the Scrypto code. Not only that, the number of newbies starting out with Scrypto as their first programming language also continues to grow. I continue to be incredibly excited and proud by the amount of potential that is growing in the Radix community, as well as the way that Scrypto is growing up as a language. It is still early days, and there are still many things to improve, but I still think it is the only product being built in DeFi today that is truly putting the user first. For those that haven’t watched the video Matt did about flash mobs vs movements, now is a good time to watch it because it is playing out. If the market is giving you the blues, take the next 6 months out of watching red bars on trading screens and give Scrypto a try. It’s going to make you happier than the market will! — Strategy & Marketing (Adam Simmons, CSO & Jeremy Epstein, CMO). — For the marketing report, please see this past week’s Marketing Wen-sday Shard #5. That pretty much brings you up to speed. However, we do have a few other highlights since then:The Intro to Radix: University Zoom Chat was a resounding success50+ attendees despite summer vacation and a bear marketTop universities like Cambridge, Oxford, Stanford, UCLA and Columbia25+ universities in attendance from around the worldCanada, US, UK, France, Germany, Kenya, India, Korea, Singapore and BrazilThis marks the start of Radix’s journey to becoming a dominant player at universities and colleges across the globe. Executed our first University Zoom Chat this week, led by Nick and the results are in… RedFoo as a featured guest on the DataDash vlog And don’t forget to spread the word about the upcoming “Dev Swarm” Event on July 23rd in Lisbon, Munich, Vienna, Budapest, and Szeged. Register here. Also, July 28th 2022 will mark one year since the #Radix Public Network was launched, so we are looking for those interested in taking part in a decentralized celebration! If you would like to host an event please let us know by here. If you can host a meetup on the 28th we want to hear from you! Register here — Development (Russell Harvey, CTO & Matthew Hine, CPO). — Implementation of Babylon progresses steadily as we work our way towards a functional internal test network. We’re currently in the midst of getting our new state manager shaken out, as well as modularizing the node so that we have cleaner separation between the communication, consensus, and engine aspects. On the Scrypto side of things, we’re looking very good for fees making the v0.5 release, and we have just about completed work on enabling local components (components which are directly owned by another component, and are not globally addressable). Local components are an important capability in order to realize our vision of complex applications built from modular, reusable blueprints, rather than the repeated deployment of identical code present on EVM-based networks. We also just had a quiet, but important milestone on the Olympia mainnet: our first successful protocol update! You can read about how it works here; this automated update process required a great deal of effort to design, build, and test and it’s gratifying to see it work perfectly. Many thanks to our node-runner community for a speedy uptake of the new version! We would like to extend a particular thank-you to Faraz, who was absolutely tireless in coordinating the effort, answering questions about the process, and contacting node runners to be sure they were aware of the upcoming change. Just a few days remain on the Scrypto Lending Challenge; be sure to get your entry in by July 18th. — Update from the Radix Community*. — Now we are back with a different theme! In this quiz we will praise the Radix Legends. Everyone in the Radix family is special and we want to pay tribute to those colorful and unique people who make our community even more special! 5 winners will split 1500 XRD (300 XRD each) and another 5 winners will get a Radix Community T-shirt! Take part in the Radix Legends Quiz and see how you score!Another gleam giveaway of 1500 XRD is live, join if you haven’t already!We interviewed Bobcat Society about their experience moving their NFT project from Solana to Radix, what made Radix the right choice for them, and about the inspiration behind their artwork. https://getradix.com/updates/communityspotlight/bobcat-society-interview Originally published at https://www.radixdlt.com.
Marketing Wen-sday, Shard #5 | The Radix Blog | Radix DLT
July 6, 2022 We’ve now finished Q2. I don’t want to bury the lead, so I’ll say this…we accomplished the objective. For some strong results, scroll down. Now on with it…As you’ll recall from previous shards (here’s Shard #4), our Q2 objective was to “Start Your Marketing Engines”. We selected 3 Key Results for Marketing to help us focus our efforts and to support our claim that we had, in fact, started the marketing engines. (For a refresher on the OKR paradigm, please reference Shard 2). Q2 Key ResultsGrow the number of wallets with more than 2000 XRD from 7500 to 10,000Drive 1500 unique Scrypto repo clones (up from 600)Grow to 150,000 monthly site visits (from 50k) — Ok, so how are we doing?. — Wallet Growth We ended the quarter at just under 8800 wallets with more than 2000 XRD. That puts us at about 70% of our OKR goal (and remember, 70% in OKRs is considered very good). While we are all familiar with the pain of XRD acquisition in many jurisdictions, a significant number of exchanges integrated XRD this quarter, including Gate, MEXC, AscendEX; Vindax, Digifinex, P2PB2B, XT.com (with thanks to the Radix community); and we are excited at the prospects of upcoming XRD listings at WhiteBit, Bitmart, and LBANK. These should continue to help in onboarding new members of our tribe. And we’re not slowing down, as the Head of Token role search continues. I think it’s notable that, in a bear market such as the one we are in, we continue to see week-over-week growth of committed wallet holders. Wallet growth will remain a focus in Q3, as we’ve set a new OKR of driving towards 15k. Scrypto Repos We absolutely obliterated this goal, with nearly 2000 clones of the repo this quarter, against a target of 1500. In other words, 166% attainment. Ridiculous. To point to one reason for this success would be irresponsible, but the combination of our developer-focused advertising on Brave, Reddit, Twitter, our two events (Lisbon and Austin), the “Scrypto Love Quotes” we gather and share, and the great community moderation efforts across multiple teams within RDX works (and the extremely welcoming community when people do arrive), all were factors. I should also note that we saw a nice bump in those numbers after both Consensus and Foo Hack. In Q3, we are going to continue to support the efforts of developer acquisition by the ecosystem team, of course, though it won’t be a top-level OKR for the marketing team. Website Visits Sadly, we missed the mark on this one. Our Key Result was 450,000 total site visits in Q2 and we only ended up with 444,449 or 98.77% attainment. Brave contributed a huge number of them and the 1-day takeover