Crypto Fund, Arca, Doubles Down On These Two DeFi Protocols
On February 23, Arca Investment transferred 450 ETH via Arbitrum and bought Radiant Capital and Dopex DeFi tokens.
Arca Scoops Radiant Capital and Dopex DeFi Tokens
According to data from Arbiscan, Arca bought 422,000 RDNT held by Radiant Capital and 757 DPX held by Dopex for $125,000 and $285,000, respectively. The average purchase price of each was $0.27 and $360.
.@arch continued bridge 450 $ETH To @arbitrum and bought:
• 422 thousand. $RDNT (125 thousand dollars)
• 757 $DPX (285 thousand dollars)
Their average purchase price is $0.27 and $360, respectively. pic.twitter.com/4XZUQYO3Hn
— Data Nerd (@datanerdonchain) February 23, 2023
Both tokens comply with the ERC-20 standard and are used for governance. This way, owners can use them to vote on proposals.
Why Arca is hoarding Dopex and Radiant Capital tokens is not immediately clear. However, these protocols are known to have been active and raising capital in recent weeks.
Dopex is a decentralized options exchange that claims to have “maximum liquidity and minimal exposure.” In addition to launching on Arbitrum One, the all-in-one Tier 2 Ethereum platform that is the largest by Total Value Locked (TVL), Dopex launched on Polygon, Ethereum sidechain and Ethereum mainnet. As of February 23, Dopex had over $300 million in open interest. He also had a TVL of $58.7 million.
Radiant Capital is a non-custodial decentralized lending protocol hosted on the Interplanetary File Storage System (IPFS). It was created by TVL based on Aave, one of the largest DeFi protocols in the world. The dApp is deployed on Ethereum and Arbitrum. This allows users to earn interest when they borrow various assets, including USDC, USDT, and wETH. Being a decentralized money market, Radiant Capital allows borrowers to take out loans. In a letter dated February 23 protocol had a TVL of $87.85 million.
Stellar DPX and RDNT Performance
DPX and RDNT prices have been on the rise lately. In the three months since November 2022, DPX prices have surged from around $155 to $530 this week, more than tripling to hit new highs in the first quarter of 2023. At the time of writing, the token is trading at around $380 but is up more than 35% from its February 2023 highs.
Meanwhile, RDNT has grown by more than 500% since the beginning of the year. The token is trading at $0.28, down from approximately $0.047 registered on January 13, 2023.
Their performance reflects the overall performance in the cryptocurrency markets. Bitcoin and Ethereum prices have rebounded from 2022 lows and are currently trading above $20,000 and $1,500 respectively.
Credit : www.newsbtc.com