Radiant (RDNT) Analysis & Market Overview
1. Project Overview
Radiant aims to be the first omnichain money market, where users can deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
The chains include Arbitrum, BSC and Ethereum. Arbitrum held the Radiant (RDNT) token in the first place, on the 26th of July, 2022. It has 846 million tokens, 99,879 holders and worth $249.87 million on the day of 18th, December, 2023.
The following is the BSC chain, allocating almost $ 25 million since the 29th of March, 2023. The newest chain of RDNT is Ethereum, which holds the smallest amount of capitalization and devotees.
2. Fundamental Analysis
The total supply of Radiant is 1 billion tokens, with a circulating supply of 397,195,632 tokens, accounting for 39.72% of circulation, which represents moderate liquidity. The 24-hour trading volume represents 26.34%, which means the trading volume was at a relatively high level.
3. Token Information
4. Ownership Distribution Analysis of Radiant on Arbitrum
-Fairly distributed, more smart contract, active transaction status
The data obtained from Arbiscan and OK link reveals that the top 30 addresses collectively hold a significant amount of 92.27% worth $211.2 million. The foremost address accounts for 21.01%, while Rank 2 holds ownership of 16.03%. Additionally, Rank 3 (Binance) possesses ownership of 14.01%. These three holders collectively represent an ownership share of 51.05%.
Other distributions are dispersed below the threshold of 10%, with Rank 4 holding a share of ownership at approximately 9.28% and Rank5 (OKX) Hot Wallet possessing an ownership stake of around 7.13%. Furthermore, Rank6 has an ownership percentage of approximately 5.51 %. Distributions beyond these ranks fall below the threshold of 5 %.
It is noteworthy to mention that accounts such as Rank3: Binance, Rank5: OKX Hot Wallet, Rank8: Binance, and Rank9: Binance Hot Wallet are associated with token exchange tradings, token deposits, token project corporations or current accounts.
The transactions recorded within 24 hours indicate that transfer activities occur frequently among the 30 locations, with a total of $303,681 invested, resulting in a strengthening of market share by 5.78%. Among these transactions, the largest purchase is made by Camelot V3, which is a deposit account and increases its balance by 9.49%, equivalent to $70,633.892. The largest divestment occurs at rank 28 and reduces owned assets by 8.82%.
4.1 Major Holders of Radiant on Arbiscan
#Rank1
The first-ranked address represents a smart contract that holds 421 distinct types of tokens. Among its assets, the most significant one is an ERC-20 token known as Balancer wstETH-WETH Stable Pool, which currently trades at $2.18k per token and has a total value of $5,665,289,746,719,579,000.
Additionally, RDNT is another token held by this address with a quantity of 178,251,064.73 units and a value of $48,103,072.15 based on the current token price of $0.2698.
Regarding the recorded transaction history, being a smart token contract, it autonomously executes transfer activities and facilitates transactions within a few minutes.
#Rank2
In terms of the recorded transaction history, as a smart token contract, it autonomously executes transfer activities and facilitates transactions within a few minutes.
Similarly, functioning as a smart contract, it independently carries out transfer activities and expedites transactions within a short timeframe.
#Rank 3 is Binance which is an exchange trader account.
#Rank 4
Rank 4 has 15 different types of tokens, of which RDNT is the most important token based on the asset values, it holds 78 million RDNT tokens, worth $21 million.
By analyzing the transaction history, it is evident that the owner exhibits a relatively high frequency of transfers, conducting multiple transactions within a single day, indicating the presence of a smart contract.
#Rank 5 is the OKX. Hot Wallet refers to a cryptocurrency wallet that is connected to the internet and used for frequent transactions.
#Rank 6
Rank6 holds 976 different tokens, which include WETH ($4.16M), USDC ($56,131), MIM ($18,719.62), ARB ($18,512.3), etc. The whole assets are worth a value of $4.28M. Among the token holdings, RDNT has a total of $12.43M.
By tracking the transaction status, Rank6 holds a frequency level of transaction because of its smart contract nature, it trades once in a few days.
#Rank 7
Rank 7 holds 5 different types of tokens, apart from RDNT, the other tokens have no real value, by deep-searching, they are newly initialized meme coins with actually very small value.