was obviously a big part. In short, we figured out how to drive large amounts of traffic and grow brand awareness. As we move into Q3, we’re going to change the top-level OKR to measure organic site visits. Paid is excellent (and we’ll keep pushing it), but I want us to become a brand that generates unpaid traffic because of our community, our vision, and our tech. We’re about to hire a full-time social media manager who is going to help us with this, giving the Radix brand a bit more personality and (hopefully) virality. Along these lines, I had a great call with one of the world’s leading Word-of-Mouth marketers the other day and he told me; “Be Patient with WOMM. It takes a while and kind of like the Pyramids. Not fast, but permanent.” June Marketing Activity The two cornerstone events of June were Consensus (write-up covered in the June 16 Radix Report) and FooHack (write-up in the June 30 Radix Report and the “Smooth as Vegan Butter” blog post) and there’s not much more to say other than WE CRUSHED IT. That’s not to say there were no learnings from the two events (plenty of those), but all things considered, I think we got a lot of value out of them for the Radix community and that’s going to pay off in the months ahead. We’ll continue to leverage both of these (and we have some good FooHack PR coming in July that will continue to tell the story) as we go forward. Some other highlights:We launched the Radix Dandelion Marketing Program which is designed to give community members the opportunity to test out low-cost tactics that could yield high rewards. So far, we’ve received 49 entries (some better than others), and this Friday we’re going to be hosting a call for those who submitted to help them refine their ideas and coach them up. It’s a promising start and I’m looking forward to seeing how this program evolves.We’ve continued the Rekt Retweet series or, as I like to call it, “The EVM-based gift that keeps on giving” and we’re not going to slow down. As we deliver more of these, more people will have their Radix Revelation.Our paid media activity continues to improve in terms of both yield and effectiveness. We are adding 2 marketing platforms for Q3 and are hiring another member to the Performance Marketing team to help us optimize our spending. Our efficiency in attracting developers continues to improve with over 1,000 developers signing up for our events in Q2 via paid marketing. We have established a strong partnership with Stakingrewards.com and other vendors in the space to further build awareness as we move into Q3 and towards Babylon.And we finished the quarter strong against many of the OKRs we set, including:Enabled 27 Radix Revelation Meet-Ups around the worldGrew the number of Radix Ambassadors from 2 to 49Increased Twitter follower count from 140k to 187,400Built relationships with 42 University Blockchain Cubs. More on the here.Added nearly 2,500 new members to our DiscordCaptured and published more than 36 Scrypto Developer Love QuotesGenerated nearly 60k views of our content (driven by Rekt Retweet’s popularity)Had nearly 200 developers attend our events in Lisbon and AustinHad more than 750 people visit our Consensus booth I don’t know about you, but given all of those numbers, I think it’s fair to say that we have “started the marketing engines.” I am so proud of each and every one of the members of the RDX Works marketing team (and everyone in the organization and community) who have contributed to help make this quarter as strong as it was. Really, they put up with a lot (especially a bipolar CMO), put a ton of sweat into their roles, and committed themselves to the vision of a radically better financial system, built on Radix. But, starting the engines isn’t enough. We need to accelerate. With the help of the marketing infrastructure we have put in place thanks to our Marketing Ops team and soon, our new Marketing Director hire, (she starts in late July), I think we are well-positioned to do this. Q3 OKRs Our top-level Objective for Q3: Radix is a Growing WOM (Word-of-Mouth) Phenomenon. As for our Key Results, here’s what I’ve proposed.Grow organic site visits by 2.25xGrow the double opt-in email house list by 4xGrow XRD wallets >2000 XRD to 15k from 9k I shared the thinking on organic site visits above. A growth of 2.25x would support our objective. The same goes for our email list (especially double opt-in), as it’s an indication of increased demand. The email open rate, which is very good now, should at least stay flat (if not grow), as it demonstrates that we are delivering quality in addition to quantity. And, of course, none of this matters if people don’t decide that the Radix vision and community is for them by putting skin in the game. The rest of the team has aligned itself with these top-level OKRs. It’s not going to be easy, but decentralizing $400 trillion of global finance isn’t either. Looking Ahead to July Activities I’ve often said that the summer (in the northern hemisphere) is a great time to really push on the marketing. Why? Because conventional wisdom says that things slow down in the summer. In my mind, that’s a relic of a bygone era. Today, even when you’re at the beach or traveling, you still have your phone and, since others slow down, there is proportionately less noise. More opportunities for us. So, with that in mind, we look forward to our first Decentralized Finance Summit on the 7th of July and the innovative pilot we are calling “Dev Swarm” with simultaneous events going on in Lisbon, Vienna, Munich, Szeged, and Budapest on July 23. We also have our first University-focused event, Intro to Radix: University Zoom Chat on July 12. In addition, Piers is one of the featured speakers at the AWS FinTech Executive Forum in London on July, 20th. Great recognition that Radix is perceived as a thought leader in the next generation of FinTech. This will all be complemented by our 3 Wen-Marketing calls (see Discord and Telegram for details), the launch of our first Dandelion activities, increased activity on the PR and influencer front, and the anticipated completion of a new Radix vision video. Our community team is also increasing our efforts on growing Radix in Asia. We’ve seen a LOT of interest coming out of India and we are exploring ways to build awareness in Korea as well. Rekt Retweets will continue and we are rapidly building out the “Journey to the Radix Revelation” framework to help people move along that path faster. Lastly, we’ll be developing and begin planning for August and September campaigns designed to attract more members of our tribe and build momentum as we head toward Alphanet launch at the end of the quarter. Of course, this will all be foundational for the big Q4 release of Betanet and the Q1 release of Babylon. I will be spending more time on that this quarter as well and am open to radically different ideas about how to make the launch successful. Feedback/Thoughts/Ideas? We are looking forward to questions/comments/ideas in our Wen-Marketing Discord and, as always, we are grateful for your support. Originally published at https://www.radixdlt.com.
