First.VIP Project Analysis: Radiant Capital (RDNT)
First release: 2023–06–13 on First.VIP
Radiant Capital is a cross-chain DeFi lending protocol. It is an omnichain money market where users can deposit assets on one chain and borrow other supported assets across multiple chains. Besides, it achieves high composability by leveraging LayerZero as a cross-chain infrastructure. Currently, Radiant, as a project in the cross-chain lending sector that has been established quite early, gains a certain first-mover advantage. Subsequently, as Radiant fully integrates LayerZero’s omnichain technology in Radiant v3 and v4, it is likely that its omnichain lending business can be further promoted. Therefore, it is suggested to keep an eye on this project.
Investment Summary
At present, with the continuous development of public chains and Layer 2s, the liquidity of assets across different ecosystems will inevitably be further fragmented. Compound Finance, the top-notch lending protocol, enables cross-chain collateral through Gateway; Aave will soon introduce the cross-chain lending business in Aave V3. Recently, proposals regarding Whitelisting Hashflow/Wormhole and Stargate for Aave V3 Portals passed; major DEXes such as Uniswap and Sushiswap are deployed on multiple chains. The onboarding of multiple long-established DeFi blue-chip projects to the cross-chain lending market implies that they do not want to miss the opportunities accompanying the emerging multi-chain market.
Radiant Capital is a cross-chain DeFi lending protocol. The project team positions the project as an omnichain lending protocol where users can deposit assets on one chain and borrow other supported assets across multiple chains. In addition, users are allowed to gain leverage in its supported DeFi protocols, simplifying the operation of cross-chain borrowing & lending of assets between multiple chains.
Highlights of the Radiant Capital project are:
1) As the first cross-chain lending protocol launched on the LayerZero ecosystem, Radiant has completed the cold start successfully and captured a certain market share. Overall, it gains a certain first-mover advantage in the cross-chain lending sector.
2) The improvements made in Radiant v2 make the project more sustainable and alleviate the inflation problem of $RDNT. Additionally, the design of Dynamic Liquidity Provisioning (dLP) is likely to bring more liquidity to the protocol. However, the long-term empirical effect remains to be further observed and examined.
3) Radiant is a project in the LayerZero ecosystem and in terms of its lending business, with Radiant v2, $RDNT has migrated from the ERC-20 standard to LayerZero’s omnifungible token standard (OFT) for greater cross-chain interoperability without relying on additional trust assumptions to external third-party bridges. If Radiant can do a good job in trust assumptions between the oracle and the relayer in Radiant v3 and v4, then it will be more advantageous than projects using third-party bridges to enable cross-chain asset movements (which is now a mainstream way) in terms of the requirement of the trust assumptions when moving assets across chains.
The associated risks are:
1) The Radiant team is anonymous. Although Radiant has briefly introduced the team in its documentation and in the community, the CV of its members is not disclosed.
2) In terms of Radiant’s lending business, it does not make any technical innovations and mainly refers to Aave’s technical architecture. With the subsequent launch of Aave V3’s cross-chain lending feature, Portal, a negative impact may be exerted on Radiant.
3) Looking back at the development course of Radiant, it can be seen that the great popularity gained by this project is largely owing to the appealing mining APR, the recovery of market conditions, the thriving Arbitrum ecosystem, the high expectation of LayerZero’s omnichain technology, etc. If we look at the FDV/TVL ratio alone, the FDV/TVL ratio of Aave is 0.29, Compound’s FDV/TVL ratio is 0.3, and Radiant’s FDV/TVL ratio stands at ~1.68. This suggests that Radiant’s FDV is higher than its TVL, and comparing Radiant with Aave and Compound, it can be argued that Radiant’s current market cap is inflated.
4) Radiant Capital’s cross-chain interoperability is built atop LayerZero and it relies on Chainlink to provide price feeds. However, Radiant does not disclose the selection of the Relayer, thus there exists a certain security risk.
Overall, although Radiant Capital is still facing some problems, with LayerZero’s omnichain technology and the first-mover advantage gained by Radiant, it is likely that Radiant Capital can make further breakthroughs in the cross-chain lending sector. Therefore, it is suggested to keep an eye on this project.
Note: The final rating of [Approved]/[Rejected] by First.VIP is the result of a comprehensive analysis of the current fundamentals in accordance with project evaluation framework, rather than a prediction of the future price of the project token. There are many factors that affect token prices, and project fundamentals are not the only factor. Therefore, you should not assume that the project’s token price will definitely fall just because First.VIP assigns the rating of [Rejected] to the project. In addition, the development of blockchain projects is dynamic. Projects that we have judged as [Rejected] will likely be adjusted to [Approved] if their fundamentals change significantly and positively, and vice versa, projects that we have judged as [Approved] may be adjusted to [Rejected] if their fundamentals change significantly and viciously, and we will accordingly notify all members.
1. Overview
1.1 Project Profile
Radiant Capital is a cross-chain DeFi lending protocol, and the team positions the project as an omnichain lending protocol designed to enable leveraged lending and composability between different chains.
1.2 Basic Information [1]
2. Project Details
2.1 Team
Radiant Capital’s documentation shows that there are 16 team members, but only their names and positions are disclosed, making the Radiant team an anonymous team[2].
In addition, Radiant mentioned in a blog in April of this year that Radiant Capital has a team of 14, formerly from Morgan Stanley, Apple, and Google, who have been in DeFi since the early days of summer 2020, and many team members in crypto since 2015[3].
If the team members of a blockchain project are anonymous, there are several associated risks:
1) Trust issues: The anonymity of team members may cause distrust among investors and users. Because an anonymous team cannot provide proof of their identity and background information to the public, which may lead investors and users to believe that the project may be a scam or fraudulent project.
2) Responsibility issues: An anonymous team may allow its team members to shirk their responsibilities and if there is a problem with the project, it will be difficult for users and investors to find the relevant team members to solve the problem.
3) Lack of transparency: An anonymous team will usually not disclose its team members’ working experience, educational background, and skills, which makes it hard for users and investors to evaluate the project team’s credibility.
4) Marketing issues: An anonymous team may encounter obstacles in marketing. Since investors and users usually prefer to work with authentic, transparent teams, if team members are anonymous, they are considered not to have enough integrity and credibility to attract sufficient investments and users.
In summary, anonymous teams may adversely affect the development and success of blockchain projects, and therefore, investors and users should carefully consider whether or not to invest in projects developed by anonymous teams.
