What’s on the menu ?

• Key Statistics

• Radiant V3

• 2023 Recap

• Arbitrum STIP Update

• Radpie ARB rewards

• Exploit Event

• Radiant Dimensions

• Collaborations

  • WOOFi

  • Furucombo

  • O3 Labs

• DAO Proposals

• Honorable Mentions

Key Statistics

Radiant V3

Radiant has unveiled its latest iteration, V3, which has received approval from the DAO.

But what distinguishes this new version?

Radiant V3 embodies a culmination of community feedback and ideas aimed at enhancing the platform's functionality and user experience.

Key developments include the exploration of new avenues, such as the integration of additional assets into the money market via the Radiant Innovation Zone, the implementation of Long/Short Strategies through Money Market Looping, and the introduction of Dynamic Protocol Fee Distributions.

The primary objectives of Radiant V3 are the following:

• Increase the user and holder base tenfold

• Secure a position within the top three for protocol revenue among all lending platforms across various blockchains

• Lock in over $85 million worth of dLP across Arbitrum, Ethereum, and BNB networks.

2023 Recap

Reflecting on our journey with Radiant throughout 2023.

The launch of Radiant V2 marked a significant milestone, signalling a rejuvenation for the platform, accompanied by a host of new opportunities and an expansion on three different chains.

In terms of network integration, 2023 witnessed Radiant's successful foray into Ethereum and the Binance Smart Chain.

Notable achievements include a substantial increase in deposits, soaring from $125 million to $672.8 million, and borrowings experiencing a similar surge from $90.3 million to $329.7 million.

Additionally, the platform saw $105.8 million contributed by dynamic liquidity providers, who gained access to a portion of protocol fees, resulting in a total fee generation of $22 million with the rollout of V2.

With a user base now exceeding 389,250 users, compared to a modest 37,409 users at the beginning of 2023, Radiant's growth trajectory is undeniable.

As we embark on the new year, let's channel even greater enthusiasm and momentum into our endeavours.

Arbitrum STIP Update

Celebrate the achievement of unlocking Milestone 5 rewards, with nearly 2 million ARB tokens set to be distributed among all dynamic liquidity providers (dLPs).

It's also worth noting that Arbitrum's STIP program has been extended until March 29.

The second snapshot for this program is yet to be taken, offering participants continued opportunities for engagement and rewards.

Radpie ARB rewards

Radiant has earmarked 282,000 ARB tokens for Radpie.

Earlier this month, users were invited to join as liquidity providers for various pools on Radpie.

Rewards will vary based on milestones attained during the period from January 5 to March 19. Refer to the table above for details on the different distributions.

Additionally, there's the STIP dLP rush, allowing participants to convert their dLP tokens to receive an equivalent amount in mDLP tokens, along with ARBs.

For this inaugural edition, 60,000 tokens are up for distribution.

More details here.

Exploit Event

Radiant Capital encountered a flash loan-based exploit when it launched the new native USDC market on Arbitrum on January 2nd .

This resulted in the protocol accumulating bad debt in the WETH market.

In response to this incident, Radiant has launched a bounty program, offering over $100,000 to individuals who can identify and clarify the exploited flaw.

Following the exploit, the USDC market was relaunched after Open Zeppelin reviewed the code. No anomalies were detected, and the Loan-to-Value ratio on USDC has been restored to the standard level of 80%.

Radiant Dimensions

In January, Radiant delved into new dimensions to enhance understanding of the core concepts that define its platform.

The introduction of the dLP ZAP feature streamlines the process of creating dLP positions by condensing multiple transactions into a single one.

Furthermore, Radiant now supports the stETH token, a liquid staking token representing a share of Ethereum staked through Lido Finance. This token enables users to explore Radiant markets on the Ethereum blockchain and qualify for Radiant incentives by locking their dLPs.

In addition, Radiant employs the OFT standard for its RDNT token, utilizing the OFT-20 standard, an Omnichain Fungible Token format.

This standard facilitates cross-chain token transfers, ensuring tokens can be seamlessly transferred between different blockchains.

With LayerZero's assurance of valid delivery, tokens can be burned on the source chain and minted on the destination chain directly through the token contract.

This integration eliminates liquidity fragmentation, making liquidity accessible across all supported chains.

Collaborations

WOOFi

Radiant was fortunate to be chosen by the cross-chain carousel, allowing 25 individuals to each receive 230 RDNT tokens between January 15th and 21st.

Congratulations to the lucky winners!

And by the way, RDNT is now tradable on WOO Exchange!

Furucombo

In a collaboration with Aave, Compound Finance, and Furucombo, a special opportunity awaits until March 28th.

Furucombo has been granted an allocation of 59,500 ARB tokens, empowering them to launch ARB Wonderland. This adventure allows users to earn various rewards by engaging with Furucombo's position management platform.

To explore the rewards offered, visit the dune dashboard. More details here.

O3 Labs

O3 Labs has launched a campaign, and Radiant is actively participating. Rewards will be distributed to liquidity providers across various O3 pairs, including O3/GMX, O3/RNDT, and O3/GRAIL.

This vote of confidence is greatly appreciated by all involved!

DAO Proposals

The DAO added five proposals, RFP-27, RFP-28, RFP-29, RFP-30 and RFP-31 let’s review them :

• RFP-27: This proposal addresses the incident that occurred on January 2nd and outlines the strategy and timeline for recapitalizing the Arbitrum loan market and repaying the excess debt on the WETH market. The proposal has been accepted meaning that bad dept will be repaid using DAO funds.

• RFP-28: This proposal presents Radiant V3 and all the new features this update would bring. The proposal has been accepted.

• RFP-29: This proposal concerns Radiant's potential collaboration with Chaos Labs, which would further secure Radiant's protocol markets. The proposal has been accepted.

• RFP-30: This proposal gives the DAO the choice of selecting the marketing agency that will handle our need to boost the engagement and visibility of Radiant. The choice is between Scrib3, Serotonin and RadarBlock. The DAO selected Serotonin.

• RFP-31: This proposal suggests allocating $30,000 from Radiant's Operating Expenses to produce educational videos for Radiant v3. The proposal has been accepted.

Honorable Mentions