Rekt Retweet #11: Re-entrancy — Why the $11m Agave and Hundred Finance hacks could NEVER happen on…
Rekt Retweet #11: Re-entrancy — Why the $11m Agave and Hundred Finance hacks could NEVER happen on Radix | The Radix Blog | Radix DLT July 5, 2022 TLDR: The EVM requires complex stacks of messages sent between contracts, including re-entering previously called contracts, allowing for exploits in the ordering of logic. On Radix, re-entrancy is disabled, and Scrypto provides protections that forces correct ordering. https://twitter.com/RektHQ/status/1503832693062213642 Agave DAO and Hundred Finance are forks of Aave and Compound, respectively, on the Gnosis (xDai) network. Like many “alt layer 1s”, Gnosis leverages the Ethereum Virtual Machine (EVM). These dApps allow users to lend tokens to receive interest, or borrow tokens and pay interest (fully backed by collateral). To borrow, users first deposit collateral, such as Wrapped ETH ($wETH), into the dApp’s wETH account. With that collateral, tokens can be borrowed (such as the stablecoin $xDAI), so long as the value of the borrowed amount is lower than the collateral. To prevent the collateral being reused for more borrowing, the dApp records this in its “debt balance”. On March 15, 2022, both Agave DAO and Hundred Finance were exploited within minutes. For Agave, the hacker created their own custom smart contract, deposited collateral, borrowed funds, and re-entered the contract’s execution before it could update its debt balance. This allowed the hacker to re-use the same collateral and borrow against it multiple times. The exploit boils down to three issues: 1. The Agave contract did not follow the “checks-effects-interactions” pattern, as the borrowed funds were released prior to the debt balance being updated. 2. The re-entrant call from XDAI back to the Hacker’s Contract was only possible because the XDAI contract allowed the “callAfterTransfer” function. 3. And at the root of it all, re-entrancy is mandatory for the EVM to work because tx’s can only call a single smart contract. Functionality across contracts requires developers to string complex chains of calls to one another that sometimes re-enter previous contracts. But if contracts can be re-entered, exploits can happen if there is a single mistake in the ordering of logic, e.g. the check-effect pattern not being followed. And it gets even more complicated when each and every token is its own smart contract, with its own logic that can contain mistakes, such as the xDAI token allowing callAfterTransfer. So how does developing in Scrypto on Radix’s upcoming Babylon release solve this? Re-entrancy is disabled, and the checks-effects-interactions pattern is enforced by Scrypto. To use “Agave” on Radix, a user would construct a transaction that calls their own user account and the Agave smart contract component. The transaction interacts directly with each component, specifying “physical” movements of tokens between vaults inside components. With the EVM requiring a chain of calls between contracts to update their internal lists of balances, re-entrancy is necessary if a callback is required. On Radix, each component interacts directly with the transaction. There is no chain of calls, so re-entrancy is disabled! Furthermore Scrypto, Radix’s asset-oriented programming language, enforces the “checks-effects-interactions”pattern on developers, as “buckets” of tokens are returned only at the end of a function or method. Scrypto devs can’t make the mistake that led to this hack. If the hack were attempted on “Agave” on Radix, this would fail immediately, as re-entrancy is not possible, and the checks-effects-interactions pattern is enforced by Scrypto. If you’d like to learn more about Scrypto, why not check out our docs site to get started: For the last in the Rekt Retweet series: Rekt Retweet #10: Badges — Why the $326m Wormhole hack on #Solana could NEVER happen on Radix Originally published at https://www.radixdlt.com.
