A strong week this week with Jack Dorsey and Elon Musk sitting down to discuss their views on Bitcoin and Musk revealing SpaceX is also a Bitcoin holder. Also coming out the gates swinging, FTX announces a $900m funding round, putting the exchange at a $18Bn valuation.
The funding of FTX is showing a further maturing in the market as the traded volume of derivatives continues to rise and FTX is pulling ahead of the pack for now with some pretty interesting technology right at the centre of their platform.
Following the rise of decentralized exchanges and their growth over the last year, it is probably going to be the next cycle rather than this that really sees decentralized derivatives as trustless DeFi products really starting to hit their stride, but the speed of maturity and sophistication of the space continues to be mind-blowing in the speed it is catching up with the traditional markets.
DeFi will eat the world of finance, slowly at first, then all at once.
On the Radix side, we are less than 1 week away from the launch of the Radix mainnet. The extra time we took to mature Instapass.io, Instabridge.io, and Ledger integrations have absolutely paid off, and the Instapass.io service went live yesterday and performed very strongly right out the gate. We see this service as a pivotal technology for a mature DeFi ecosystem and look forward to weaponizing it to help those building on the Radix platform to compete toe to toe with the large financial incumbents.
For too long compliance has served as a barrier to entry and a tool of monopolistic competition. We believe we can change that over the next couple of years and give anyone the opportunity to build incredible financial products without having to build massive legal teams to go with it.
It’s a bold goal, and we aren’t going to do it quickly, but if DeFi is going to eat the world of finance, it has to be able to eat all of it, even the complicated boring bits!
Next up, mainnet launch! Roll on the 28th of July!
With less than a week until the Olympia Mainnet release, many of the marketing campaigns have been continuing to accelerate. Alongside this (and without meaning to jump ahead of the dev update) we have had a successful launch of the Instapass service. Overall, things are looking very good for the Olympia launch next week, and we have some exciting things planned. But for now, let’s take a look at the last two weeks:
Here we are once again with the last update before the mainnet launch! Without putting too fine a point on it, the extra four weeks have been just what the doctor ordered, and not just to deal with the external issues that caused us to make the tough decision to push - but also has given us the luxury of upping the level of testing and refinement. Basically what this means is less stuff that would otherwise have gone into post-launch updates.
Of course, the main headline was launching our Stokenet test network. While we only pushed this to the community late last week, we’ve actually been running Stokenet for a couple of weeks and using it to push out some rapid tweaks and bug fixes. Stokenet’s been doing very well, running notably faster than Betanet, and we’re now staking community node-runners in as validators there. It will be a useful tool for them to get ready for mainnet and get up to speed on our pretty substantial JSON-RPC API updates.
Many of you also likely saw our update on Ledger hardware wallet support that went out just after our last Radix Report. I won’t repeat that here, but suffice to say things are going to plan: we’re in discussions with Ledger HQ to see how soon placement in their Manager as an “experimental” app might be possible, and for those who can’t wait, we’re working on a simplified set of sideloading instructions that will give the community a way to get the Radix app on their Ledger Nano S for mainnet launch with a little bit of command-line work.
Other than that, a few items from the past couple of weeks:
As we are only days away from the Olympia mainnet launch there are many exciting things planned, stay tuned! Meanwhile here’s a quick summary of the last 2 weeks in the media and in the community:
*Updates provided by members of the Radix community. May contain inaccuracies.