2.2 Funding
Radiant Capital was founded without going through an IDO, private token sale, or venture round. All operating costs of the project were raised by the team members themselves. The Radiant protocol has successfully completed the cold start and has onboarded a certain number of users to its platform to generate a stable income for the protocol (as shown in Figure 2–1 below), thus covering certain operating costs. However, the amount of assets in the Radiant Treasury is unknown for the time being.
In addition, Radiant Capital, an omnichain lending protocol on Arbitrum, received 3.34 million $ARB during the previous Arbitrum DAOs Airdrop program, valued at nearly $4 million as of April 7, 2023, making Radiant ranking #7 among all DAOs by the amount of $ARB received from Arbitrum.
2.3 Code
According to the team, Radiant was built on a similar framework to Aave and Geist[5].
Radiant Capital’s code is not yet open-source. However, Radiant v1 has been audited by PeckShield and Solidity Finance, and Radiant v2 (Radiant v2 is primarily composed of the same codebase as Radiant v1) has undergone multiple full audits by Peckshield and Zokyo. BlockSec was also hired for whitehat hacking to test the security of the network. The full audit reports are available in Radiant’s documentation.
Radiant Capital is currently partnering with Immunefi to launch a bug bounty program with a maximum bounty of $200,000. Besides, Radiant will leverage OpenZeppelin Defender’s security system to monitor the network 24/7 and respond to potential attacks/risks in a timely manner.
2.4 Products
Radiant Capital is a cross-chain DeFi lending protocol. The project team positions the project as an omnichain lending protocol where users can deposit assets on one chain and borrow other supported assets across multiple chains. In addition, users are allowed to gain leverage in its supported DeFi protocols, simplifying the operation of cross-chain borrowing & lending of assets between multiple chains.
2.4.1 Workflow
The workflow of Radiant Capital can be seen in Figure 2–2 above, which is similar to that of the mature lending protocols currently on the market (e.g., Aave, Compound, etc.), with the difference that Radiant wants to be an omnichain lending protocol, i.e., users can deposit collateral on chain A and then borrow other assets on chain B.
The workflow is relatively simple: When users need to use Radiant’s cross-chain lending service, they need to first deposit assets as collateral on one of the chains supported by Radiant (currently, Radiant only supports two chains, Arbitrum and BNB Chain) and become a dynamic liquidity provider (dLP) before they can borrow the assets on the target chain. Allocation of fees earned by the Radiant V2 protocol: 60% to dLPs, 25% to lenders, and 15% are designated for the DAO-controlled Operating Expenses Wallet.
In addition, Radiant provides a loop & lock function that enables users to increase their collateral value by automating the deposit and borrow cycle multiple times (with up to 5x leverage).
For example, users can deposit ETH, WBTC, or other supported assets as collateral on Arbitrum via Radiant and then borrow BNB on BSC, thus amplifying their own leverage. In this process, users do not have to perform the cross-chain asset movement operation (e.g., in this example, users do not need to move ETH from Arbitrum to BSC in advance). That is, from the user’s perspective, cross-chain lending & borrowing can be done across different chains or L2s without having to move assets from one chain to another.
2.4.2 Radiant v2
Figure 2–3 above shows the improved workflow in Radiant v2 that was introduced on January 16, 2023.
Specifically, in comparison, Radiant v2 has made the following improvements:
1) Tokenomics
Radiant introduced the concept of Dynamic Liquidity Provisioning (dLP) to address the inflation of $RDNT. In v2, users that simply deposit but do not add value to the protocol will have exposure to natural market rates but will not be eligible for RDNT emissions. In order to be eligible for $RDNT emissions, users will be required to maintain a minimum 5% threshold in locked Dynamic Liquidity relative to the total value of their deposit. This means that if a user deposited $100 into Radiant, he/she would be eligible for $RDNT emissions only if he/she further locks $5 worth of dLP tokens.
Radiant currently offers two locked liquidity pools:
— Arbitrum: Balancer 80/20 composition (80% RDNT & 20% ETH)
— BNB Chain: Pancakeswap 50/50 (50% RDNT & 50% BNB)
For example, if user A deposits $1,000,000 into Radiant and locks $0 worth of dLP tokens, then he/she is eligible to receive a base deposit yield but would not be eligible for $RDNT emissions.
On the other hand, if user B deposits $1,000 into Radiant and has $50 worth of RDNT/BNB dLP locked, then this user would be eligible for $RDNT emissions (assuming the minimum 5% threshold continues to be met).
In simple terms, users not only need to deposit funds into Radiant to become LPs but also stake a certain % of RDNT/ETH or RDNT/BNB dLP tokens to be eligible for $RDNT emissions.
Users can choose to lock dLP tokens for 1–12 months. The longer the lockup period, the more the token rewards. The token rewards earned will be vested linearly over a 3-month period, during which the DAO implements a linear scale that gives users who exit early between 10% — 75% of all emissions, depending on the remaining vesting time (as shown in Figure 2–3 above).
As shown in Figure 2–4 above, as displayed on Radiant’s [Markets] page, for users who only make deposits into Radiant but do not lock dLP tokens, they will only earn a base rate (highlighted in red in Figure 2–4). However, for those who both make deposits into Radiant and lock a sufficient number of dLP tokens, they are eligible for $RDNT emissions (highlighted in blue/purple).
Overall, the introduction of the dLP concept makes the demand for $RDNT stronger on the one hand, and on the other hand drives the growth of the liquidity of $RDNT, onboarding more mid- to long-term LPs to Radiant to establish a symbiotic development relationship with the platform.
To improve the user experience, Radiant has added “Zap” functionality to almost every component introduced in v2: adding liquidity, locking dLP, 1-click loop-and-lock while maintaining the minimum 5% dLP requirement for $RDNT emissions, etc.
In addition, in order to maintain the sustainability of the economic model, Radiant has extended the runway for RDNT lender and borrower emissions from 2 years to 5 years (July 2027) in Radiant v2. Besides, the vesting period for earned RDNT through emissions has been extended from 28 days to 90 days. For users who exit early, they will only be eligible for 10% — 75% of all emissions. Furthermore, in v2, the community has voted to remove expired locks from the emissions pool. Users will now be able to enable an “auto-relock” option in the UI, which will allow them to receive emissions as they normally would automatically. Protocol fees have been changed accordingly, with dLPs being the largest beneficiaries, as described above. The mechanisms in Radiant v2 are more well-designed than those in v1.
