---
title: "Radix Week in Review: The DAO Company Is Formed"
url: "https://radix.wiki/blog/week-in-review-2026-11-01"
updated: 2026-11-01
license: CC-BY-4.0
license_url: "https://creativecommons.org/licenses/by/4.0/"
version: "1.1.2"
---

# Radix Week in Review: The DAO Company Is Formed

| Week of | 2026-10-26 to 2026-11-01 |
| --- | --- |
| Top story | Radix DAO LLC was incorporated on 9 October, and the Foundation has said what it will hand over. |

## 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](/ecosystem/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](/ecosystem/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](https://t.me/RadixAccountabilityCouncil/1194) 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](https://github.com/RadixDAO/governance-framework/raw/main/legal/formation/certificate-of-formation_signed.pdf), 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](https://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](https://radixdao.org/notices/2026-10-31-transition-rac-meeting-minute-for-the-12th-october-2026-dao-formation-and-other-subjects/) went up the same day. The [incorporation card](/ideas/dao-incorporate-duna-llc) 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:

| Asset | Amount | Note |
| --- | --- | --- |
| $XRD | about 2.7bn | none given |
| Stablecoins | 100k USD | possibly a little more, depending on the Foundation’s remaining costs, including its wind-down |
| Further stablecoins | not disclosed | allocated to market making, which the council says would stop if the amount were published |

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](/ideas/dao-foundation-ip-asset-transfer) tracks each condition.

### The council election

The council extended candidacy for the [Permanent RAC](/ideas/dao-elect-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](https://radixtalk.com/t/candidacy-for-radix-dao-llcs-permanent-rac-election/2338) on [RadixTalk](/ecosystem/radixtalk) held seven replies: linuxx, gilesmorris.me, dazligth, A137x, Peterjan, Jimmi and GENKIPOOL.

## Ociswap’s first Flex Pool

On 27 October [one transaction](https://dashboard.radixscan.io/transaction/txid_rdx1l9nasf02z2khlq2y8nfpxnnjxs6pat72sq0sa6swfph5xh87vemqzq4h93/summary) took 1,139,873 $XRD out of the ASTRL/XRD Flex Pool on [Ociswap](/ecosystem/ociswap), a decentralized exchange on Radix, using the pool’s own flash-loan method. ASTRL is the token of [Astrolescent](/ecosystem/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](/ecosystem/hyperlane). The exploit swap alone is a twelfth of Ociswap’s volume for the week in the ledger table below.

RADIX WIKIFive calls, one manifestFLEX POOL 1.0.0ONE TRANSACTION, 27 OCTOBER 06:32 UTC1Borrow 1,200 $XRDFlash loan from Ociswap’s fUSD/XRD pool, swapped for ASTRL in a secondpool.2Borrow 160,984 ASTRLFlash loan from the ASTRL/XRD Flex Pool itself. Its ASTRL vault is nownearly empty.3Swap 7 ASTRL inThe pool prices from the ratio of its two vaults, so 7 ASTRL buys1,140,952 $XRD.4Repay 161,128 ASTRLThe loan closes with 145 ASTRL more than was borrowed.5Repay 1,201 $XRDLeftover ASTRL goes back to $XRD and the first loan closes.Kept: 1,139,873 $XRDAt 08:02 UTC the account sent 1,139,495 $XRD to Ethereum over Hyperlane.Source: Radix Gateway, txid_rdx1l9nas…q4h93radix.wiki

The exploit transaction of 27 October, call by call, read from the Radix Gateway.

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](https://t.me/ociswap/245777) that only pools built from that first, rarely used package are affected, and asked their liquidity providers to withdraw. On 28 October he [explained](https://t.me/ociswap/245835) 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](/contents/history/ociswap-flex-pool-exploit-2026) has the full trace.

## Hyperscale: a new network layer

[hyperscale-rs](/contents/tech/research/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](https://t.me/hyperscale_rs/13739) 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](https://t.me/hyperscale_rs/13741) that networking is independent of sharding: relays only help nodes reach each other.

| PR | Merged | What it does | Lines |
| --- | --- | --- | --- |
| [#181](https://github.com/hyperscalers/hyperscale-rs/pull/181) | 28 Oct | Removes libp2p; iroh is the only network layer, and peers are found from a domain’s DNS records | +1,188 / −12,486 |
| [#183](https://github.com/hyperscalers/hyperscale-rs/pull/183) | 29 Oct | Adds a validator identity to a node while it runs, with no restart | +1,403 / −297 |
| [#180](https://github.com/hyperscalers/hyperscale-rs/pull/180) | 28 Oct | A newcomer validator founds its own staking pool, which stakes and registers as it comes up | +3,551 / −1,757 |
| [#182](https://github.com/hyperscalers/hyperscale-rs/pull/182) | 28 Oct | Chain time becomes Unix time, and a transaction whose validity window no block can reach is refused | +2,372 / −1,390 |
| [#178](https://github.com/hyperscalers/hyperscale-rs/pull/178) | 26 Oct | Hooks for embedding: another program can start a node from the library with one network file | +2,942 / −528 |
| [#179](https://github.com/hyperscalers/hyperscale-rs/pull/179) | 26 Oct | Embedding follow-ups, and a stopped node now closes its stores cleanly | +1,393 / −240 |
| [#184](https://github.com/hyperscalers/hyperscale-rs/pull/184) | 30 Oct | The restart and recovery test scenarios now run against production hosts | +6,886 / −4,638 |