5. Ownership Distribution Analysis of Radiant on Ethereum
-Smart contract dominated, highly concentrated, few transactions
The data obtained from Etherscan reveals that the top 30 addresses collectively hold a significant amount of 99.12%, worth totalling $14.688 million. Rank 1 (Balancer: Vault) exhibits a high domination percentage of 67.31% ownership, equivalent to $9,975,060.328 in value. However, it is noteworthy that Rank 1 represents a token vault which functions as a secure and efficient smart contract-based system for storing and managing digital tokens while ensuring user privacy by allowing vendors to utilize sensitive customer data without direct storage on their own domain. Rank 2 holds approximately one-third of the ownership at 18.3715%, while Rank 3 accounts for 5.5%. Collectively, these top three ranks constitute an impressive majority share of ownership at 91.25%. The remaining positions each hold less than a mere five per cent.
Regarding transaction activities in the top 30 locations, it is evident that only a few places exhibited movement, resulting in a decline in overall transfer activity. Notably, the most significant transaction occurred at rank 16, where an increase of 1573.64% was observed as the address acquired 64,213.21 RDNT tokens within the past 24 hours. Conversely, only one instance of selling activity was recorded at rank 2, with this particular address holder disposing of 324,528.37 RDNT tokens valued at $88.53k. Ultimately, RDNT token holders bolstered their market position by significantly elevating their balance by 1586.14%.
5.1 Major Holders of Radiant on Etherscan
#Rank 1
As mentioned earlier, Rank1 is associated with a token vault. This address presented a slight change in the past 24 hours by buying 0.82% of the RDNT tokens.
#Rank 2
Based on the account information provided by Etherscan, it can be observed that a total of 15 million RDNT tokens were initially purchased by the token holder. Subsequently, there have been multiple transfers resulting in a gradual reduction of the token balance by a fixed amount daily. Notably, no additional tokens have been added to this address since its inception. As of December 19th, 2023, the remaining balance stands at 9,964,710.52 tokens with an approximate value of $2.693 million. This transaction pattern suggests the involvement of a smart contract.
Revealing through an extensive search of Rank 2 and OKlink, it is evident that the address solely possesses one RDNT token without any involvement of other tokens.
#Rank 3
The third rank corresponds to the smart contract depicted in the figure. The account has taken a bullish stance on the overall chart, exhibiting an increasing ownership of RDNT tokens which reached 3,040,283.778 on December 19th, 2023, with a corresponding value of $824,759.06. This address conducted multiple transfers within a single day and remains active.
By conducting an extensive search on Rank 3 and OKlink, it is revealed that the address possesses a total of 10 distinct types of tokens. Among these tokens, only RDNT has its value disclosed, while other tokens such as HCG, rWETH, and RDNT-WETH do not display any associated information on OKlink.
#Rank 4 & Rank 5
The 4th and 5th ranks belong to Binance 16 and Radiant Capital: Developer, respectively, which are renowned public digital wallet providers and project associate corporations.
#Rank 6
Rank 6 exhibits only 2 account balances, once on 31-Oct, 2023, and the other on the 2nd of Nov, 2023. The final and latest balance is 499,989.33, worth $135,129.12, taking 0.9204% of the ownership.
By deep-searching Rank 6 and OKlink, Rank 6 only has one token which is RDNT on Ethereum.
#Rank 7
Rank 7 shows the same transaction and balance as Rank 6. Here is evidence that these two address owners are the same individual.
Also, Rank 7 only has one token which is RDNT on Ethereum.
#Rank 8
Rank 8 conducted transfers on November 8th, 2023, resulting in a balance of 431,352. Subsequently, there were no further changes until December 19th, 2023.
Upon investigating the address on the OKlink information platform, it was found that the address holds multiple assets comprising of 22 different types of tokens. Among these tokens, RDNT plays a significant role; however, the latest information regarding RDNT is yet to be updated by OKlink.
6. Ownership Distribution Analysis of Radiant on BSCScan
-Smart contract-dominated, highly concentrated, active transfers
According to data obtained from BSCScan and OK Link, the top 30 addresses collectively hold a significant amount of 93.86% worth $25.3M. The first-ranked address (PancakeSwap) represents a token exchange and accounts for 46.58% ownership, while the second and third-ranked addresses account for 14.25% and 10.48% ownership respectively, with the top three addresses comprising a total of 71.31%. The fourth-ranked address is a Binance deposit account representing 9.03% ownership, while all other addresses are below 5%.