2) Cross-Chain Mechanism
One of the first tasks of Radiant v2 was to migrate $RDNT from the ERC-20 standard to LayerZero’s omnifungible token standard (OFT). In Radiant v1, its cross-chain functionality was realized by relying on Stargate’s Router interface. However, in v2, Radiant first migrated $RDNT to LayerZero’s OFT standard for greater cross-chain interoperability. This can help $RDNT be deployed on new chains faster and allow Radiant to take ownership of cross-chain contracts. The specific mechanism of LayerZero OFT will be elaborated on in Section 2.5.3.
Summary:
Previously, with the continued high price of $RDNT, coupled with the appealing liquidity mining reward, the TVL in Radiant has been on the growth momentum. But history also tells us that most liquidity mining programs can only drive the growth of protocols’ operational data for a short period of time, and with the decline in the mining APR, competitive edges gained by projects will become weaker and weaker. Of course, the Radiant team is aware of the problem and adopted some measures such as extending the runway for RDNT lender and borrower emissions from 2 years to 5 years, adjusting the fee allocation schedule, and setting up dynamic liquidity supply (to be eligible for RDNT emissions, users will be required to maintain a minimum 5% threshold in locked Dynamic Liquidity relative to the total value of their deposit), etc., to ensure the sustainable development of the protocol.
Theoretically, the improvements made in Radiant v2 make the project more sustainable and alleviate the inflation problem of $RDNT. Additionally, the design of dLP is likely to bring more liquidity to the protocol. However, the long-term empirical effect remains to be further observed and examined. To observe the subsequent development of the project, attention can be placed on the liquidity of assets in the Radiant ecosystem.
In addition, for a cross-chain lending protocol, improvements and innovations made to the economic model are only the icing on the cake. The essence of the protocol’s success lies primarily in whether it can boost user demand to borrow & lend assets from/to the platform and effectively retain users. Just like the top-notch lending protocol Aave now, it greatly outshines latecomers in terms of the TVL in the protocol even without token incentives.
2.5 Technology
2.5.1 Interest Rate Model
Borrowers pay an interest fee when they borrow assets, which accrues to their loan value. Radiant Capital references Aave’s design for its interest rate model, including directly using Aave’s interest rate formulas in its documentation. It utilizes a dynamic interest rate model, which is a common model adopted by mainstream lending protocols. The core idea is to maintain the lending & borrowing demand for specific assets within an optimal range.
Radiant’s interest rate algorithms are calibrated to manage liquidity risk and optimize utilization. The borrow interest rates are derived from the Utilization Rate U. U is an indicator of the availability of capital within the pool.
The interest rate Rt follows the model:
When U reaches a critical level, the model will adjust the interest rate to influence user behavior and bring U back into an optimal range:
If the utilization rate ≤ optimal utilization rate ( ), the borrow interest rates will increase with the utilization rate slowly, attracting users to borrow by reducing the cost of borrowing;
If the utilization rate > the optimal utilization rate ( ), the borrow interest rates rise rapidly, encouraging lenders to supply more funds. At the same time, due to the high cost of borrowing, borrowers will be encouraged to repay their loans in a timely manner.
Since Radiant Capital refers to Aave for the design of its interest rate model, interested readers can refer to Aave’s documentation for more details about the interest rate model[8].
2.5.2 Liquidation Mechanism
Radiant again refers to Aave to design its liquidation mechanism and introduced the concept of Health Factors to determine whether a liquidation will be triggered or not. A user’s collateral will be liquidated when his/her health factor drops below 1, i.e., collateral value < loan/debt value.
Collateral Value = Collateral * LTV; Debt Value = Borrowing Value / Borrow Interest Rate
Once a liquidation is triggered, liquidators can help pay the debt for borrowers and receive discounted collateral in return (also known as the liquidation bonus). As with Compound and Aave, in Radiant, a liquidator can repay up to 50% of a single borrowed amount.
In Compound and Aave, to incentivize liquidators to repay part of the debt owed by borrowers, they will usually provide a 5% to 10% discount to borrowers’ collateral as the liquidation bonus to liquidators. In Radiant, the total liquidation penalty is 15%. Half of the penalty (7.5%) is allocated as a bonus to liquidators, while the other half is earmarked towards the Radiant Growth Fund. However, it is important to note that this design may lead to the front-running of liquidation transactions and the potential for lenders who supply a large amount of funds to suffer a great loss. Therefore, in order to ensure that the liquidation is completed as soon as possible, liquidators often choose to pay a higher gas fee.
For example:
Suppose User A deposits 10 ETH and borrows DAI worth 5 ETH from Radiant. If the price of ETH plummets during the borrowing period, causing User A’s health factor to drop below 1, his/her loan will be eligible for liquidation.
At this point, a liquidator can repay up to 50% of a single borrowed amount (in this case, 2.5 ETH worth of DAI). In return, the liquidator can claim a single collateral, which is ETH, at a 7.5% bonus. The liquidator claims 2.5 + 0.1875 ETH (0.1875 ETH is claimed by the protocol at a 7.5% bonus (15% total penalty)) for repaying user A’s bad debt (2.5 ETH worth of DAI).
After liquidation, user A has 7.125 ETH (10–2.5–0.1875–0.1875 ETH) of supplied ETH collateral and 2.5 ETH worth of DAI borrowed.
2.5.3 RDNT OFT (Omnichain Fungible Tokens)
As we mentioned above, with Radiant v2, $RDNT has migrated from the ERC-20 standard to LayerZero’s OFT standard for greater cross-chain interoperability.
OFT (Omnichain Fungible Tokens)
An OFT, or omnichain fungible token, is a token wrapper that allows tokens to freely move between LayerZero-supported chains. OFTs are a shared token super standard across all supported chains and can be seamlessly transported across these chains with zero added cost (e.g., cross-chain asset transfer fees). OFTs when transported between chains are burned on the source chain and minted on the destination chain, directly through the token contract.
Currently, in Radiant v2, $RDNT is an OFT, which will allow this token to be combined and fragmented on LayerZero-supported chains, thus re-unifying its liquidity on these chains. This means that $RDNT has an elastic supply on each chain and by deploying $RDNT on different chains and dApps, more $RDNT strategies and high-frequency arbitrage opportunities will be created, thus increasing the use cases of this token.
Subsequently, Radiant also plans to get rid of its reliance on the third-party cross-chain bridge (Stargate) and fully integrate LayerZero in Radiant v3 to enable a seamless cross-chain experience and support more EVM chains to promote its cross-chain lending business. The biggest advantage of integrating LayerZero is that it solves the liquidity fragmentation problem to some extent, enabling the use of a unified token standard across multiple chains (provided LayerZero can be massively adopted). This in turn facilitates users to frictionlessly collateralize, borrow, and lend any assets launched on networks supported by LayerZero when using Radiant’s cross-chain lending services.