Radix Report — from RDX Works — 30th June | The Radix Blog | Radix DLT
Radix Report — from RDX Works — 30th June | The Radix Blog | Radix DLT July 1, 2022 — Overview — Piers Ridyard, CEO. — While the sunshine of Malibu and sweat of Austin are now a thing of (near) past, the effects of the FooHack and Consensus are not. If I were ever in doubt that Scrypto is one of the most important and needful things in the crypto industry today, I am no longer. When we set out to create a programming language that made getting new developers into Web3.0 and DeFi as easy as possible, we knew it was a daunting task. Getting a multi-platinum selling musician from zero to Scrypto competent in less than three months, and then helping to create a decentralized chess game in less than 1 week has exceeded every hope we had for it. Note — this is more complicated than almost every DeFi dApp currently on Ethereum. To put it in perspective, an entire class of German computer science students tried to do this using Solidity and failed. A man without any formal coding experience, who made global hits like Party Rock Anthem, out-coded a class at an elite technical university. While Redfoo is awesome, that is some seriously incredible testimony for Scrypto. However, Redfoo is not the only story like that, Peter Kim’s story is equally awesome, and those who missed it can see our writeup about his journey into Scrypto here. And, of course, Consensus. The thing I heard repeatedly was the things that we already suspected were true: Solidity and the EVM have a large number of problems, other networks are little better to build on, and there is a huge need for more tech talent in the industry. We are still digging, but it is now clear that here be solid gold. — Strategy & Marketing (Adam Simmons, CSO & Jeremy Epstein, CMO). — The success of the FooHack, as you read about yesterday, brings with it a lot of potential and a bit of pressure. The potential comes from having a world-famous rockstar as a committed Radix evangelist on the team. The pressure now is on the Marketing team to make sure we leverage this asset in a way that helps drive awareness and perception of the Radix brand. The good news is that we are in a position to do that, thanks to the tremendous help of so many people throughout RDX Works and our talented community members who were able to participate. Over the weeks to come, with both our own efforts, as well as through influencer and PR channels, we will seek to capitalize on this unique angle. For starters, take a look at the FooHack trailer video. I hope you like it. In other news, after a long and thorough search, we recently signed on a very talented senior marketer (Becs) to join the team at the beginning of July. Becs is going to assume the role of Director of Marketing and bring her organization-building skills and process-driving capability to help us improve the way we leverage our assets, coordinate cross-team and cross-functionally, execute our campaigns, and drive results. Lastly, we spent the last 2 weeks solidifying our individual and team OKRs for Q3. I’m so proud of every member of the team who has committed to the OKR process-which isn’t easy to do-and who focused on driving their outcomes. I’ll share more in the next Marketing Wen-sday update next week. — Development (Russell Harvey, CTO & Matthew Hine, CPO). — The forges are lit, the pipes are skirling away, a great drum beats in the distance, and Babylon implementation marches along, with our battle-hardened team of developers laboring away in their tireless pursuit of a functional internal test network. Watching the tech team channels is like sitting in Mission Control during the Apollo missions. A problem appears, there’s a flurry of activity as everyone coordinates a resolution, and then it’s back to the comforting hum of smooth operations. One item in particular that I want to discuss is our progress on fees for Babylon. You can think of support for fees as being divided into two main efforts. The first is around instrumentation and metering, that is, having the capability of calculating the cost of running a particular segment of code (which, in the case of Radix, is also where royalties are accounted for). The second is around the payment of those costs-making the system able to understand how those costs should be paid, claiming the appropriate fee, and ensuring that execution does not exceed the fee available to be paid. Implementation of the instrumentation part of fees is quite far along at this point, and once we tie off the rest of the initial work there we’ll move on to the payment side of things. TL;DR, we are targeting putting a larval implementation of fees into developers’ hands with Scrypto v0.5, though no promises at this point. Don’t forget that the Scrypto Lending Challenge is live! Lending applications are foundational to a healthy DeFi ecosystem, and now’s a great time to dig into how they work, ask questions in our Discord, and submit one of your own. If you’ve never looked into the mechanics of how DeFi lending platforms work, it’s a great reading rabbit hole to go down, filled with innovation and competing notions of how they should operate. — Update from the Radix Community*. — - How well do you know the Radix Ecosystem? Radix Community Council proudly challenges everyone to take the Radix Community Project Quiz! This is a fun way to discover the projects that are being built on Radix DLT. 🏆 5 winners will split 1500 XRD (300 XRD each) 🏆 Take part in the quiz and see how you score! There will be more quizzes to come with more community projects and in different forms! If you want to join the upcoming quizzes please drop an email to Deniz (at) getradix.com. - New community spotlight interview is out with DogeCube. We talk about the team’s background, their journey to launching the first memecoin on Radix, and get a sneak peek into what some of their upcoming plans are for the coming weeks and months. Wow! Such content. Much interest, Very excite: https://getradix.com/updates/communityspotlight/dogecube-community-spotlight Want to do an interview with the Community Council? reach out to Stefan (at) getradix.com or Deniz (at) getradix.com, or @denizdenizdenize or @StefanPersson on TG. - What are the odds of a small youtuber being discovered by people that don’t even speak his language? That was the case of Welton Lupercinio, a Brazilian Youtuber that had his video discovered and referenced by the Korean community. In this video, Welton does an intelligent comparison between bees and tech startups seed investors; whereas bees do cross-polinization, favouring diversity and productivity in an ecosystem, so does seed investors, bringing smart money knowledge and experience and fostering rapid ecosystem growth on new tech platforms. Then he does an extensive research on Radix seed investors Taavet Hinrikus, LocalGlobe, Maven11, etc. He was also found by the Penguins team, which provided some NFTs for him to do a sortition to his Brazilian viewers. Warm welcome to the Radix community, congratulations on the awesome work as a Radvocate, keep it up and good luck growing your channel! Originally published at https://www.radixdlt.com.
