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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Crypto Fund, Arca, Doubles Down On These Two DeFi Protocols

Dalmas Ngetich
Dalmas Ngetich
2 years ago
2 mins read
DeFi Tokens

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Arca Investment bridged 450 ETH through Arbitrum and bought Radiant Capital and Dopex DeFi tokens on February 23.

Arca Scoops Radiant Capital And Dopex DeFi Tokens

According to data from Arbiscan, Arca bought 422,000 RDNT, native to Radiant Capital, and 757 DPX, native to Dopex, for $125,000 and $285,000, respectively. The average buying price of each stood at $0.27 and $360.

.@arca continued to bridge 450 $ETH to @arbitrum and bought:

• 422K $RDNT ($125K)
• 757 $DPX ($285K)

Their average buying price is $0.27 and $360, respectively. pic.twitter.com/4XZUQYO3Hn

— The Data Nerd (@OnchainDataNerd) February 23, 2023

Both tokens are compliant with the ERC-20 standard and are used for governance. Holders can, therefore, use them to vote on proposals.

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Why Arca is accumulating Dopex and Radiant Capital tokens is not immediately clear. However, what’s known is that these protocols have been active, drawing capital in recent weeks.

Dopex is a decentralized options exchange and claims to have “maximum liquidity and minimal exposure options.” Besides launching on Arbitrum One, a general-purpose Ethereum layer-2 platform that’s the largest by total value locked (TVL), Dopex has launched on Polygon, an Ethereum sidechain, and the Ethereum mainnet. As of February 23, Dopex had over $300 million in open interest. It also had a TVL of $58.7 million.

Dopex
Dopex TVL: Dopex

Radiant Capital is a decentralized, non-custodial lending protocol whose site is hosted on the interplanetary file storage (IPFS) system. It was forked from Aave, one of the world’s largest DeFi protocols by TVL. The dApp is deployed on Ethereum and Arbitrum. It allows users to earn interest when they lend various assets, including USDC, USDT, and wETH. As a decentralized money market, Radiant Capital allows borrowers to take loans. When writing on February 23, the protocol had a TVL of $87.85 million.

Radiant Capital
Radiant Capital TVL: DeFiLlama

DPX And RDNT’s Stellar Performance

DPX and RDNT prices have been on an uptrend in recent times. In the three months since November 2022, DPX prices rallied from around $155 to $530 this week, more than tripling and reaching new Q1 2023 highs. At the time of writing, the token is trading at around $380 but is up over 35% from February 2023 highs. 

Dopex Price On February 23
Dopex Price On February 23 | Source: DPXUSDT On MEXC, TradingView

Meanwhile, RDNT has grown over 500% from the beginning of the year. The token is trading at $0.28, up from around $0.047, registered on January 13, 2023. 

Related Reading

Cardano DeFi

Cardano DeFi TVL Rises More Than 100% In One Month

2 years ago

Their performance mirrors the general performance across the crypto markets. Bitcoin and Ethereum prices have recovered, bouncing from 2022 lows, and are currently trading above $20,000 and $1,500, respectively.

Feature image from Canva, Charts from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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