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The self-styled “asset-oriented DeFi” platform Radix has hit another key milestone on its roadmap with the launch of its Babylon Alphanet test network, which has gone live today.
The first major update to the existing Radix Public Network that launched in December last year, Radix’s Babylon Alphanet introduces the project’s application development environment Radix Engine, which is said to be the world’s first programmable DeFi engine. Also new is Scrypto, the first asset-oriented programming language for smart contacts. There are plenty of other new capabilities too, including a new, asset-oriented transaction model and changes in how wallets interact with the Radix network.
The introduction of Radix Engine is a long-awaited development as it will finally give developers the tools they need to get building on Radix. The key promise of Radix is “radically different DeFi”, as it’s architecture makes it possible to build DeFi applications using “components” and “blueprints”, which can be thought of as reusable building blocks. The basic idea is that, rather than writing masses of smart contract code for every single function within a DeFi app, developers can simply take these pre-written components and blueprints that represent different functions, and piece them together to build applications more easily. Not only that, but because the components are reusable, they’re also far more secure than traditional smart contracts.
“After the $3 billion lost in DeFi hacks of the $50 billion market cap, more and more people are starting to realize the difficulty associated with building. I would call it ‘demo DeFi’” said Piers Ridyard, CEO of RDX Works. “With the launch of Alphanet, developers and the rest of the world can see that there’s a path to 100x DeFi coming. Even through a bear market, our momentum is growing.”
In a press release, Radix said that the launch of Babylon Alphanet is stage two of its release schedule and is designed to enable developers to familiarize themselves with its unique DeFi architecture. They’ll be able to use the network to build sophisticated DeFi dApps and test various protocols, interfaces and related technologies ahead of the launch of its mainnet. It’s a well thought out approach that should ensure that everyone building on Radix has plenty of time to tweak and finalize their dApps ahead of the mainnet launch.
Besides being a key milestone on the project’s roadmap, the launch of the Babylon Alphabet underscores the rapidly growing momentum of the Radix community and ecosystem. To date, more than 3,000 developers have started building on Radix – an impressive number considering the project only launched in December, at the onset of crypto winter. Radix reeled off a list of impressive growth numbers besides, saying it has seen a 52% increase in the number of active Radix wallets with more than 2,000 XRD, along with seven-times growth in transaction volume on its network since the start of the year.
The Babylon betanet will introduce stable APIs and a finalized version of Scrypto, enabling developers to get started with production tests of the first-generation of Scrypto dApps, ahead of the Radix public network mainnent launch early next year.
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