DappRadar and omnichain interoperability practice LayerZero has launched a new token to enable cross-chain staking across multiple blockchains and Ethereum Virtual Machine (EVM)-compatible networks — a move designed to minimize fees and increase access to staking opportunities. This staking mechanism through RADAR token has been set to minimize gas fees and support recurring APR across multiple blockchains.
The purpose of the newly launched RADAR token is provided through a set of smart contracts, DappRadar said. One of the contracts is termed as the controller and the other as a proxy. The two smart contracts work together to enable the new staking mechanism.
Requests made to withdraw or claim rewards are sent to the proxy smart contract. It connects with the controller contract to determine if the request is legal. If the request is legal, the controller informs the proxy to issue the tokens. DappRadar says that this type of cross-chain staking was previously unavailable anywhere.
DappRadar also gave papers instructing users on how to take advantage of this new functionality. The instructions indicate that users can “can stake [their] RADAR tokens on the Ethereum blockchain and then claim the rewards on BNB Chain.” These two chains are the first maintained, with a rollout for Polygon (MATIC) anticipated soon.
DappRadar defines itself as a decentralized application exploration platform. The RADAR overview indicates that the token will help the company broaden its exposure, pursue faster listings for emerging projects, provide more accurate listings of up-to-date projects and offer better portfolio tools.
DappRadar and LayerZero first broadcasted their RADAR token in December 2021. Seven months later, the crypto market landscape has changed vividly, with June capping off the worst quarter in 11 years. In spite of the current bear market, other tokens have seen new highs up to 300%
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