Crypto Fund, Arca, Doubles Down On These Two DeFi Protocols
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 (@datanerdonchain) 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.
Related Reading: Is Money Beginning To Flow Back Into DeFi?
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.
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 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 | 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.
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.