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](/contents/history/hyperlane-asset-drain-2026) 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](https://dashboard.radixdlt.com/account/account_rdx168msc56gzqnaen4a3k73lcms8ev228t8gdsrs6h9m00suasvvk7krx), 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](https://docs.google.com/spreadsheets/d/1QT7qrwQ38ud8MwVUyRHM-6CY7YBr5dD5_jo9jrTUue4/edit?usp=sharing). Asked about the delay, the Foundation’s Andy.XRD gave a date:

> Next week we will return it, delays due to technical issues with the Sol USDC which have now been sorted. Targeting Wednesday
>
> — Andy.XRD, in the Radix DLT Telegram, 31 October 2026

Astrolescent re-opened its Hyperlane route on 28 October. On the exchange side, [MEXC’s market record](https://api.mexc.com/api/v3/exchangeInfo?symbol=XRDUSDT) for XRD/USDT now carries the tag Assessment. MEXC [describes](https://www.mexc.com/learn/article/17827791510223) 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](/contents/resources/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.

| Reading | Value | Week on week |
| --- | --- | --- |
| Staked $XRD | 4.14bn | +1.8% |
| Share of supply | 30.5% | +0.5 points |
| Validators holding a third of stake | 7 | no change |
| Top ten share | 43.8% | +0.1 points |
| Ociswap seven-day volume | 13.76m $XRD | +91.7% |
| Commits across tracked repositories | 92 | +48% |

RADIX WIKIThe Week on the LedgerWEEK ENDING 2026-11-01STAKED XRD4.14B+1.8%30.5% of all XRDBIGGEST STAKE MOVE+30.73M XRDof +73.30M network-wideA THIRD OF STAKE7 validatorstop 10 hold 43.77%OCISWAP 7D VOLUME13.76M XRD+91.7%2,782 swapsSTAKE CONCENTRATIONThe largest 7 validators together hold a third of all staked XRD.Largest 255.98M XRD – twelfth 97.30M XRD.FEES IN MOTION83 validators charge a fee different from the one stored in their substate – 62 ofthem active, with 2.56B XRD staked.Radstakes40% → 75% at epoch 354,603 · 83.03M XRD stakedCadwynbloc75% → 100% at epoch 354,603 · 64.30M XRD stakedTHE SERIES SO FARStaked XRD4.14BOciswap 7d volume13.76M2026-08-16 → 2026-11-01, one reading per weekTHE WEEK IN THE REPOSITORIESCOMMITS92+48.4%1 contributorLINES CHANGED≥36.9K+16.1K / -20.8KBUSIEST REPOSITORYhyperscale-rs88 commitsDAYS WITH A COMMIT6 of 72 active reposEpoch 354,592, state version 566,660,389. Repositories 2026-10-26 to 2026-11-01.radix.wiki

The week on the Radix ledger – read at epoch 354,592, state version 566,660,389.

## 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](/blog/week-in-review).

## This week on the wiki

The [Ociswap Flex Pool exploit](/contents/history/ociswap-flex-pool-exploit-2026) 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:

- [The Network, Week by Week](https://radix.wiki/contents/tech/operations/network-weekly)
- [Wiki Maintenance Log](https://radix.wiki/contents/tech/operations/wiki-maintenance-log)
- [Atomix](https://radix.wiki/ecosystem/atomix)
- [Ociswap](https://radix.wiki/ecosystem/ociswap)
- [Ociswap Flex Pool Exploit (October 2026)](https://radix.wiki/contents/history/ociswap-flex-pool-exploit-2026)
- [Governance WG · Elect the Permanent RAC](https://radix.wiki/ideas/dao-elect-permanent-rac)
- [How to Buy $XRD](https://radix.wiki/contents/resources/how-to-buy-xrd)
- [Legal WG · Ratify the Legal Wrapper & Representation document](https://radix.wiki/ideas/dao-legal-wrapper-representation)
- [Legal WG · Execute IP & asset transfer from the Radix Foundation](https://radix.wiki/ideas/dao-foundation-ip-asset-transfer)
- [Legal WG · Incorporate the Marshall Islands DAO LLC (DUNA)](https://radix.wiki/ideas/dao-incorporate-duna-llc)
- [RDX Works](https://radix.wiki/ecosystem/rdx-works)
- [VikingLand](https://radix.wiki/ecosystem/vikingland)

## 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](/contents/tech/operations/network-weekly).

## 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.

Everything else this week, in one place.

