Radix Week in Review: The DAO Company Is Formed

Week in brief

• The Transition RAC disclosed on 31 October that Radix DAO LLC, the DAO’s legal company, was incorporated in the Marshall Islands on 9 October, and published the filed documents.
• The Radix Foundation has committed about 2.7bn $XRD and 100k USD in stablecoins to the company, as a grant; none of it has moved yet.
• One flash-loan transaction took 1.14m $XRD from a first-version Ociswap Flex Pool on 27 October; Ociswap says later pool versions are not exposed.
• 419,699 recovered hUSDC came back onto Radix between 26 and 28 October, and the Foundation targets Wednesday 4 November for the refund to holders.
• hyperscale-rs merged seven pull requests in 88 commits, and now runs on iroh as its only network layer.
• Candidacy for the Permanent RAC now runs to 13 November, with seven candidates so far.

The Radix DAO has a company. The Radix Accountability Council, the interim council steering the DAO until an elected one takes over, disclosed on 31 October that Radix DAO LLC has existed since 9 October, and in the same post listed what the Radix Foundation has said the company will receive. The company exists; the assets have not moved.

Around it, the week brought a pool exploit on Ociswap, the recovered bridge funds back on the ledger, and a hyperscale-rs that swapped out its whole network layer.

Radix DAO LLC, and what it will receive

The council’s post of 31 October gives the registration: Radix DAO LLC, a non-profit DAO LLC under Marshall Islands law, incorporated on 9 October with registration number 10280-26 through MIDAO, the registered agent that handles DAO filings in the Marshall Islands. The form gives the token holders a legal person that can sign contracts and hold assets, with limited liability. The certificate of formation, operating agreement, corporate charter certificate, business licence and MIDAO’s cover letter are in the DAO’s governance repository, two of them redacted to keep council members’ personal details private, and radixdao.org/govern now lists the certificate as filed on 9 October. The council held the news for three weeks so it could publish it with the asset list; the minute of its 12 October meeting went up the same day. The incorporation card follows the filing in detail.

What the Foundation has committed

The list came from the Foundation through the council, which says the matter is not closed:

The handover is to be a grant to the company, drafted with counsel, so that it arrives without encumbrance. Web credentials, code repositories and source code are still being listed. The transfer is also two of the ten activation conditions in the operating agreement, so until it is made and an Activation Vote passes, the site says no ratified document is in force and community governance stays advisory. The asset-transfer card tracks each condition.

The council election

The council extended candidacy for the Permanent RAC, the first elected council, from 30 October to 13 November. It needs at least five members and ideally seven, and wants twelve or more candidates so the roster has replacements. By 31 October the candidacy topic on RadixTalk held seven replies: linuxx, gilesmorris.me, dazligth, A137x, Peterjan, Jimmi and GENKIPOOL.

Ociswap’s first Flex Pool

On 27 October one transaction took 1,139,873 $XRD out of the ASTRL/XRD Flex Pool on Ociswap, a decentralized exchange on Radix, using the pool’s own flash-loan method. ASTRL is the token of Astrolescent, an exchange aggregator. A flash loan lends tokens that must be repaid before the transaction that borrowed them finalizes, or the whole transaction fails. Ninety minutes later the account sent the proceeds to Ethereum over Hyperlane. The exploit swap alone is a twelfth of Ociswap’s volume for the week in the ledger table below.

The first version of the Flex Pool keeps its liquidity in a TwoResourcePool, the two-token pool component built into Radix, and takes its price from the ratio of the two vaults. With 160,984 ASTRL out on loan its ASTRL vault held almost nothing, so the pool valued 7 ASTRL at nearly all of its $XRD. Florian Pieper of Ociswap wrote the same morning that only pools built from that first, rarely used package are affected, and asked their liquidity providers to withdraw. On 28 October he explained why the Precision Pool is immune: it keeps an internal price and uses its vaults only for storage, so emptying a vault moves neither its price nor its liquidity. Ociswap has announced no compensation. The exploit page has the full trace.

