DappRadar launches cross-chain token staking solution
DappRadar’s cross-chain token staking is now live, the first in the industry to allow users to stake and claim rewards on any chain regardless of where they stake their RADAR tokens.
DappRadar is making it easy for investors to earn staking rewards on any blockchain with support for the native RADAR token.
This after the Dapp store and dApps data tracking platform’s launch of its cross-chain staking solution on Thursday. According to the DappRadar team, RADAR holders can now stake their tokens on one blockchain and claim staking rewards or withdraw their staked tokens on another chain.
🎯 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 drastically. Woohoo 🎊 pic.twitter.com/pnypWrc1RN
— DappRadar (@DappRadar) June 30, 2022
Interoperability
The launch of the cross-chain token staking solution involves LayerZero, an interoperability protocol that allows for cross-chain smart contracts communication.
The protocol enables this for both EVM-compatible and non-EVM compatible chains, which means users will not be limited to those blockchains only compatible with the Ethereum Virtual Machine.
Cross-chain staking support will be available on whichever chain RADAR launches on, the platform said in a blog post. Simply, it means RADAR stakers do not require a bridge to access their staked tokens.
Also beneficial to the RADAR staking community is that APR will be the same across all supported blockchains. No bridging also means users won’t have to bear the associated high gas fees.
Skirmantas Januskas, the CEO and co-founder of DappRadar noted in a statement shared via a press release, that the platform’s product was built with users, “especially margin-sensitive” ones in mind.
He noted that the innovation is now available for use elsewhere in the blockchain industry, adding that the community can achieve more growth and adoption if they “build together.”
DappRadar hosts and tracks over 10,000 dApps across more than 45 blockchains and protocols,with data and insight on DeFi, NFTs and gaming among others.
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