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DappRadar and LayerZero have launched a new mechanism that allows users to stake RADAR tokens on various blockchains.
Today’s leading dApp statistics and analytics platform DappRadar has launched a Cross-Chain Staking feature that allows users to stake the platform’s RADAR tokens on different blockchains for rewards. The non-accumulating annual rate of return (APR) will be the same across all blockchains, eliminating the need to connect assets or pay gas fees to participate.
🎯 We just launched an industry-first cross-chain token staking mechanism, allowing users to claim their staking rewards on any blockchain and minimize the fees related to staking interests. Woohoo pic.twitter.com/pnypWrc1RN
— DappRadar (@DappRadar) June 30, 2022
The protocol for increasing interoperability between blockchains LayerZero – the platform that just raised $ 135 million, valuing the company at $ 1 billion, has been chosen to do the “hard work” on. Significantly, LayerZero will not limit the number of chains only compatible with the Ethereum Virtual Machine (EVM) to give the DappRadar community the most comprehensive choice.
DappRadar says the functionality for the newly launched RADAR is provided through a set of smart contracts. One of the contracts is called the controlling agent and the other is the authorized agent. Two smart contracts work together to enable the new staking mechanism.
Requests to withdraw or claim rewards are sent to the authorized smart contract, which communicates with the controlling contract to determine if the request is valid. If the request is valid, the control contract will notify the authorization contract to issue tokens. DappRadar claims that this form of cross-chain staking is not really available in any product today.
DappRadar also provides user documentation on how to take advantage of the new functionality. The guide mentions that the special thing is that users can stake RADAR on Ethereum and then receive rewards on BNB Chain. These two blockchains will be supported first, with Polygon (MATIC) implementation expected soon.
In addition, DappRadar confidently affirms that the RADAR token and the newly launched product will help the company expand its coverage, update listing statistics faster for emerging projects, and provide key data. more accurate and better portfolio tools.
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