Radit.io was a community-owned investment message board that operated on the Radix network. It presented a unique concept where users can invest in messages and earn a yield based on their investments. The platform was known as the first community-owned investable message board powered by Radix. It was created by CaviarLabs, a technology company focused on blockchain and decentralized finance (DeFi) solutions.
Operation
Users on Radit.io can post new messages by sending them to a special gazette wallet along with any amount of Radix tokens ($XRD). The posted messages are owned, similar to how a Non-Fungible Token (NFT) is owned. When other users invest in these messages by sending $XRD, the original poster earns a yield. Every message investment gives the investor some ownership of that message, and they can earn $XRD whenever anyone else invests in a message they own a part of.
As of mid-2023, Radit.io has seen an investment of 5249K $XRD, with 24,513 messages posted by 1,095 unique users.
Governance
Radit.io also has its own governance token, $RADIT. Owners of $RADIT tokens possess 30% ownership of every message posted on the platform and have a say in the future of Radit.io. The platform ensures that 100% of $XRD sent to Radit.io are distributed back as rewards at the end of each day, emphasizing its commitment to community ownership and participation.
Notable Features
One of the unique features of Radit.io is the concept of "100k XRD Message". When any message on the platform reaches an investment of 100k XRD, a message token gets minted on the Radix network. This newly minted token will have a supply of 100k units, which are distributed to the message owners proportionally to their percentage ownership at the point the message was worth 100k XRD. The token includes all the details of the original message and is immortalised onto the Radix Ledger.