First.VIP Note: LayerZero is an omnichain interoperability protocol designed to deliver lightweight messages across chains without running nodes on the connected chains, and to transfer messages between endpoints on different chains by relying on oracles and the relayer[10]. Radiant Capital’s cross-chain interoperability is built atop LayerZero and it relies on Chainlink to provide price feeds. However, Radiant does not disclose the selection of the Relayer, while analysts at First.VIP speculate that in Radiant v3, Radiant may prioritize the use of LayerZero’s Relayer. Hence, when users want to transmit messages across chains on Radiant, only when Chainlink and the Relayer complete validation mutually will the messages be transmitted to the destination chain.
Summary:
Looking back at the development course of Radiant, it can be seen that the great popularity gained by this project is largely owing to the appealing mining APR, the recovery of market conditions, the thriving Arbitrum ecosystem, the high expectation of LayerZero’s omnichain technology, etc. After some favorable results have been yielded, the Radiant team has realized that it cannot continue to offer such an appealing liquidity mining APR to users continuously, as it leads to high inflation. Therefore, in Radiant v2, several improvements have been made[11].
It can be said that Radiant Capital has successfully completed its cold start. In terms of Radiant’s lending business, it does not make any technical innovations and mainly refers to Aave’s technical architecture. Subsequently, as Radiant fully integrates LayerZero’s omnichain technology in Radiant v3 and v4, it is likely that its omnichain lending business can be further promoted and more users can be onboarded to the platform.
3. Development
3.1 History
3.2 Current Status
3.2.1 Business Data
As the first officially launched cross-chain lending project on the LayerZero ecosystem, Radiant Capital has yielded a satisfactory outcome in terms of its business data.
According to Token Terminal, as of April 21, 2023, the TVL in Radiant stood at ~$236 million, with $142 million of the TVL on the Arbitrum chain and $93.9 million of the TVL on the BSC chain.
According to Dune Analytics, as of March 30, 2023, the total amount of deposits on Radiant was ~$435 million, including $190 million in USDC, $36.39 million in USDT, $34.68 million in DAI, $127 million in WETH, and $46.57 million in WBTC. The deposit volume of the three major stablecoins accounts for 60.09% of the total deposit volume.
As of March 30, 2023, total borrowings on Radiant were ~$296 million, including $141 million in USDC, $37.1 million in USDT, $22.78 million in DAI, $79.21 million in WETH, and $16.39 million in WBTC. The borrowings of the three major stablecoins account for ~67.71% of the total borrowings.
Overall, the fund utilization rate in Radiant is ~68.05%, implying that for every $100 of deposits in Radiant, ~$68.05 of assets are borrowed. According to the Radiant documentation, the LTV of USDC, USDT, and DAI is 80%, which means that for every $1 of USDC and USDT deposited, up to $0.80 of assets can be borrowed. The fact that all three major stablecoins have almost reached the ceiling of their fund utilization rate suggests that a significant portion of the funds being deposited in Radiant is used for liquidity mining purposes rather than to borrow funds.
On the flip side, although a significant portion of the funds deposited into Radiant is for the purpose of liquidity mining, real revenues have been generated for the project, as shown in the blog published by Radiant in April 2023, ~$7 million in revenue has accrued to the protocol[14].
First.VIP Note: Since the most recent data regarding total deposits on Radiant shown on Dune Analytics is as of March 30, 2023, for comparison purposes, the data on the total borrowings on Radiant is selected as of March 30, 2023. But combined with the most recent data, the total borrowings on Radiant as of April 19, 2023, were ~$355 million, including $131 million in USDC, $41.36 million in USDT, $26.33 million in DAI, $123 million in WETH, and $31.46 million in WBTC. The borrowings of the three major stablecoins account for ~55.91% of the total borrowings. There is a certain difference compared to the data from 20 days ago, so the analysts at First.VIP speculate that the main reason for the difference is due to the relative decrease in the share of stablecoin borrowing as the recovery of market conditions has boosted the actual borrowing demand in Radiant (especially from Figure 3–3 above, it can be seen that the borrowing demand for WETH has increased significantly).
Currently in Radiant, deposits and borrowings of USDC, USDT, DAI, ETH, WBTC, ARB, and wstETH enable users to receive $RDNT rewards via liquidity mining, the mining reward (APR) of each asset is higher than their borrow APY.
However, it is important to note that the previous Binance Launchpad program has led to an increase in demand for BNB in the market[15], which has also led to an increase in the borrow APY of BNB in Radiant Money Market. As of April 23, 2023, the borrow APY of BNB on Radiant is as high as 192%, but the APR of mining BNB is merely 67.68% (shown in Figure 3–4 below). Hence, for users, at present, revolving borrowing BNB on Radiant will make them suffer a loss. Therefore, users still need to do their research in advance before participating in mining.
3.2.2 Users
On the user side, according to Dune Analytics, after the launch of the Radiant protocol, the number of users on Radiant surged in Q4 2022 and Q1 2023 when Arbitrum gained great popularity. However, combined with Figure 3–5 above, we can also clearly see that after Radiant v2 was released on March 19, 2023, the growth rate of its users has slowed down (the black line in the above figure), and the number of new wallets and existing wallets both dropped from hundreds to ten digits, a decline of more than 90%. As of April 18, 2023, Radiant Capital had a total of 368,799 users.
3.3 The Future
Radiant disclosed the roadmap in its documentation. It has not released Radiant v2 for a long time and the team plans to introduce Radiant v3 and v4 in the future. Specifically, the team’s top priority now is to support more assets to be deposited as collateral on the platform in addition to scaling Radiant to different EVM chains. As part of Radiant v2 governance, assets that can be deposited as collateral can be voted on and added to the protocol, and a newly formed Risk Committee will determine reasonable collateral and lending parameters. Recently, the team just supported $ARB and $wstETH to be deposited as collateral.
In Radiant v3, the team plans to completely forego STG for full LayerZero implementation. Radiant v4 is expected to become the “LayerZero” for liquidity and yield, making Radiant become the preferred money market and cross-chain liquidity source in the DeFi space.
Summary:
Radiant has now captured a certain market share, while according to the data analysis above, we can find that a significant portion of the funds being deposited in Radiant is used for liquidity mining purposes rather than to borrow funds. If $RDNT prices remain unchanged or rise, the deposit and borrowing volumes in Radiant are likely to continue to increase, which is incentivized by the appealing liquidity mining APR offered by Radiant. However, it is clear that without mining incentives, Radiant will become less competitive. Moreover, on the user side, after Radiant v2 was released on March 19, 2023, the growth rate of its users has slowed down.