Inaugural Jersey Decentralised Finance Summit | The Radix Blog | Radix DLT
June 30, 2022 Are you ready for the DeFi revolution? RDX Works is excited to announce the attendance of Sophie Donkin, COO, and Piers Ridyard, CEO, at the Inaugural Jersey Decentralised Finance Summit. This will be held at The Royal Yacht, Weighbridge Place, Saint Helier, on the 7th of July, 2022. Registration is now open on our event page. The event will be livestreamed. Tune in on the 7th of July at 9am UTC +1 here. Capital into DeFi has 220x in the space of 2 years. This event explores the merging of traditional finance and decentralised finance. It examines the opportunities and threats facing current institutional models and offers a deeper understanding into the future of Finance in a Web3-enabled world. Discover where DeFi is gaining traction and what is inhibiting further growth. Gain insights from keynote speakers on Web3, DeFi and the future of finance. Reflect on your business and explore ideas with industry experts. The morning session will start with a talk on “The future of finance institutional DeFi”, by Piers Ridyard, CEO RDX Works. Exploring how the current financial markets are operating, the challenges faced by current financial institutions, and how the Radix way of thinking addresses the current failings of smart contracts. Followed by “The future of Custody” by Alex Batlin, CEO, BitPanda, and then “Identity, Web3 and Institutional Funds” by Sophie Donkin, COO, RDX Works. The final session will feature a panel of distinguished speakers discussing their vision for the future of DeFi. — Schedule:. — 08.30–9.00 Registration & Breakfast 09.00–09.05 Introduction Andrew Jarrett, CEO Radix Tokens ( Jersey) Ltd 09.05–09.45 “The future of finance institutional defi” — Piers Ridyard, CEO, RDX Works 15 Minute Coffee break + Networking 10.00–10.30 “The future of Custody” — Alex Batlin, CEO, Bitpanda Custody 10.30–11.00 “Identity, Web 3 and Institutional funds” — Sophie Donkin, COO, RDX Works 11.00–11.30 Panel with: Julie Keir, Associate Director, Financial Services Government of Jersey Amy Bryant, Deputy CEO, Jersey Finance Andrew Clover, CEO, AIMS Markets Piers Ridyard, Sophie Donkin, Alex Batlin 11.30–12.00 Close, opportunity to talk to speakers To support your CPD (Continuing Professional Development), a certificate will be issued to each participant of this summit. — Attendance is limited, to avoid disappointment please reserve your spot now via our events page.. — To get the latest news about Radix make sure to sign up to our mailing list . If you’re a developer and want to start building with Scrypto you may be interested in our developer’s hub. We’d also love to see you getting involved in the #scrypto channel of our Discord server, or on the community-run Radix Developers Telegram channel. Originally published at https://www.radixdlt.com.
Scrypto is as “smooth as vegan butter” | The Radix Blog | Radix DLT
June 29, 2022 FooHACK proves anyone can be a Web3 maestro What do you get when you mash the magic of Scrypto, the programming language developed by Radix, with the acclaimed musician RedFoo and 3 coding wizards? A coming together of minds, an explosion of creativity and an amazing result that could only be achieved through the power of Scrypto. When legendary rockstar, multi-platinum award-winning musician, rapper and beginner Web3 coder RedFoo invited developers to his home for a hackathon, it was an opportunity not to be missed. The Party Rock Mansion lies in the gorgeous tree-studded mountains above Malibu, California. The perfect location for a 3-day, vegan, raw cacao and pure ginger shot-fueled developer experience known as FooHack. RedFoo: Vegan coder, tennis playing DJ, Party Rocker RedFoo has gone on an epic journey from creating the #1 single, Party Rock Anthem to falling in love with coding. He shares his passion in both programming and coding, describing it as an incredibly important skill that anyone should have. He is passionate about how important the crypto space is, how important DeFi is going to be and how excited he is to be building with Scrypto. “I play speed chess, two minute speed chess and it’s like coffee, I mean it’s thinking fast and feeling you’re on the edge and you’ve got to make the right move. It’s a visual 2D matrix and that’s what got me into coding. I love logic and I can apply this logic to a system to build something, because with chess you’re not really building anything you’re just kind of exercising your mind” “This hackathon that we’re doing, and the fact that we’re gonna do it with chess, is a dream come true. To make a chess engine and then to make it into something that is an application that you can then build financial rules around. That’s crazy right?” “Let’s talk about the whole crypto decentralized stuff, it’s a new money system. It’s big.” RedFoo’s team, the FooCrew, was a handpicked group of competition winners, enthusiastic and experienced programmers ready to take on the FooHack challenge: To build a chess engine capable of being run on top of a public ledger. Ambitious? Yeah baby. Could they do it? Hell yeah, go big or go home! Of course, the Foo Crew were equipped with the right tools for the job. They used Scrypto, the framework developed to make Web3 coding accessible for anyone, and as RedFoo declared, “Coding in Scrypto is as smooth as vegan butter. It’s healthy for the soul.” “Coding is as smooth as vegan butter” The rules of chess would be enforced by the logic of a decentralized application, players would be able to run chess games against each other and whoever wins or loses, the end of the game would be enforced by the ledger. Finally, the end state of the board would itself become an NFT, so anyone watching and thinking, ‘what an amazing game’ could then join the auction and bid for the NFT of the game. An ambitious project to complete in only three days with a bunch of people who had never met before. Contrast this with the student project from Technical University of Berlin. Over the course of an entire semester these university students struggled to make a chess game on Ethereum, with Solidity. A language that has a high entry barrier, is really difficult to use and the language itself is not similar to any other programming languages. They failed. Don’t be harsh, not all languages are born equal. Just because a coconut is hairy and produces milk, that doesn’t make it a mammal. Solidity and Scrypto are two very different entities. Scrypto is Rust-based and is the first asset-oriented programming language in the world, specifically designed to easily build scalable Web3 & DeFi applications on top of the revolutionary Radix Engine. It is a game changer for DeFi developers, finally enabling them to create secure, reliable and powerful DeFi applications quickly. As RedFoo exclaimed, “It makes so much sense the way Scrypto is doing things, with buckets and vaults. Resources in motion go in buckets, at rest they’re stored in vaults. I love that!” “I want to inspire people to not just be the consumers in life but to be programmers and program your own destiny” “I want to inspire people