Decentralized Finance-focused Distributed ledger Radix’s XRD token more than doubled over the past 30 day, becoming the top 100 cryptocurrency at that time.

Messari data show that XRD is up 176%, to 11.4 cents. At one point the price reached a 12-month-high of 15 cents. The cryptocurrency’s value has risen to $1.16billion, making it 46th largest coin on the market. Market leaders bitcoin ( BTC), and ether ( ETH), have gained 2,6% and 8,2% respectively in the past four weeks. The total crypto market cap has also increased by 5%, to $1.18 trillion.

Radix’s fundraising in March, led by market-maker and investment company DWF Labs and optimism over an imminent upgrade, seem to have galvanized investor interest, according to Markus Thielen. He is head of research at Matrixport. Radix was valued at $400 million after the financing round.

Thielen wrote in an email that “Radix has raised $10m to launch its Babylon mainnet on July 31st, which will include smart-contract functionality.”

XRD gained over 15% when the fundraising announcement was made on March 23. A week later, Radix rolled out the “Release Candidate”, or RCNet. This brought a much-anticipated upgrade a step nearer.

, also known as “Babylon,” will bring smart contracts to Radix. This upgrade allows developers to build powerful , decentralized applications. Radix has more than 50 projects that are developing tools and applications for gaming, lending, tokens, and wallets.

Babylon will support liquid staking for XRD. This eliminates the need for other protocols such as Lido that help ether holders retain their liquidity by issuing staked ether to tokens. Staking is the locking of coins on the blockchain in exchange for rewards.

(Twitter)

Radix announced that the upgrade of the Radix Public Network from Olympia to Babylon would occur around July 31, 2023. This will allow global Web3 and DeFi users and developers to exit the “tech demo” stage and finally have a mainstream experience.

Sheldon Reback is the editor.