Right now, the focus of Radiant is to scale the protocol to different EVM chains and support more types of assets as collateral on the platform, thus driving the development of the project. In the long run, the essence of the protocol’s success lies primarily in whether it can boost user demand to borrow & lend assets across different chains.
4. Tokenomics
Radiant Capital’s native token is $RDNT, with a total supply of 1 billion. According to CoinGecko, the circulating supply of $RDNT now stands at ~261 million, accounting for ~26.13% of the total $RDNT supply.
4.1 Supply
4.1.1 Token Allocation
The allocation of 1 billion $RDNT is shown in Table 4–1.
4.1.2 Addresses Holding $RDNT
According to Arbiscan, as of April 20, 2023, there are 23,432 addresses holding $RDNT. The top 100 addresses own 97.45% of the total $RDNT supply and the top 10 addresses own 90.34% of the total $RDNT supply.
9 of the top 10 addresses are contract/exchange/LP addresses, holding 87.69% of the total $RDNT supply. Deducting the amount of $RDNT held by these addresses, the top 100 addresses merely hold 9.76% of the total $RDNT supply. This indicates that $RDNT is now distributed in a rather centralized manner and most of $RDNT is now owned by the Radiant team and market makers.
4.2 Demand
$RDNT shares great similarities with most of the governance tokens launched by DeFi protocols in terms of use cases. It can be used for community governance and incentivizing LPs. Currently, $RDNT has a few use cases and it is expected that by deploying $RDNT on different chains and dApps, more $RDNT strategies and high-frequency arbitrage opportunities will be created, thus increasing the use cases of this token.
Summary:
The total supply of $RDNT is 1 billion, and by extending the runway for RDNT lender and borrower emissions from 2 years to 5 years (to July 2027), the rewards for $RDNT lenders and borrowers can be released over a longer period of time, which alleviates the inflation problem of RDNT tokens. However, currently, $RDNT has a few use cases, and only if more use cases are created can the value-capture ability of $RDNT be strengthened.
5. Competition
Radiant Capital is a cross-chain DeFi lending protocol and the team positions the project itself as an omnichain lending protocol.
5.1 Sector Overview
In recent years, we have seen application scenarios with real demand emerge on Ethereum such as DeFi, NFTs, and GameFi. The Ethereum ecosystem is thriving but on the other hand, the rapid development of the Ethereum ecosystem has also resulted in issues such as poor network performance, network congestion, and high gas fees, hindering the further growth of the ecosystem. At the same time, people have started to shift their focus to Layer 2s or exit Ethereum to find other public chains that better meet their demand.
Therefore, we see the rapid growth of other public chains. Many emerging public chains (e.g., BSC, Solana, Near, Avalanche, Fantom, etc.) have made corresponding trade-offs on the impossible triangle and improved their scalability. Besides, most of these public chains are EVM-compatible, making it easier for them to integrate DeFi and NFT projects.
On Layer 2s, we have seen various projects being launched on the Arbitrum and Optimism ecosystems. From the GLP War, which is in full swing, to the high transaction activity on L2s, it can be concluded that the L2 ecosystem has been developing at a fast pace. According to DeFiLlama, as of April 23, 2023, the TVL in the Arbitrum ecosystem is currently $2.17 billion and the TVL in the Optimism ecosystem is $907 million.
In addition, since the second half of last year, projects adopting zk-Rollup technology are sparing no effort to make great progress, raising large funding amounts and receiving great attention. It is predictable that with the competition among L2s becoming more and more fierce, the liquidity of assets across different ecosystems will be further fragmented.
Regardless of how the market evolves, it is impossible for a single chain to encompass everything, and Ethereum cannot dominate the entire market. Looking at the current competitive landscape, the future development trend in the public chain sector is likely to still revolve around Ethereum and its L2s, with other public chains playing a supporting role.
In fact, whether it is the traditional financial sector or on-chain DeFi protocols, they are all focused on meeting users’ investment and financial needs that will always exist. And for cross-chain DeFi projects, their core lies in whether or not it is needed for them to interconnect with other public chains in the financial realm thus improving composability. The successful start of many public chains and Layer 2s has lent support to this point. Although the phenomenon of multi-chain coexistence is partly due to the continued operation of external capital, the emerging public chains and Layer 2s with low gas fees have indeed hit Ethereum’s pain points.
Nowadays, in the world of blockchains, many ecosystems are thriving, which also makes users’ asset management needs on-chain more and more diversified. As the number of public chains and Layer 2s gradually cultivate their ecosystems, the demand for moving assets across chains becomes increasingly stronger.
Previously, most of the lending protocols on the market were deployed in separate versions on different chains or Layer 2s. For example, some blue-chip lending protocols on Ethereum would choose to launch different versions on chains such as Arbitrum, Optimism, BSC, and Polygon in order to capture a larger market share. Users cannot transfer assets across different versions of the protocol and the liquidity of assets on different chains is fragmented. To achieve interoperability, cross-chain asset movements need to be realized first. The emerging concept of omnichain lending is essentially integrating the liquidity of assets on different chains, boosting the utilization of funds, and lowering the operational threshold for users.
5.2 Competitor Introduction
At present, multiple long-established DeFi blue-chip projects have been onboarded to the cross-chain lending market. For example, Compound Finance, the top-notch lending protocol, enables cross-chain collateral through Gateway (Compound previously released a testnet for Gateway, while for unknown reasons, contributors stopped committing code in the Gateway repository in July 2021[19]); Aave will soon introduce cross-chain lending in Aave V3. In addition, multiple cross-chain DeFi protocols have been released on public chains such as BSC, Cosmos, and Polkadot, while most of them first build a bridge between them and Ethereum and are in the early stages of development.
Radiant Capital discussed in this report is a cross-chain/omnichain lending protocol based on LayerZero, and its competitors will be the ones in the LayerZero ecosystem. Therefore, in this section, we will compare Radiant with cross-chain lending projects in the LayerZero ecosystem, as well as Aave V3.
5.2.1 Aave V3
Aave introduced the Portal feature in November 2021 when it introduced Aave V3. This feature will allow supplied assets to seamlessly flow between Aave markets on different networks. Since March 16, 2022, when Aave V3 was officially released, the Portal feature could have been deployed, while users cannot use this feature for now because Aave has not yet completed the integration with whitelisted cross-chain bridges.