to not just be the consumers in life but to be programmers and program your own destiny” So, how did the FooCrew face their challenge? The team was split into different streams of frontend, chess engine, auction components (built by RedFoo), NFT minting and then someone to stitch it all together. RedFoo had been introduced to Scrypto only three months earlier so this was a perfect opportunity for him to upgrade his skills and to start thinking in an asset-oriented way. The FooHack clearly demonstrated how Scrypto makes it so much easier to build something that is non-trivial in a short space of time, that actually has a real-world application. “I’m taking the biggest coding adventure of my life and I promise, man, you are gonna fall in love with it. The coding revolution levels the playing field. We can be in our apartment or at the coffee shop creating the next biggest thing because it’s all code. You don’t need a big office building to do it, you just need an idea. It’s a new frontier.” The outcome was enormously successful for everyone involved, achieving every goal Foo and the FooCrew set for themselves. It was also an opportunity for a Scrypto beginner like RedFoo to climb up the learning curve really quickly and see how much he could create in such a short space of time. By the end of the hackathon, a bunch of people who had been strangers only the week before had created a fully operational dApp in only three days. Party Rock means you always wear your animal print, bring your no lens glasses, dress up in a bunch of colors and have fun. Animal print is a must. We are all winners when we have a supportive community and we are there for each other. There is so much opportunity here but we all have to build to make it possible in the first place. This event showed the possibilities are real. With a little bit of application, a willingness to spend time and have your hands on the right tools, we all have the opportunity to make our ideas become reality. We have heard the stories of billion dollar projects that start as hackathons in people’s bedrooms. As RedFoo said, “If RedFoo can do it, then you can do it.” It’s all about being curious and being playful. Just have a go. To begin with it doesn’t have to be serious, just learn about the new technology, learn what you can create. You can do that very quickly and build something fun and exciting. “You don’t need to grow up around programmers to get into programming. Just pick a project, pick something that you want to make. If you don’t learn coding you’re not going to be part of the future. There’s something wider happening right now in society.” Scrypto is a game changer for DeFi developers. So get started on your own Scrypto journey, start now. More about Scrypto: Learn about Scrypto on our developer page Join our growing community: Hop on our Discord to chat with the team https://discord.gg/radixdlt More about Radix: Curious about Radix? Find out more at our website https://www.radixdlt.com/ Originally published at https://www.radixdlt.com.
Rekt Retweet #10: Badges — Why the $326m Wormhole hack on Solana could NEVER happen on Radix | The…
Rekt Retweet #10: Badges — Why the $326m Wormhole hack on Solana could NEVER happen on Radix | The Radix Blog | Radix DLT June 28, 2022 TLDR: Authorizing actions on platforms like Solana sometimes requires calls to other programs, where addresses can be spoofed and exploited. With “badges” as a native first-class feature of Radix Engine v2 (REv2), this hack could never happen on Radix. https://twitter.com/RektHQ/status/1489269408405102596 Wormhole is a bridge that allows users to deposit tokens on one network, such as ETH on Ethereum. A “wrapped” version of that token is then minted on Solana, whETH, which can be redeemed for the original ETH. This allows representations of ETH to be utilized in Solana DeFi. A set of nodes that are present on both networks, “Guardians”, monitor when ETH has been deposited into the Wormhole account. Once deposited, the nodes sign a transaction to Wormhole on Solana. The transaction includes a “sysvar address”, which tells Wormhole which account in the Solana System Program to use to verify the signatures in the transaction. If the signatures are valid and meet the minimum threshold (e.g. 3/4) Wormhole mints the whETH. On Feb 2 2022, after a few preparatory moves, a hacker submitted a transaction direct to Wormhole, ignoring the Guardians. Instead of passing in the sysvar address for the legitimate System Program, the hacker passed in the address of their own program. Part of the execution of this logic failed to check whether the submitted address was valid, and so execution was routed to the Hacker’s Program. The hacker used this to mint 120k whETH, which they redeemed or traded for other tokens. So why couldn’t this hack happen on Radix’s upcoming Babylon mainnet? Instead of authorizations being handled by system programs with specified addresses; on Radix, authorizations are handled by badges: a native first-class feature of the Radix Engine v2 execution environment. In fact, there are 2 types of badge: 1. A badge is a resource, like an NFT or token, that can be presented (shown) to smart contract components in a tx. REv2 will only execute the tx if all required badges are presented for each requested action, as defined by the component. 2. A virtual badge exists temporarily for on-the-fly authorizations. Before tx execution, REv2 creates a virtual badge for each signer’s public key. When the tx then calls a component, REv2 will check whether the component requires any specific combination of badges. Either of these options would work for an implementation of “Wormhole” on Radix. But the simpler of the two is the use of virtual badges. Here, after 3 Guardians sign their tx, REv2 creates 3 virtual badges for each Guardian’s public key. REv2 then checks whether the virtual badges defined in the “Wormhole” component corresponded to those presented. As 3/4 were present, 1 whETH is minted for the user. Notice how there is no passing in of addresses to system programs. Authorizations on Radix are handled natively by the platform through badges. As a result, the kind of complexity (and error) that led to this $326m hack just isn’t possible on Radix. This is one more example where REv2 natively understanding what resources are means developers can create simple, elegant, powerful, and safe ways of managing what is devilishly complex on other platforms. That’s why we call it a DeFi Engine — the hard stuff is done for you. https://www.radixdlt.com/post/the-defi-engine-and-what-it-means-for-the-future-of-finance If you’d like to learn more about badges and virtual badges, our Scrypto v0.3 release blog provides a great overview: https://www.radixdlt.com/post/scrypto-v0-3-released Thank you to Andrew Fraser @SerFrae, CEO of Synchrony Labs, for insight on Solana architecture. For the last in the Rekt Retweet series: Rekt Retweet #9: The Transaction Manifest — Why the $14m Furucombo hack could NEVER happen on #Radix https://twitter.com/radixdlt/status/1539570728357462018 Originally published at https://www.radixdlt.com.
