Radix Tokens, a Layer 1 blockchain network, has raised $10 million in funding before the release of its Babylon mainnet, which will introduce smart contract functionality to the Radix network. DWF Labs, a market maker and investment firm, led the funding round, valuing Radix Tokens at $400 million.

Radix Tokens Development and Scrypto Programming Language

Radix Tokens began as a blockchain research project in 2013 before becoming a company in 2017. The company spent nearly a decade developing its consensus system, execution environment, and programming language. Radix Tokens’ Scrypto programming language is “massively easier” for developers to create smart contracts on than Ethereum’s Solidity language, according to CEO Piers Ridyard.

Babylon Mainnet and Developer Adoption

Radix Tokens’ Babylon mainnet is set to launch in Q2 2023, enabling developers to build smart contracts and apps on top of the network. Over 50 projects have committed to building on Radix Tokens, ranging from DeFi protocols to NFT marketplaces. The Olympia mainnet, launched in July 2021, only allowed users to create, transfer, and stake tokens on the network.

DWF Labs’ Investment and Backing of Token Projects

DWF Labs has invested in over 15 token projects, including Conflux, Orbs, Synthetix, and Onomy Protocol. The company became interested in Radix Tokens’ technology stack and mission following the launch of its RadFi platform in December. This funding round marks DWF Labs’ fourth major investment this month.

Radix Tokens’ Focus on DeFi Security

Radix Tokens aims to reduce the risk of hacks in decentralized finance (DeFi) by providing developers with an off-the-shelf tool for creating assets and establishing transaction rules through its Scrypto programming language. Radix Tokens’ network supports trading, saving, lending, gaming, NFTs, and wallets.