Over 50 projects building on Radix mainnet ahead of smart contracts activation

Radix, a DeFi programming environment that allows developers to build securely, has said there are over 50 projects actively creating applications and releasing tools on the Radix mainnet ahead of smart contracts activation.

50 projects building ahead of the Babylon upgrade

In a recent press release, Radix said that projects currently building on its public network will go live once smart contracts go live via Babylon. 

The Babylon upgrade is scheduled for Q2 2023 when the Radix public mainnet will have smart contracting capability. 

Smart contracts are self-executing code deployed on public chains and underpin decentralized finance (DeFi), non-fungible tokens (NFTs), and other critical activities. 

By supporting smart contracts, Radix will allow its community of developers and businesses to launch dApps while benefiting from the platform’s programming logic. 

Babylon is set to be the largest deployment on the Radix platform, a move that will also usher in an era of what the team says is “consumer-friendly solutions”.

Adam Simmons, the CSO of Radix, said their Radix Engine and Scrypto would catalyze further growth in the web3 ecosystem as they mark the beginning of a new era.

“The Radix Babylon upgrade is the start of a new era for DeFi where both builders and users can confidently and intuitively engage with Web3. With over one hundred projects preparing to go live, Radix Engine and Scrypto are already proving to be powerful catalysts for rapid ecosystem growth.”

DeFi and NFT dApps to launch on Radix

Among projects building on Radix are Ociswap, CaviarSwap, and AlphaDEX, which are DeFi solutions. 

Already, some of these DeFi protocols lead in the number of total value locked (TVL) in competing smart contracting platforms like Cardano and the Near Protocol. 

Other protocols include Astrolescent and DSOR, both of which offer aggregating solutions. DeFi Plaza, a builder that has already launched functional solutions in the mainnet and layer-2 networks, is also looking to deploy. Then there is Foton, an NFT marketplace aggregating assets from leading portals like Amazon and Shopify; and Hermes Protocol which privately connects users with web3 businesses.