The good news is that with Aave’s deployment of Aave V3 on Ethereum in January of this year, and subsequently in March and April of 2023, we saw the proposals for whitelisting Hashflow/Wormhole and Stargate for Aave V3 Portals pass[20] [21]. We may see the Portal feature go live soon.
First.VIP Note: Aave V3 introduced several new features, and the Portal feature is just one of the most notable features.
5.2.2 TapiocaDAO
TapiocaDAO is a cross-chain DeFi lending protocol, and the team positions the project itself as an omnichain lending protocol that aims to enable leveraged lending and composability between different chains. In addition, users are allowed to gain leverage in its supported DeFi protocols, simplifying the operation of cross-chain borrowing & lending of assets between multiple chains. The project just completed the testnet launch in Q1 2023.
Tapioca’s core products are Singularity and Yield Box:
— Singularity is an isolated omni-chain lending engine previously adopted by Kashi, which was released by Sushiswap.
— Yieldbox (Bentobox V2) is a permissionless token vault that allows for yield farming of idle funds on the Singularity platform. Singularity and Yield Box, are developed based on BoringCrypto’s codebases[22].
At the cross-chain level, Tapioca uses LayerZero as its cross-chain infrastructure and designed a decentralized over-collateralized stablecoin, usd0, using the LayerZero OFT20 V2 token super-standard.
5.2.3 Cedro Finance
Cedro Finance is also a cross-chain lending platform based on LayerZero and has launched the testnet. The platform introduces the innovative Cedro Unified Liquidity Token (CULT) to guarantee the liquidity supply of the protocol. In addition, the platform also significantly optimizes gas costs by moving some of the heavy computations of the protocol (e.g., interest rate calculation, tracking different assets, tracking different positions, liquidations, etc.) into the Root. Currently, users can earn rewards for completing testnet tasks and providing feedback on the use of the testnet.
5.3 Analysis of Competitive Elements
As neither Cedro Finance nor Aave V3 and TapiocaDAO’s products have officially been launched yet, there is no data to support a horizontal comparison of these three projects with Radiant. Hence, we will introduce the mechanism of the three projects and the advantages and disadvantages of each in this section.
5.3.1 Aave V3
According to the Aave team, Portal allows users to move their own assets seamlessly from deployments of V3 over different networks. At its core, the feature is quite straightforward: A user’s supplied liquidity can be transferred from one network to another simply by burning aTokens on the original source network (e.g., Ethereum) while minting them on the destination network (e.g., Polygon). A network interconnection built around this feature is called Port.
The implementation of the Portal feature relies on external third-party cross-chain bridges and requires Aave governance to vote for whitelisted cross-chain bridges. This means that it is not Aave while third-party bridges performing the operation of burning & minting assets on different chains, introducing the concept of trust assumptions.
Previously, the Aave V3 community forum also mentioned that “Portal can help bridging protocols like Connext, Hop Protocol, Anyswap, xPollinate, and novel solutions that can be specifically built to leverage Portal, to tap into Aave Protocol liquidity to facilitate cross-chain interactions. Aave Governance will have the ability to grant any cross-chain protocol access to the Ports upon receiving a proposal to do so.”
In March and April of 2023, we saw the proposals for whitelisting Hashflow/Wormhole and Stargate for Aave V3 Portals pass. These are the first two protocols to be whitelisted for V3 Portals.
In addition, according to the available information, more cross-chain bridges will be whitelisted for V3 Portals and each of them is allowed to mint its own aTokens on different networks. Moreover, V3 and Aave gateways allow full granularity on the fee model. Each port can ask for a unique to them fee model, and even a fee model different for each network and asset. Ports can come forward to the governance with a business model that is a win-win for the actors involved. This helps drive the involution between different cross-chain bridges on Portals, resulting in lower fees and slippage for users on Aave. Moreover, by integrating with Aave V3, whitelisted cross-chain bridges can use Aave to expand their potential influence.
First.VIP Opinion: In short, Aave V3’s Portal feature will allow users to deposit ETH on Arbitrum and then borrow other assets on Polygon. This is the same concept as Radiant’s omnichain lending.
Aave is the №1 lending protocol in the crypto industry by TVL. If the Portal feature can be successfully deployed, Aave would be the protocol owing the most sufficient liquidity across multiple chains. The launch of the Portal feature is expected to improve the liquidity of assets and fund utilization in the entire Aave ecosystem, further promoting Aave’s borrowing & lending business. At that time, it is likely to trigger a Matthew effect, which will soon be spread to different blockchains and make Aave the strongest competitor to Radiant.
On the other hand, the Portal feature has actually reached a deployable state since the official launch of Aave V3 on March 16, 2022. Over a year, we have seen corresponding community proposals adopted, while the specific time when users can use this feature is TBD. The main reason is that the Aave team is more cautious in governance proposal execution and technical implementation for security reasons. After all, as mentioned above, it is not Aave while third-party bridges perform the operation of burning & minting assets on different chains. Wormhole, a bridge that has been whitelisted for V3 Portals, was hacked before. The team needs to consider carefully about the risk brought by uncertain external trust assumptions introduced by these protocols.
In contrast, if Radiant can do a good job in trust assumptions between the oracle and the relayer in Radiant v3 and v4, then it will be more advantageous than projects using third-party bridges to enable cross-chain asset movements (which is now a mainstream way) in terms of the requirement of the trust assumptions when moving assets across chains.
5.3.2 TapiocaDAO
Tapioca’s core products are Singularity and Yield Box:
- Singularity is an isolated omni-chain lending engine previously adopted by Kashi, which was released by Sushiswap. Singularity is a modified version of Kashi which was licensed to Tapioca DAO by BoringCrypto.
- Yieldbox (Bentobox V2) is a permissionless token vault that allows for yield farming of idle funds on the Singularity platform.
At the cross-chain level, Tapioca uses LayerZero as its cross-chain infrastructure and designed a decentralized over-collateralized stablecoin, usd0, using the LayerZero OFT20 V2 token super-standard.
Moreover, in terms of the economic model, Tapioca introduces twAML, which aims to address the drawbacks in existing liquidity mining programs, maximize allocative efficiency, and improve the sustainability of the protocol.
Simply understood, TapiocaDAO implements the cross-chain borrowing & lending functionality through Singularity and LayerZero, and it adds a layer of a yield-farming protocol (Yieldbox) on top of that to help users farm more yields. Besides, TapiocaDAO innovatively introduced the twAML mechanism to address the drawbacks of existing liquidity mining programs.
The workflow of TapiocaDAO’s products is shown in Figure 5–2.