### Protocol and tooling

- [Stokenet Gateway stress tests over the weekend, including an eight-hour run](https://t.me/RadixDevelopers/67298)
- [Hyperscale Weekly #24, for 19 to 25 October](https://t.me/hyperscale_rs/13713)
- [hyperscale-rs PR #185, node crate refactors, open](https://github.com/hyperscalers/hyperscale-rs/pull/185)
- [hyperscale-vm: four commits on staking pools and record checks](https://github.com/hyperscalers/hyperscale-vm/commits/main)

### Ecosystem and dApps

- [Radstakes, Cadwynbloc, Sirius, Polaris and RadixTalk validator fee rises land](/ecosystem/radstakes)
- [How to claim force-closed Ignition positions from CaviarNine and DefiPlaza, asked on RadixTalk](https://radixtalk.com/t/how-to-claim-force-closed-ignition-positions-caviarnine-defiplaza/2343)
- [Astrolescent’s Hyperlane route back on 28 October](/ecosystem/astrolescent)

### Governance

- [Transition RAC minute of 12 October, published 31 October](https://radixdao.org/notices/2026-10-31-transition-rac-meeting-minute-for-the-12th-october-2026-dao-formation-and-other-subjects/)
- [GENKIPOOL’s candidacy for the Permanent RAC](https://radixtalk.com/t/candidacy-for-permanent-rac-genkipool/2346)

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

### Sources

1. Radix Accountability Council, updates from the RAC: DAO incorporation, disclosure and assets, 31 October 2026 — https://t.me/RadixAccountabilityCouncil/1194
2. Radix DAO LLC, govern page, read 1 November 2026 — https://radixdao.org/govern/
3. Radix DAO LLC certificate of formation, signed copy — https://github.com/RadixDAO/governance-framework/raw/main/legal/formation/certificate-of-formation_signed.pdf
4. RadixTalk, candidacy for Radix DAO LLC’s Permanent RAC election, 16 October 2026, updated — https://radixtalk.com/t/candidacy-for-radix-dao-llcs-permanent-rac-election/2338
5. Radix Gateway, the Flex Pool exploit transaction, 27 October 2026 — https://dashboard.radixscan.io/transaction/txid_rdx1l9nasf02z2khlq2y8nfpxnnjxs6pat72sq0sa6swfph5xh87vemqzq4h93/summary
6. Florian Pieper, Ociswap Telegram, on the affected Flex Pool version, 27 October 2026 — https://t.me/ociswap/245777
7. Florian Pieper, Ociswap Telegram, on why the Precision Pool is immune, 28 October 2026 — https://t.me/ociswap/245835
8. hyperscale-rs PR #181, merged 28 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/181
9. hyperscale-rs PR #183, merged 29 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/183
10. hyperscale-rs PR #180, merged 28 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/180
11. hyperscale-rs PR #182, merged 28 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/182
12. hyperscale-rs PR #178, merged 26 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/178
13. hyperscale-rs PR #179, merged 26 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/179
14. hyperscale-rs PR #184, merged 30 Oct 2026 — https://github.com/hyperscalers/hyperscale-rs/pull/184
15. flightofthefox, hyperscale-rs Telegram, on iroh, 28 October 2026 — https://t.me/hyperscale_rs/13739
16. Radix Gateway, the account holding the recovered hUSDC — https://dashboard.radixdlt.com/account/account_rdx168msc56gzqnaen4a3k73lcms8ev228t8gdsrs6h9m00suasvvk7krx
17. hUSDC refund list, published 9 October 2026 — https://docs.google.com/spreadsheets/d/1QT7qrwQ38ud8MwVUyRHM-6CY7YBr5dD5_jo9jrTUue4/edit?usp=sharing
18. Andy.XRD, Radix DLT Telegram, on the refund date, 31 October 2026 — https://t.me/radix_dlt/1010310
19. MEXC, XRD/USDT market record, read 1 November 2026 — https://api.mexc.com/api/v3/exchangeInfo?symbol=XRDUSDT
20. MEXC, the Assessment Zone explained — https://www.mexc.com/learn/article/17827791510223

---

**Radix Week in Review series, Issue #19:** [← Previous: Issue #18, Oct 19–25, 2026](/blog/week-in-review-2026-10-25) · [All recaps](/blog/week-in-review) · [Subscribe](/week-in-review.xml)

_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.