Community Spotlight — Peter Kim & the Scrypto Oracles Challenge. | The Radix Blog | Radix DLT
Community Spotlight — Peter Kim & the Scrypto Oracles Challenge. | The Radix Blog | Radix DLT June 28, 2022 On May 2nd, we announced the Scrypto Oracles Challenge to celebrate Scrypto v0.4 release. This 25-day challenge asked candidates to design an Oracle solution to bridge between off-chain data and Scrypto components, or a way for on-chain components to communicate back out to off-chain systems. Among the many impressive and creative submissions, our Runner-up stood out by not only the quality of his work but also his background story. We chatted with Peter Kim to understand how he could start with zero coding knowledge only two months ago and then take second place in a global competition. He is an inspiration to all newcomers to coding. First of all congratulations on your outstanding achievement with Scrypto. You have made an amazing impression on the RDX Works team, as well as the Scrypto community. How do you feel now? I feel really great! I never thought that I would get second prize in the first place. You started with zero coding knowledge and then became the run-up in a global competition within only 2 months. That is really impressive. What made you start with Scrypto? I have always dreamed of a “utopia” where everybody is treated equally, individuals are valued for their talent and ability not by power, wealth or connections. About 2 years ago, I found DeFi and it sparked a light in me. Since then I have believed that distributed ledger technology (DLT) has the power to help me realise my dreams. In Dec 2021, I was on the search for the public DLTs that have the capability to support the whole human society. Luckily I found Radix DLT, got my In early 2022, Scrypto/Radix Engine was introduced and that was when my dream could come true with Radix. That is how I began my Scrypto journey. Radix RevelationCan you tell us more about the Radix Revelation that you just mentioned? I learned about the problems of smart contracts and the trilemma of Defi: decentralisation, security and scalability. With the keyword “atomic composability” I found Radix, the only smart contract platform that has “infinite scalability” and “atomic composability” which are crucial to build my “utopia”. and fell deep into the rabbit hole. What a noble cause! You must be very talented to fulfil that. Actually my experience with code was only “if, else” and “for loop” basic functions from high school Pascal class. Also, my experience with economic study in college helped in understanding the concept of “component”, “vault”, “bucket”, “badge”, “resource’’ through asset-oriented articles about As a self-taughtperson, I read Scrypto docsIt sounds like a lot of work. Did you have any difficulties along the way? Yes, I stopped during February and March since I was too busy. Time management was the difficulty I had. But in April I continued again, trying to tamper with every Scrypto code exampleSelf-taught is a lonely journey. How did you deal with it? At some point, I started helping Scrypto community members. It was motivating to know that I could help others. I discussed governance with community members (mostly VandyILL and academiascrypto.com) at I joined hands with Chris on Adept’s And Omar, Scrypto community liaison, was the most important person in my Scrypto Journey. He was my greatest motivator. He raised my hope that “if he can do it, so can I”. That later became one of my mottos to share with the community. (that’s when I first learned about “how to pull a request on GitHub ‘’), and tried to create governance, and vote blueprints for the project. And then you decided to join the Scrypto Oracle challenge? I must admit the challenge prize was appealing but I felt anxious thinking about my limited coding skill. However, I thought, “why don’t I just participate then, even if I don’t win a prize, at least I can learn a lot from the team’s feedback”. That was when I asked Omar about his experience and put all effort into building an Oracle package called NeuRacle. Basically, NeuRacle = Neural Network + Radix + Oracle. “Neural Network” is a distributed network of neural, some “visualisation” of people with ideas, skills together create NeuRacle Network. On building the Scrypto blueprint, I checked the Scrypto example (mostly Omar’s My first prototype was a component that got user queries to create one of two Data Pools types, Decimal and String. People pooled medium tokens into it and got data from time to time, allowing users to withdraw tokens. Unfortunately, this contained some extra for loops, which would not be effective in terms of DApp. So I changed my perspective: burn all used tokens immediately and push users’ token management responsibility back to users. Eventually, I came to the common centralization problem of an oracle: If an admin updates data they can tamper with that data and scam users, even if it is an automated machine on the system which updates the data. So I worked on the dApp design again. When searching for a solution, I found Komodo Trustless Oracle which used the Consensus model to validate price data on-chain. I used this idea, along with Cerberus’s DPoS Consensus model to solve this problem. I also used an API for better automation on my NeuRacle. These both became the two stars of the NeuRacle prototype. When the NeuRacle prototype finally worked I went through After finishing backend-testing code I tried with the front-end. Check the snowpack page, the gumball PTE example. So I used Vite + React to build my front-end. From this point, I learned a lot of React coding from Chris’s The NeuRacle logo is designed from my hometown’s symbol: Halong Bay, Vietnam Peter’s key takeaways I’m pretty amazed that I got second place. I’m now a living example of my own thought, “if he can do it, so can I”. I wish to share this with the Radix community, contribute to a bigger Scrypto community, and join hands in building the future of DeFi. Other than that, here is what I learned: Background: You might not need any coding or economic background but one of the crucial parts is to have mathematics and logic skills. Ambition: Mine was to create a “utopia” where everybody is treated equally, individuals are valued because of their Mindset: I realised that I can make my dreams come true by learning Scrypto and building on Radix. An asset-oriented mindset:Close-knit and supportive community: get involved in our communities, ask questions, offer help to others and ask for help when needed. GitHub: Have a Summary of my reference materials:Follow all of the Scrypto start-here channel on discord, including installing the toolchain, trying and tampering with the examples, and joining in beginner-channel.Types and functions of Scrypto toolchain in the Scrypto docs when building your own projects.Omar’s when using the functions and methods on Rust-Scrypto (recommended for newbies).@devmannic’s when using manifest, testing the blueprint by bash-script.Chris’s when building a workable front-end dApp using Babylon PTE. account. It’s a great tool to share, learn, build open source projects and it also helps you to keep track of your Scrypto journey: “Learning Scrypto is just like playing with assets”. Develop an asset-oriented understanding about and Radix Engine. or, not by power, wealth or connections. . Thanks, Chris! @devmannic’s Hareswap — the first place of DEX Scrypto challenge — to learn his organised demo by bash script + transaction manifest. Although I could not understand most of his Rust code, I was able to learn from his work using Bash script. Thanks, @devmannic! ) to learn how those codes applied to my idea. governance Radix channel. and the Libson tutorial codes. and did everything as instructed until I could run my first “Hello world”. I even tried to tamper with the code in “metadata”, “initial supply number” and “vault take number” and was really happy when I saw `[INFO ] My balance is: 1000000 PeterToken. Now give away 10 tokens!` appear on my screen. and Radix Engine. The thought “learning Scrypto is just like playing with assets, so it would be somehow familiar and easy” kept me motivated in the beginning. If you’re a developer and want to start building with Scrypto you may be interested in our developer’s hub. We’d also love to see you getting involved in the #scrypto channel of our Discord server, or on the community-run Radix Developers Telegram channel. To get the latest news about Radix make sure to sign up for our mailing list Originally published at https://www.radixdlt.com.