For borrowers, they simply deposit assets supported by Tapioca to Singularity markets in an overcollateralized manner, borrow usd0, and pay interest on their borrowings.
Lenders can provide liquidity to Singularity markets and earn interest on their deposits, or earn higher yields by minting $usd0 and staking it (normally, the platform offers appealing yields at the beginning to incentivize users to mint stablecoins). When a user lends assets into a Singularity market and receives tOLP receipts. Upon expiration of options, users can purchase TAP at a discount and sell it for a profit.
Here, while collateral assets are deposited into Singularity markets, a portion (generally 20%) of each market is lent out in yield strategies via Yieldbox. Therefore, lenders are able to receive additional returns via yield farming.
In Yieldbox, Tapioca automates the rebalancing of assets held in Yieldbox via Gelato Network[24] to attain the highest yields from multiple protocols on multiple chains.
First.VIP Opinion:
TapiocaDAO and Radiant are two similar projects by relying on LayerZero to implement their cross-chain functionality. At the lending level, Radiant refers to Aave’s mature lending mechanisms, while Tapioca’s two products are developed based on BoringCrypto’s codebases, of which Singularity is an isolated omni-chain lending engine previously adopted by Kashi, which was released by Sushiswap. What is different is that TapiocaDAO implements the cross-chain borrowing & lending functionality through Singularity and LayerZero, and it adds a layer of a yield-farming protocol (Yieldbox) on top of that to help users farm more yields.
By reading the official documentation of Tapioca and Radiant, we find that the Tapioca team is able to release more details about its products and technology. Besides, it has an innovatively designed economic model (for more details, please see the Project Analysis — TapiocaDAO published by First.VIP). Nevertheless, it should also be noted that the twAML mechanism introduced by Tapioca is quite complex and the access threshold for ordinary users is high, which requires the project team to possess a strong operational capability.
Therefore, in First.VIP analysts’ opinion, if Tapioca and Radiant were to go live at the same time, they could potentially be two equally competitive projects. But the current situation is that Radiant has already gained a first-mover advantage in the cross-chain lending sector and has captured a certain market share and onboarded a certain number of users to its platform. While TapiocaDAO just completed its testnet launch in Q1 2023, thus it would be tough for it to catch up with Radiant Capital in a short period of time.
5.3.3 Cedro Finance
Cedro Finance’s Protocol Architecture:
As shown in Figure 5–3 above, in Cedro Finance, a branch is deployed on multiple chains, all of which interact with the Root, which is deployed on a single chain that stores the global states of the protocol and passes information across chains. Branches and Root interact using Messenger. This modular design is important for the scalability of the protocol. To add a new chain to the protocol, all we have to do is to deploy the Branch on that chain and establish a connection to the Root.
Cedro Finance is comprised of three major components:
1) Branch
The Branch is the main point of interaction for the users for Deposit and Repay operations. For example, if a user wants to deposit USDC in Ethereum, then the user will interact with the depositRequest() function of the Branch in Ethereum. The deposited amount is stored in the USDC Liquidity Pool at Ethereum, the information is sent to the Root using Messenger, and the user receives ceToken on the Root chain.
A Branch handles asset pools on each chain it is deployed to. That means when a user deposits AVAX on Avalanche, it is sent to the AVAX pool which is managed by the Branch itself. Each asset listed in Cedro has a pool that stores the funds in Branch, but is managed by Root. There is a pool for each asset listed in Cedro, which stores the fund in the Branch but is managed by Root. To add a new chain to the protocol, the Branch is deployed on that chain and then a Messenger connection is established between the Root and the Branch.
2) Messenger
Messenger is a stack of multiple generic cross-chain messaging protocols. Messenger analyses different factors like estimated transaction cost, speed, security, etc. to choose a messaging protocol from the stack for a given transaction. The advantage of having a cross-chain messaging protocol aggregator is that it provides another degree of freedom to the user. Users can choose the protocol they want or let Cedro choose it based on their priorities for cost, speed, security, etc. Once a protocol is chosen, it is used to send the desired cross-chain message to/from the Root.
3) Root
The Root is deployed in a single chain and is the point of connection for all of the Branches. Every Branch is connected to the Root in a bidirectional manner using Messenger.
Root stores all the protocol’s global variables, including the total deposited amount across multiple chains, total borrowed amount, Total protocol liquidity, etc. Therefore, whenever a user deposits an asset on Chain A, the information is passed to the Root chain, to update the user’s liquidity and asset liquidity.
In addition, Cedro Finance introduces the innovative Cedro Unified Liquidity Token (CULT) to guarantee the liquidity supply of the protocol. Simply understood, CULT lets users deposit multi-chain assets from different chains and add them to a unified liquidity pool. For example, when a lender deposits 100 USDC in Ethereum and 200 USDC in Solana, they will receive 300 ceUSDC on the Root chain and receive interest on them.
First.VIP Opinion: Overall, Cedro Finance can be understood as a cross-chain lending protocol that provides users with the optimal cross-chain solution by aggregating multiple cross-chain messaging protocols (similar to LI.FI). Looking at Cedro’s protocol architecture, we find that the introduction of isolated pools (there is a pool for each asset listed in Cedro, which stores the fund in the Branch) seems to make the protocol more secure but further fragments liquidity. For that problem, Cedro solved it by introducing CULT.
It seems that Cedro is like setting up another set of standards under the standards adopted by other omnichain protocols, and how many people will go to use this set of standards is unknown for the time being. In addition, we can also see that the Root is a very important component of Cedro, but not much information has been disclosed so far. First.VIP analysts speculate that the protocol may be operated in a relatively centralized manner in the future, which makes the protocol less “sexy”.
Summary:
Although LayerZero’s technology is still controversial at the moment, it cannot be denied that its ecological landscape has grown to a considerable size. Among several LayerZero-based cross-chain lending protocols analyzed in this section, TapiocaDAO’s products, Singularity and Yield Box, are developed based on BoringCrypto’s codebases and their mechanism seems to be feasible; Cedro Finance is a cross-chain lending protocol that provides users with the optimal cross-chain solution by aggregating multiple cross-chain messaging protocols. It is now in the testnet phase and may face the centralization issue subsequently.
Overall, Radiant Capital is at the forefront. Its business data is eye-catching by offering an attractive mining APR. Relying on its first-mover advantage, Radiant is expected to build an indefensible moat in the LayerZero ecosystem.