Hyperscale: a new network layer

hyperscale-rs, the Rust implementation of a sharded Radix network written by flightofthefox, merged seven pull requests this week. The largest change replaced libp2p, the peer-to-peer library it had used to connect nodes, with iroh, a Rust library that opens direct encrypted connections between machines over QUIC and punches through home routers and carrier NAT. In the hyperscale-rs Telegram flightofthefox said iroh is slightly faster, better maintained and better at getting through NAT, and that iroh relays will be built into the bootstrap nodes. He added that networking is independent of sharding: relays only help nodes reach each other.

A one-person repository, it took 88 of the 92 commits across the tracked repositories this week; the other four went to hyperscale-vm, its transaction-execution engine.

The recovered hUSDC

The USDC stuck mid-transfer since the August drain came back onto Radix as hUSDC, Hyperlane’s bridged USDC, once Hyperlane resumed deliveries on 26 October: 11,010 minted that day and 408,689 on 28 October, 419,699 in all, into one account, which still held all of it at epoch 354,593 today. Every account due a refund and its amount are on the list published on 9 October. Asked about the delay, the Foundation’s Andy.XRD gave a date:

Astrolescent re-opened its Hyperlane route on 28 October. On the exchange side, MEXC’s market record for XRD/USDT now carries the tag Assessment. MEXC describes that zone as a 30-day review: a token that shows no improvement gets a warning tag and the delisting process starts, and one that passes moves on. Spot trading is still open, and How to Buy $XRD has each venue’s state.

The week on the ledger

Read live from the Radix Gateway at epoch 354,592, state version 566,660,389, on 2026-11-01.

The ledger

• Hit: the Marshall Islands issued a certificate of formation for Radix DAO LLC. The council published it on 31 October, dated 9 October, and radixdao.org/govern lists it as filed, settling the claim deferred last week.
• Miss: a Radix DAO governance document reads as in force by 1 November. radixdao.org/govern says nothing ratified is in force until the Activation Vote passes, and no vote has been held.
• Hit: the five fee rises queued on 17 and 18 October landed. At epoch 354,604 the Gateway reads Sirius, Polaris, RadixTalk and Cadwynbloc at 100% and Radstakes at 75%, and radixscan agrees.
• Still open: six or fewer validators hold a third of active stake by 22 November. This week’s reading is 7.
• New: the recovered hUSDC is refunded by 15 November. Check: the holding account’s hUSDC balance on the Gateway falls by at least 350,000.
• New: the Permanent RAC topic holds at least twelve candidates when candidacy closes on 13 November. Seven today.

Every claim and its evidence: the Week in Review index.

This week on the wiki

The Ociswap Flex Pool exploit page was written the morning it happened, from the ledger and Ociswap’s own channel, and has since added the cause. It shows what a flash loan can do to a pool that prices from its vaults, and how to check which package a pool you provide liquidity to was built from.

Pages edited in the seven days to 2026-11-01:

Concentration watch

7 validators hold a third of the stake in the active set, the same as last week, against the one-third line a group would need to stall the network. Stake rose 1.8% and spread across the set rather than gathering at the top. The full table is on the network page.

What to watch

• Wednesday 4 November: the hUSDC refund. The holding account’s hUSDC balance on the Gateway settles it.
• 13 November: Permanent RAC candidacy closes. The count in the RadixTalk topic against the twelve the council wants.
• The Foundation’s grant to Radix DAO LLC has no date; the council says it will report the handover.

Corrections

Nothing this week.

Next week the hUSDC refund is due, and the council’s candidate list runs into its last week.

Radix Week in Review series, Issue #19: ← Previous: Issue #18, Oct 19–25, 2026 · All recaps · Subscribe

Previously: hyperscale-rs taught shards to settle before they split or merge, Ociswap volume doubled, and 419k USDC came back from the stuck bridge transfer.