DAppRadar and LayerZero launch chain-agnostic staking token
The goal for releasing the RADAR token is to lower fees and increase access to staking opportunities
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DAppRadar and interoperability protocol LayerZero have joined forces to launch a new token called RADAR, which will enable cross-chain staking across several blockchains and Ethereum Virtual Machine (EVM)-compatible networks. The goal is to minimize fees and increase access to staking opportunities.
According to the official blog, "DappRadar is not running on Ethereum, Fantom, Polygon or any other chain. Nonetheless, we track and cover all kinds of dapps, including DeFi, NFTs, games and other verticals. All this happens on more than 45 blockchains. DappRadar is blockchain agnostic."
The newly introduced RADAR token's functionality is provided through a collection of smart contracts. One of the contracts is known as the ‘controller’, while the other is known as the ‘proxy’. These two smart contracts will work together to enable the new staking mechanism.
The proxy smart contract receives requests to withdraw or claim rewards. It then connects with the controller contract to determine the validity of the request. If the request is valid, the controller notifies the proxy, and then the tokens are released.
Users can stake their RADAR tokens on the Ethereum blockchain, and claim rewards on the BNB Chain. In addition to these two chains, Polygon (MATIC) is also expected to be offered soon. Before this, cross-chain staking was not available anywhere else, according to DAppRadar.
