Radix Launches Babylon Alphanet For Early Test Development by Overburdened DeFi Developers

Bear Market Has Little Impact as Network Sees 7x Growth in Transaction Volume

Jersey, Channel Islands --News Direct-- Radix

Radix, the smart contract platform for asset-oriented DeFi, has recently launched its Alphanet test network for its upcoming Babylon release. Babylon will be the first major update to the existing Radix Public Network.

Radix is the only full-stack solution for DeFi. With the Babylon release, it will include Radix Engine, the world’s first programmable “DeFi Engine” with native asset features; and Scrypto, an asset-oriented programming language based on Rust. It will also introduce a new asset-oriented model for transactions, changes in how wallets interact with the network, and a component-based account model enabling new features for end users.

Babylon Alphanet is the latest major milestone since the first preview release of Scrypto in December of 2021 called Alexandria.

Babylon Alphanet is stage two of a staggered release schedule that’s designed to get developers working with new Babylon DeFi capabilities, and test the smooth rollout of multiple interrelated technologies, protocols, and interfaces before they move onto mainnet. The approach ensures those who are building on Radix will have time to migrate smoothly, while providing the rapidly growing community of 3,000+ developers who have started working with Scrypto the time they need to plan and test their own decentralized application launches and help bootstrap the wider Radix DeFi ecosystem when Babylon launches.

More importantly, the Babylon Alphanet launch underscores the rapidly growing momentum and rising excitement being generated by Radix as it makes demonstrable progress towards its goal of becoming the home for the next generation of DeFi applications. Despite adverse bear market conditions, the Radix network has seen 7X growth in transaction volume and a 52% increase in wallets with over 2000 XRD since the start of the year. Moreover, the total number of active wallets on the Radix network has grown from 11,600 to more than 81,300 during that time frame.

“After the $3 billion lost in DeFi hacks of the $50 billion market cap, more and more people are starting to realize the difficulty associated with building. I would call it ‘demo DeFi’” said Piers Ridyard, CEO of RDX Works. “With the launch of Alphanet, developers and the rest of the world can see that there's a path to 100x DeFi coming. Even through a bear market, our momentum is growing.”

The Alphanet launch will be followed by the rollout of Babylon Betanet in Q4, complete with stable APIs and finalized Scrypto and network features that will enable developers to begin production tests of the first-generation of Scrypto dApps and the migration of third-party integrations. With everything up and running, the rollout to Babylon is scheduled to conclude with the full Radix Public Network mainnet migration in the first half of 2023.

About Radix

Radix is an asset-oriented smart contract platform, purpose-built to support a $400 trillion network. Radix offers a full-stack for Decentralized Finance, without breaking atomic composability. If you know what that means, you know it’s a big deal.

Backed by 8 years of research, testing, and focused development, Radix has a global community of thousands and a network value over $500 million. To learn more, visit www.radixdlt.com.

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Dan Edelstein

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