With the cryptocurrency market cap rising to over two trillion dollars, it’s safe to say the face of money is looking in new directions. The financial sector is experiencing a paradigm shift comparable to the invention of credit itself, and as Forbes recently pointed out, the rise of decentralized finance will revolutionize financial services in a way that “could make financial transactions less expensive and more secure while also increasing access to everyone — and not just certain demographics or a chosen few.”
In a move that will help realize DeFi’s currently stunted potential, Radix is launching its highly anticipated Olympia Betanet on April 28. Running on a Delegated Proof of Stake (DPoS), Olympia takes advantage of technology that is as exponentially better for validating transactions as it is for the environment. DeFi and the planet patiently await Olympia’s rescue, and with the release of the Olympia Betanet, Radix signals a crucial step towards the scheduled launch of its mainnet this June.
Why Radix Is Necessary for DeFi
Though advances in DeFi are barreling ahead, they face roadblocks to mass adoption due to scalability and speed. Current blockchain systems like Ethereum, the current home of most DeFi protocols, are painfully slow and expensive to use. Ethereum today allows for only 15 secure transactions per second, and this pales in comparison to the 65,000 capacity limit of transactions per second handled by VISA’s outdated and decades-old infrastructure. Additionally, due to the congestion caused by the popularity of DeFi, using Ethereum has become incredibly expensive, limiting decentralized use cases to those with pockets deep enough to pay for the blockchain’s services.