Rekt Retweet #9: The Transaction Manifest — Why the $14m Furucombo hack could NEVER happen on…
Rekt Retweet #9: The Transaction Manifest — Why the $14m Furucombo hack could NEVER happen on Radix | The Radix Blog | Radix DLT June 22, 2022 The incident in question, courtesy of @RektHQ TLDR: Ethereum relies on smart contracts sending chains of messages to one another. This brings complexity and sometimes chaos. Radix’s Transaction Manifest interacts with each component in turn, providing a simple, atomic, and composable way of guaranteeing token movements. Furucombo is a dApp on Ethereum that allows its users to combine multiple actions together in a single transaction, through an easy to use interface. For example, users can arbitrage a price difference between two DEXs (although in the image below the user would lose money!). Furucombo exists because it’s not possible to call two or more contracts directly on Ethereum. Instead, you have to first deploy a custom smart contract that specifies what actions to take, and you then call that smart contract to execute those multiple actions. Ethereum also makes use of what are called “proxy” contracts. These act as a gateway, routing actions to other contracts depending on what needs doing. This is useful if a developer needs to deploy a new contract, as the proxy can be updated to route to the new contract. Looking at the diagram above, you can see that Ethereum transactions are made up of long chains of messages sent from contract to contract. When a contract sends an instruction downstream on behalf of an entity upstream, this is called a “delegate-call”. On Feb 27 2021, a hacker set up their own custom contract which instructed Furucombo to send a complex stack of “delegate-calls” to other contracts downstream. One such delegate-call included the hacker’s own contract address, which Furucombo forwarded to an Aave Proxy. The Aave Proxy accepted the hacker’s address, and now routes messages from Furucombo to the hacker’s malicious contract. With the Aave proxy pointing to the hacker’s contract, the hacker could now instruct Furucombo to use all its accumulated “approvals” across other ERC20 smart contracts (e.g. stETH, USDC, and Dai), and transfer those funds to the hacker. This drained $14m in total. So why could this hack never happen on Radix’s upcoming Babylon mainnet? Instead of chains of calls between contracts, transactions on Radix are composed using what’s called the transaction manifest. We’re going to dive into this in a bit more depth than in previous Rekt Retweets. The first thing to note is that the transaction manifest describes all the asset movements that must happen between smart contracts that are part of that transaction. So for the example arbitrage between two DEXs below, the transaction calls each component in turn with assets that “physically” move between the components, ultimately resulting in swapping between the two DEXs for a profit (or if not, then the transaction fails). Compare this to Ethereum, where a transaction interacts only with the first smart contract, which sends messages downstream, and downstream again. This results in highly complex execution stacks and potential for error and exploitation. On Radix, as the transaction interacts with each component, components don’t even need to talk to each other to compose them together — the transaction itself can do it directly! This makes developing on Radix far more simple, as the transaction manifest speaks directly in a language of asset movement, and Radix Engine provides guarantees on how assets behave. Contrast this to a Solidity developer who has to account for a thousand and one ways in which their smart contract might interact with a complex stack of other third party contracts, invisible to the transaction that the user submits. This also makes Radix components far more composable, as components are developed against standardized asset movements, just like a box of lego bricks is composable because the pins and holes are standardized. If the attack were attempted on Radix: 1. You would never need Furucombo on Radix, as the transaction manifest can compose with an unlimited number of components directly. There is no stack of calls from one contract to another for a hacker to exploit. 2. As tokens are natively understood by the platform, and live in vaults inside components, there’s no more “approving” contracts to spend your tokens. “Draining” someone’s wallet using a hijacked approval just isn’t a thing on Radix. For a deep dive into the technicals of the Transaction Manifest, check out the relevant docs here: https://docs.radixdlt.com/main/scrypto/transaction-manifest/intro.html For the last in the Rekt Retweet series: Rekt Retweet #8: Why the $90m Mirror Protocol hack could NEVER happen on Radix Originally published at https://www.radixdlt.com.