DappRadar and LayerZero Launch Chain-Independent Staking Token

DappRadar and LayerZero Launch Chain-Independent Staking Token

DappRadar and omnichain interoperability protocol LayerZero have launched a new token to enable cross-chain staking across multiple blockchains and networks supported by the Ethereum Virtual Machine (EVM) – a move designed to minimize fees and increase access to opportunities. of staking

The functionality of the newly launched RADAR token it is provided through a set of smart contracts, DappRadar said. One of the contracts is known as controller and the other as proxy. The two smart contracts work together to enable the new staking mechanism.

Requests to withdraw or claim rewards are sent to the proxy smart contract. It communicates with the controlling contract to determine if the request is valid. If the request is valid, the controller informs the proxy to release the tokens. DappRadar claims that this type of cross-chain staking was not previously available anywhere.

DappRadar has also provided documentation that instructs users on how to take advantage of this new functionality. The instructions mention that users can “block [sus] RADAR tokens on Ethereum and then claim the rewards on BNB Chain.” These two networks are the first to be supported, with the rollout for Polygon expected soon.

DappRadar describes itself as a decentralized app exploration platform. RADAR’s overview mentions that the token will help the company expand its coverage, seek faster listings for emerging projects, provide more accurate listings of current projects, and offer better portfolio tools.

DappRadar and LayerZero first announced their RADAR token in December 2021. Seven months later, the landscape of the cryptocurrency market has changed dramatically, and the month of June It ended the worst quarter of the last 11 years. Despite the current bear market, other tokens have seen new highs of up to 300%.

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