Fuelling $10M Liquidity through DeFi

This week, the Radix Network has unveiled Project Ignition, a $10M liquidity initiative aimed at fortifying liquidity for USDC, USDT, wBTC, and ETH. This pioneering program matches liquidity providers’ contributions with XRD tokens, effectively doubling the liquidity provided while offering upfront rewards and protection against impermanent loss.

Scheduled to launch on March 14th, 2024, Project Ignition will seamlessly integrate with leading Radix DEXs, including Ociswap, CaviarNine, and DefiPlaza, providing users access to Ignition incentives through specific liquidity pools.

Upon providing liquidity through supported DEX front-ends, users immediately receive an unlocked payment in XRD, with rewards of up to 20% of the token value contributed, contingent on the lock-up period (9-12 months). Notably, users are fully shielded from XRD impermanent loss when providing liquidity on the wBTC/USDC/USDT or ETH side.

Piers Ridyward, CEO at RDX Works, expressed enthusiasm over Project Ignition’s potential, highlighting its significance in incentivizing liquidity provision while minimizing risk: “Project Ignition is an exciting announcement for the Radix Ecosystem.”
“Liquidity is at the heart of every DeFi ecosystem – this is a unique opportunity for the Radix community to get rewarded for providing liquidity in core-wrapped assets while getting a significant reduction to impermanent loss risk.”

Piers Ridyward, CEO at RDX Works
Piers continued, “Increasing liquidity in these core-wrapped assets is essential for the Radix ecosystem, as it enables efficient market behavior at scale, which is likely to result in additional on-chain activity. With additional on-chain activity, the Radix ecosystem becomes more attractive to more liquidity providers and DeFi developers who will benefit from increased trading fees.”

“Because the user is only providing liquidity on wrapped BTC/USDC/USDT or ETH, they are completely protected from any XRD impermanent loss. If the asset the liquidity provider has provided outperforms XRD, Project Ignition will provide the liquidity provider a value guarantee for up to a 4x outperformance of the asset provided, and then a sliding amount of asset value protection beyond a 4x change,” added Piers.

How To Participate

To participate in the liquidity campaign, users must bridge assets into the Radix ecosystem via Instabridge or purchase assets through participating Radix DEXs. Instabridge facilitates the swapping of tokens between Ethereum Wallets and Radix Wallets, while Instapass ensures a secure and compliant KYC process.

With Project Ignition poised to transform liquidity provision in DeFi, Radix Network continues to lead innovation in the blockchain space, offering users unparalleled opportunities for financial growth and engagement.
“The decentralized exchanges in the Radix ecosystem that provide access to Ignition allow anyone with an internet connection and a Radix Wallet to participate in Project Ignition.”

Piers Ridyward, CEO at RDX Works
For detailed instructions on participating in Project Ignition and accessing Radix DEXs, refer to the provided links:


Sourced from cryptonews.net.

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