Title: Onboard RDNT as a Collateral Asset on Notional V3
Author(s): Anthias.xyz Team
Submission Date: 17 October 2023
The following is a proposal to onboard RDNT as a collateral currency option on Notional V3. The Anthias team thinks RDNT would prove valuable for the Notional community as a collateral asset and thus would like the community to consider & discuss onboarding RDNT as a collateral type.
- Token contract address (Arbiscan)
- Project Website
- Project Github
- Social media/community channels
- Protocol Analytics Dashboard (Dune)
- The asset is an ERC-20 token:
- The asset has been traded for at least 3 months:
- A sufficiently robust Chainlink oracle (verified tier) for the asset exists:
- Yes (verified tier): RDNT / USD | Chainlink
- At least two high-quality audits have been conducted:
- The token is held by more than 1,000 unique wallets:
- Yes: Currently held by over 94,000 addresses: $0.21 | Radiant (RDNT) Token Tracker | Arbiscan
- The current float (circulating supply/max supply) is above 25%:
- Yes: RDNT float is currently over 32.5%: https://www.coingecko.com/en/coins/radiant-capital
- The token has more than $2m of on-chain DEX TVL (Mainnet) or more than $500K of on-chain DEX liquidity on a Layer 2 chain where a Notional deployment exists:
- Yes: RDNT currently has over $34M in TVL on Balancer: Balancer
1. Provide a brief overview of the proposed asset and its underlying project.
- RDNT is the governance token for Radiant Capital, the Arbitrum and BNB-based lending + borrowing platform. RDNT is used to govern the protocol and as an incentive for Radiant users.
2. How is the asset currently used (staking, collateral on other lending protocols, etc.)? Provide relevant activity KPIs.
- RDNT is currently used by holders in a locking mechanism on the Radiant platform in order to gain access to boosted emissions. By locking RDNT, users gain access to lending and borrowing RDNT emissions.
3. Detail why you believe the project should be added to Notional either as a collateral asset or as a tradable asset and the potential benefits of doing so. Explain why you think the demand for this asset is sufficient to list it on Notional.
- Radiant currently has the seventh largest lending market TVL at just over $570M at the time of this posting. Its native governance token, also based on Arbitrum, meets the requirements outlined in the Collateral Asset Onboarding framework created by the Notional core team. It is for these reasons that the Anthias team thinks the Notional community should consider onboarding RDNT as a collateral type for Notional V3.
4. Provide information regarding the organization behind the project.
- The RDNT token went live for trading in July of 2022. The team behind Radiant and the RDNT token is anonymous, but their audits show that they have taken security seriously. The team recently received $10M in backing from Binance (link: https://www.coindesk.com/business/2023/07/20/binance-labs-invests-10m-in-defi-lender-radiant/#:~:text=.). The project is based on Aave and Geist and built on architecture from LayerZero labs.
5. Provide information regarding past hacks or major bugs and how the team addressed them.
- No hacks/exploits of Radiant directly were found by our team. If the community knows of others since the protocol’s launch, please feel free to provide information.
6. Provide an overview of the token’s market data.
Market Cap: $68,051,741
24H Volume: $9,775,980
RDNT Volatility (RDNT price compared to ETH over past 12 months)
- RDNT has a volatility of 5.30% over the past 90 days, according to CoinCodex.
- Chart via CoinCodex
RDNT DEX Liquidity (DEX Guru): RDNT has over $19M of DEX liquidity at the time of posting this proposal according to DEX Guru: DexGuru
RDNT DEX Slippage: RDNT slippage for a 1M USDC swap is currently about 7.83%.
Provide an overview of the token emission schedule and major holders.
- The exact monthly emission rate is calculated as 20,000,000 / 1.0568 ^ n, where n is the number of months since Radiant v2 launch. Read here for a full breakdown of the RDNT emissions schedule.
The Anthias team would like to gauge sentiment and hear thoughts from the Notional community with regards to onboarding RDNT as a collateral type to Notional V3. Please share thoughts/questions in the comments of this forum post, and feel free to reach out to 0xBroze (@0xBroze on Discord or @OxBroze on Telegram) with any questions.
Anthias is a risk management organization that also builds tools for easily monitoring liquidation risk for DeFi borrowing/lending markets. The Anthias team has shipped multiple grants for Euler, Aave, Compound, and more. We also recently posted the collateral asset onboarding proposals for cbETH, GMX, and ARB on Notional V3.