Radix (EXRD) is a cryptocurrency token that serves as a wrapped representation of the XRD token on the Ethereum network. It allows users to interact with the Radix DeFi ecosystem within the Ethereum network, facilitating 1:1 exchanges between EXRD and XRD. The token is part of a larger platform focused on scalable decentralized finance, featuring technologies like Scrypto, Radix Engine, and Cerberus, designed to provide a secure and composable environment for DeFi applications.
Radix (XRD) is a cryptocurrency that serves several purposes within the Radix Public Network. Here are some key uses:
Security and Staking: XRD is used to secure the Radix Public Network through a Delegated Proof of Stake (DPoS) system. Token holders can stake their XRD to participate in transaction validation and earn rewards.
Transaction Fees: XRD is the only token used to pay transaction fees on the Radix network. Fifty percent of these fees are burned, which means they are permanently removed from circulation.
DeFi and Smart Contracts: XRD can be used to access decentralized finance (DeFi) applications and initiate smart contracts on the Radix network.
Governance: XRD holders can participate in governance decisions for the Radix ecosystem.
Collateral: XRD can be used as collateral in peer-to-peer lending.
Wrapped Token (eXRD): The E-RADIX token (eXRD) is a wrapped representation of XRD on the Ethereum network. It allows XRD to be used in Ethereum's DeFi ecosystem and can be exchanged 1:1 with XRD.
To store Radix (EXRD) tokens, you have several options:
Radix Desktop Wallet: This wallet allows staking and is considered a secure option. It provides a staking function, which adds an extra layer of security by requiring a two-week period to unstake tokens, giving you time to react if someone tries to steal your coins.
Ledger Hardware Wallets: Ledger Nano S and Ledger Nano X are compatible with Radix tokens. These hardware wallets offer a high level of security and are recommended for long-term storage.
Radix Mobile Wallet: The Radix Wallet for iOS and Android is designed to securely manage assets on the Radix Network and interact with dApps. It is highly integrated with the Radix Network features and is actively being developed to enhance user experience.
Custodial Wallets: You can also store EXRD tokens on custodial exchanges like Bitfinex, KuCoin, Gate, AscendEX, and MEXC. However, it is generally recommended to avoid storing tokens on exchanges long-term, as you do not control the keys and are vulnerable to exchange hacks.
Trust Wallet: Some users temporarily store their tokens in Trust Wallet until they can transfer them to a more secure option like a hardware wallet.
It is essential to always keep your seed phrases private and secure to protect your crypto holdings.
To buy Radix (EXRD) tokens, follow these steps:
Create a Crypto Wallet:
- Download and set up a crypto wallet like Trust Wallet, which supports the Ethereum network. Ensure you have the official Chrome extension or mobile app and keep your seed phrase safe.
Buy Ethereum:
- Open a Binance account and purchase Ethereum as your base currency. If you are new to Binance, refer to their guide on registering and buying your first cryptocurrency.
Transfer Ethereum to Your Wallet:
- Withdraw the Ethereum from Binance to your Trust Wallet. Make sure to set the network to Ethereum and provide your wallet address.
Choose a Decentralized Exchange (DEX):
- Select a DEX that supports your wallet, such as 1inch. Ensure the DEX supports the blockchain where your e-Radix is listed.
Connect Your Wallet to the DEX:
- Use your wallet address to connect to the DEX. If e-Radix doesn’t appear, find its smart contract address on Etherscan and copy it into the DEX.
Trade Ethereum for e-Radix:
- Select Ethereum as the payment and e-Radix as the coin you want to buy. Be cautious of scams and ensure you have the official contract address.
- Swap and Complete the Transaction:
- Click the Swap button to complete the transaction. Your e-Radix tokens will be in your wallet once the swap is successful.
Alternatively, you can purchase e-Radix directly on centralized exchanges like Bilaxy or decentralized exchanges like Uniswap, following the specific exchange's procedures.