Regarding transaction activities in the top 30 places, it is evident that transfer activities have been notably active within the past 24 hours. The most significant buying activity was observed from Rank 1, with a reserve of 1,267,509.75 tokens valued at $343,368.391.
Conversely, Rank 2 conducted the largest selling transaction by disposing of 729,738.117 tokens worth $197,686.056. Furthermore, RDNT experienced a decline in market share as holders reduced their holdings by -60,918 tokens equivalent to -$16,502.58.
6.1 Major Holders of Radiant on BSCScan
#Rank 1
The previous section mentioned that Rank1 is associated with a token exchange, which exhibits a high degree of volatility.
#Rank 2
The rank 2 represents a smart contract that encompasses 17 distinct types of tokens, with RDNT being the most crucial asset. However, the remaining tokens either lack value or have not been updated on the OKlink platform.
By analyzing the transfer history of Rank2, it is evident that this account engages in frequent transactions involving RDNT, encompassing both token acquisitions and disposals in relatively small quantities.
#Rank 3
The Rank3 represents a smart contract that includes 10 different types of tokens, with RDNT being the most important asset. However, the remaining tokens either lack value or have not been updated on the OKlink platform.
Also, this account engages in frequent transactions involving RDNT.
#Rank 4&5&6 are the token digital deposit and withdraw accounts.
#Rank 7
Rank 7 possesses four distinct tokens, with RDNT and HOOK being the valuable assets it holds, valued at $451.62k and $376.712k respectively
There were only three transactions observed, all of which involved buying on the 21st of October, 2023. The holding balance amounts to 1.67 million, indicating a bullish stance taken by the holder.
#Rank 8&9 are the token digital deposit and withdraw account.
#Rank 10
The 10th rank encompasses a diverse range of 41 token types, including BNB, RDNT, WBNB, USDT, ETH, and others. Among these tokens, the RDNT token holds the utmost significance.
Also, this account engages in frequent transactions involving RDNT.
7. Position Distribution
RDNT remains below the largest accumulation area and is under selling pressure.
8. Contract Data
Coinglass long/short ratio
The Coinglass platform presents a real-time long/short ratio of 0.6669 over 24 hours; nevertheless, this ratio displays significant volatility, indicating a bearish market.
The Binance platform currently holds the dominant position in RDNT contract trading. The long/short ratio exhibits a bullish inclination.
9. Recent News Highlights
9.1 Radiant Capital has updated the 2 million ARB airdrop program, and the eligibility period will end by February 16 next year
Multichain lending agreement Radiant Capital has renewed its 2 million ARB airdrop programme with the eligibility period ending by February 16, 2024. New 6–12 month dLP lock-ups are only eligible for airdrops if they are locked or re-locked on Arbitrum after the first snapshot (block 147753665) and before the second snapshot, and the lock-ups will be able to receive additional ARB airdrops for 12 months.
10. Summary
10.1 Judging from the ownership distribution of RDNT, after excluding exchange addresses, the distribution is relatively scattered. On both the Ethereum chain and the BSC chain, the largest holders are DEX. The possibility of large-scale selling by individual addresses in a short period is small, but judging from the 24-hour trading volume, frequent changes of hands may be maintained. From the perspective of position distribution, the current position of RDNT is not ideal and is below the maximum accumulation area. The bulls will be weakened until this level is breached.
10.2 Radiant is the largest native lending protocol on Arbitrum. In the STIP program, Radiant received 280 ARB tokens, most of which will be used to incentivize dLP to lock up, and the longer the time, the greater the reward. This will drive the development of Radiant.
Disclaimer:
This analysis is provided for informational purposes only and should not be construed as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or investment product. Cryptocurrency markets are highly volatile, and the value of tokens can fluctuate significantly in a short period.
Investors should conduct thorough research and consider their risk tolerance before making any investment decisions. The information presented in this report is based on available data and market trends, and subsequent developments may impact the analysis.
The analysis relies on data from various sources, including blockchain explorers, exchanges, and news outlets. While efforts have been made to ensure the accuracy of the information, there may be unforeseen risks or events not accounted for in this report.
It is crucial to note that past performance is not indicative of future results, and the cryptocurrency market is subject to regulatory changes, technological developments, and macroeconomic factors that can influence prices and market dynamics.
Readers are encouraged to consult with financial professionals and conduct independent research before making any investment decisions. The author and Sypool disclaim any liability for financial losses or damages arising from the use of this analysis or reliance on its content.
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