However, with the subsequent launch of Aave V3’s own cross-chain lending feature, Portal, a negative impact may be exerted on Radiant and Aave will become Radiant’s strongest competitor. If Radiant can do a good job in trust assumptions between the oracle and the relayer in Radiant v3 and v4, then it will be more advantageous than projects using third-party bridges to enable cross-chain asset movements (which is now a mainstream way) in terms of the requirement of the trust assumptions when moving assets across chains.
6. Risks
Protocol Security
The code of Radiant Capital has not been open-source and there are still some uncertainties regarding the security of the protocol.
Team Anonymous
Although Radiant has briefly introduced the team in its documentation and in the community, the CV of its members is not disclosed.
Competition Risk
In terms of Radiant’s lending business, it does not make any technical innovations and mainly refers to Aave’s technical architecture. With the subsequent launch of Aave V3’s own cross-chain lending feature, Portal, a negative impact may be exerted on Radiant.
Inflated Market Cap
Looking back at the development course of Radiant, it can be seen that the great popularity gained by this project is largely owing to the appealing mining APR, the recovery of market conditions, the thriving Arbitrum ecosystem, the high expectation of LayerZero’s omnichain technology, etc. If we look at the FDV/TVL ratio alone, the FDV/TVL ratio of Aave is 0.29, Compound’s FDV/TVL ratio is 0.3, and Radiant’s FDV/TVL ratio is ~1.68. This suggests that Radiant’s FDV is higher than its TVL, and comparing Radiant with Aave and Compound, it can be argued that Radiant’s current market cap is inflated.
Security Risk Behind the Relayer Mechanism
Radiant Capital’s cross-chain interoperability is built atop LayerZero and it relies on Chainlink to provide price feeds. However, Radiant does not disclose the selection of the Relayer, thus there exists a certain security risk.
References
Radiant Capital Docs, https://docs.radiant.capital/
Addresses Holding $RDNT, https://arbiscan.io/token/tokenholderchart/0x3082CC23568eA640225c2467653dB90e9250AaA0
Case Study — Radiant x Arbitrum x Chainlink, Radiant Capital, https://medium.com/@RadiantCapital/ case-study-radiant-x-arbitrum-x-chainlink-335bd4345c31
Announcing Radiant v2: A New Era in Decentralized Finance, Radiant Capital, https://medium.com/@RadiantCapital/cryptos-most-profitable-protocol-a-new-era-for- defi-b374ca82a741
Aave Docs, https://docs.aave.com/hub/
TapiocaDAO Docs, https://docs.tapioca.xyz/tapioca/
Cedro Finance Docs, https://docs.cedro.finance/features/protocol-architecture
Token Terminal Dashboard for Radiant Capital, https://tokenterminal.com/terminal/projects/radiant-capital
Dune Dashboard for Radiant Capital, @shogun, https://dune.com/shogun/radiant-capital
Introducing Aave V3, Emilio, https://governance.aave.com/t/introducing-aave-v3/6035
Project Analysis — TapiocaDAO, First.VIP
[1] https://www.coingecko.com/en/coins/radiant-capital, data is as of April 24, 2023.
[2] https://docs.radiant.capital/radiant/other-info/frequently-asked-questions
[3] https://medium.com/@RadiantCapital/ case-study-radiant-x-arbitrum-x-chainlink-335bd4345c31
[4] https://tokenterminal.com/terminal/projects/radiant-capital/revenue-share
[5] https://docs.radiant.capital/radiant/contracts-and-security/security-timelock
[6] https://docs.radiant.capital/radiant/radiantv1
[7] https://medium.com/@RadiantCapital/cryptos-most-profitable-protocol-a-new-era-for-defi-b374ca82a741
[8] https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate
[9] https://docs.radiant.capital/radiant/project-info/borrow/liquidations
[10] https://layerzero.gitbook.io/docs/
[12] https://tokenterminal.com/terminal/projects/radiant-capital/composition-by-chain
[13] https://dune.com/shogun/radiant-capital, data is as of March 30, 2023.
[14] https://medium.com/@RadiantCapital/ case-study-radiant-x-arbitrum-x-chainlink-335bd4345c31
[15] Binance Launchpad allows BNB holders to commit an amount of BNB towards a Binance Fan Token sale. The final allocation of the new token is determined by the ratio of their committed BNB against the total committed BNB by all participating users.
[16] https://docs.radiant.capital/radiant/other-info/radiant-dao-roadmap
[17] https://docs.radiant.capital/radiant/project-info/rdnt-tokenomics
[18] https://arbiscan.io/token/tokenholderchart/0x3082CC23568eA640225c2467653dB90e9250AaA0
[19] https://github.com/compound-finance/gateway/graphs/contributors?from=2020-10-25&to=2023-04-23&type=c
[20] https://snapshot.org/#/aave.eth/proposal/0x5766ada34f3089572896e9f2b4fad17e6856dc4126ca9be3fcef3303bd72bfb0
[21] https://snapshot.org/#/aave.eth/proposal/0xc17bc863a09c72152c1ac25d09fcee4748b58eb2e10e70886e20e77ad4d8fad0
[22] https://github.com/boringcrypto
[23] https://governance.aave.com/t/introducing-aave-v3/6035
[24] First.VIP Note: Gelato Network is an Ethereum bot network that automates the execution of smart contracts on blockchains such as Ethereum. In short, Gelato is a tool for developers to automate smart contract execution on Ethereum. Many DeFi blue-chip projects (e.g., MakerDAO, Aave, Fei, Frax, etc.) use this product for liquidity mining.
[25] https://docs.cedro.finance/features/protocol-architecture
— Investment Risks and Disclaimers —
This report is only for information purposes and should not be relied upon when making any investment decision. Please do not make any investment decisions based on this report. First.VIP and authors of this report are not responsible for any results of your investment.
This report is drafted from the date indicated. As market or economic conditions may change from time to time subsequently, the content of this report may not necessarily reflect such changes. The graphs, charts and other visual aids are provided for information purposes solely, none of which should be relied upon as investment decisions. First.VIP will not assist anyone in making investment decisions and no graph, chart or other visual aid can capture all of the factors and variables required to make such decisions.
Some of the statements in this report may contain First.VIP’s future assumptions and other forward-looking views. With known & unknown risks and uncertainties, actual results, performance or events may differ materially from the views and assumptions expressed in the statements.
Any speculations, forecasts and estimates contained in this report are speculative and are based on certain assumptions. These forward-looking statements may prove to be inaccurate and may be affected by inaccurate assumptions, known/unknown risks, uncertainties and other factors, most of which are beyond our control. It can be anticipated that some or all of these forward-looking assumptions will not be realized or will differ materially from actual results.
