NewsFlash Articles Data Fundraising BlockBeats Pro

Radiant Capital: Arbitrum's Layer0 cross-chain lending protocol

TokenMore 币萌

Read this article in 16 Minutes

Radiant's aim is to consolidate the patchwork of liquidity in the top ten interlayers (around $22 billion).

原文标题：《投研报告 - Radiant Capital (RDNT) 》

Original article by TokenMore

1. Project introduction

Website: https://app.radiant.capital/

Twitter: https://twitter.com/RDNTCapital

Message: https://twitter.com/RDNTCapital

Discord: https://discord.com/invite/radiantcapital

Radiant Capital is a cross-chain lending protocol launched at Arbitrum and built on Layer0 that allows users to deposit pledges on one network and seamlessly lend and borrow on the other. It has a native cross-chain marketplace that takes existing money market models, builds cross-chain models locally, and is run entirely by its community. Arbitrum is the fastest growing loan agreement, once reached the highest lock-in total value: $149.33M.

Radiant is an entirely self-made team with no VC funding or seed rounds. The Radiant agreement rewards all of the costs to the mortgagor, giving the mortgagor a good return, mostly in the form of USDC.

Radiant's aim is to consolidate the patchwork of liquidity in the top ten interlayers (around $22 billion).

2. Main functions

Deposited assets (APR 45.18%)

Borrow money

For example: the implementation of wBTC deposit, through RDNT, lending ETH.

Radiant offers a one-click loop that allows users to automatically cycle deposits and loans multiple times to increase the value of their collateral.

Pledge LP (Pool2)

Pledge RDNT/WETH to trade for more RDNT rewards. The current APR stands at 60.49%

3. Important recent changes

On January 17, it was announced that in addition to switching RDNT from ERC-20 to Layer0 OFT, the bonus/penalty system would be changed in Radiant V2. The vesting time has been increased from 28 days to 90 days, and users who apply for withdrawal in advance can get 10% to 75% of the reward. Expired users will be removed from the pool and will no longer receive incentives. Users can enable the re-lock option in the interface.

In order to encourage more users to join LP, users with simple deposits can only get the basic interest rate, but not the RDNT reward.

Radiant v2 also adjusts for the cost of the agreement, voting 60% for deposits, 25% for loans, and 15 for operating wallets controlled by designated DAOs.

Characteristics of Radiant V2:

Easy to find the highest interchain agreement fee

Can deposit/borrow a variety of major assets on the main chain (full chain deposits and loans)

Easily detect RDNT reward status through dynamic mobility progress bar

The current total value of RDNT/WETH SushiSwap LP is: $3.82M

After the modification to V2 version, the effect is remarkable, and the number of users participating in liquidity mining is greatly increased.

4. Reserve of Radiant assets

$USDC: $76.72M

$WBTC: $7.83M

$DAI: $23.14M

$USDT: $52.84M

$WETH: $14.15

As you can see simply from the graph above, the value of deposits versus loans in the past was at an intermediate level, where the value of deposits exceeded the value of loans.

From the end of September 2022 onwards, the Radiant market has been hot, with USDC having the highest share.

The number of new wallets and users is also hitting new highs.

Most of the new wallets are used to pledge mining (especially LP).

5. Token information

Token 符号：$RDNT

Address: contract ARB: 0 x0c4681e6c0235179ec3d4f4fc4df3d14fdd96017

Total market value: $11,716,241

In circulation: 111,567,884

Total supply: 269,334,702

Maximum supply: 1,000,000,000

FDV: $105,014,460

24-hour trading volume: $969,028

6. Token 分配

Total supply of RDNT: 1,000,000,000

Allocate according to emissions (the accurate monthly emission rate is calculated as 50,000,000/1.0539*n, where n is the number of months after launch)

50% as an incentive for depositors and borrowers, to be released within two years;

20% as an incentive for Pool2 liquidity providers to be released within two years;

7% is allocated to core contributors and ecological funds, with a linear release within one year;

20% is allocated to the team and released linearly over the course of a year, with a three-month cliff period (10% is locked at the beginning of the agreement and unlocked at a three-month cliff period);

3% for finance and LP.

7. RDNT unlocking plan

RDNT Average daily unlock (approx.) :

Depositors and borrowers incentive: 68,493 for two years

pool2:27,397 for two years

Core Contributors and Ecology: 19,178, for one year

Team: First 3 months: 27,397; Last 7 months: 83,297

It can be seen that the amount of unlocking in the first 12 months is relatively large, while the amount of unlocking in the second 12 months is relatively small (only daily incentives).

Major recent unlock dates: 40.28M RDNT on February 2, 2023 and 11.62M RDNT on February 9, 2023.

8. Total lock-up value of RDNT

As of Jan. 29, RDNT's TVL was about $42, 9m. Compared with $149M on July 27, 2022 and $134M on August 14, 2022, they are at a medium and low level, because there is a very gentle TVL of about $28M in the front.

When the number of RDNT locked is getting higher and higher, the price is also rising. The author thinks that the price rise will drive more users to withdraw, and then sell RDNT to get better profits than mortgage.

9. RDNT Other data

The market capitalisation and trading volume of RDNT saw an explosion around January 22nd. Prices are now relatively high.

用户的日活跃和 Token 激励，每个月都有突然暴增又回落的现象，猜测为了留住用户，每个月都有举行一些激励用户的活动。

10. Currency address analysis

Address 1: account for 53.15%, the number is 147,405,611.48. This address is used to transfer and distribute various expenses, such as withdrawal, harvest, incentive, retrieving expired lock, etc., which contains the currency of deposit and loan, and seems to be the wallet used for deposit and loan.

Address 2:6.21%, quantity 17,232,555.75, all transaction records are 2-3 months ago, and there are only 6 transactions, which have not been moved since then, it may be the team, only RDNT in the wallet.

Address 3: The ratio is 5.65%, and the quantity is 15,671,702.48. The transactions are very frequent, and most of them are used for the transactions, harvesting and extraction, and the RDNT of newly added liquidity on the transfer Swap. Only RDNT and WETH have much interaction with sushiSwap. Presumably RDNT/WETH's lp wallet.

Address 4:2.62%, quantity 7,268,466.67, only 5 transaction records, all with address 3 transferred in 9-10 days ago, only in and out, need to continue to follow up to know the role, most likely to be used for the next activity reserve.

Address 5:2.49%, 6,917,188.91, very frequent transactions, and special labels, such as cook, and address number, and Multicall, unknown purpose.

地址 6：占比 2.07%，数量为 5,749,011.63，从里面的 Token 总类来看，可能是一个用户的钱包，里面还有其他 2 种 LP 的临时 Token ，还有 2000 多个 USDT。

11. RDNT secondary market transactions

The best trading volume and depth was SushiSwap at 65.31 per cent.

In summary, L2's current experience is relatively good, but also the default of a future hot track, Arbitrum as L2's leading project, has a very high heat in the market; Radiant, as a lending deal, has done well since its inception and has been in a bear market rather than a true bull market. When the real bull market comes, it will bring more users and holders. The performance of RDNT is well worth looking forward to.