Radpie: RDNT's "Convex" is about to launch

Radpie is a new project based on the RDNT token, with a mechanism similar to Convex for Curve. As part of a full-chain lending protocol and the Layerzero concept, Radiant has implemented some restrictions on liquidity incentives. Users need to indirectly lock a certain proportion of RDNT to gain mining rewards. Specifically, users need to hold dLP equivalent to 5% of the deposit amount, which is an LP token from a Balancer pool consisting of 80% RDNT and 20% ETH.

The main function of Radpie is to raise dLP and share it with DeFi miners, allowing them to participate in mining without directly holding RDNT. This is similar to the mechanism of Convex sharing veCRV. For RDNT holders, dLP can be converted into mDLP through Radpie, allowing them to enjoy high yields while maintaining their RDNT position. This is also beneficial for the Radiant project, as it permanently locks a portion of RDNT, supporting long-term liquidity and helping to attract more lightweight users.

Although Radiant currently does not determine incentive distribution through voting like Pendle or Curve, it has stated that it will continue to promote DAO development. In the future, governance rights may gain more value, and Radpie, as a holder of a large amount of governance rights (dLP), is also expected to benefit from this.

As a new product built on the foundation of a mature project, Radpie has a relatively clear development prospect. In horizontal comparison, the fully diluted valuation (FDV) of Aura is about 35% of Balancer, while Convex accounts for 14% of Curve. Considering that RDNT is a project with an FDV of 300 million USD and has already been listed on Binance, Radpie's valuation also has a certain comparability.

Radpie's main narrative includes LayerZero, ARB airdrop, super-sovereign leverage governance, dual circulation of internal and external, and subDAO model. As the "Convex" of RDNT, Radpie will utilize LayerZero to achieve cross-chain interoperability. At the same time, it is expected to participate in the distribution of the ARB airdrop allocated by the RDNT DAO. In terms of governance, a large amount of RDP will be allocated to the Magpie treasury, enabling MGP holders to participate in the decision-making of the Radiant DAO.

Radpie will also become part of the Magpie internal and external dual circulation system. For example, the mdLP/dLP trading pair may be deployed on a certain DEX, acquiring more token emissions by providing incentives to vlMGP holders. This internal circulation mechanism helps reduce net external expenditure, while the external circulation lowers costs and increases efficiency through resource sharing among multiple projects.

For investors interested in participating in Radpie, it is advisable to consider holding vlMGP long-term to engage in all future subDAO IDOs of Magpie. Another option is to collateralize and borrow RDNT or hedge with short contracts through a trading platform, participating in the mDLP Rush event to convert DLP into mDLP, while also obtaining RDP airdrops and IDO shares. It is important to note that the peg between mDLP and DLP is not mandatory, and it may not maintain a 1:1 ratio upon exit.

Overall, Radpie as "Convex" of RDNT has the main advantages of low valuation and backing from a strong foundation. It has multiple narrative tags and offers diversified ways to participate in IDOs, suitable for investors with different strategies for both long and short term.