James Atkins
Editor
Editor
DappRadar is providing support for the native RADAR token, making it simple for investors to earn staking rewards on any blockchain.
According to a DappRadar Tweet on Thursday, the Dapp Store and dApps Data Tracking Process introduced their cross-chain staking technology.
According to the DappRadar team, holders of RADAR may now stake their coins on a particular blockchain. And claim staking dividends or withdraw their staked coins on another chain.
The DappRadar team says that this solution will be available for Ethereum, Binance Smart Chain, Polkadot, and Avalanche. The firm also noted that staking on multiple blockchains will become possible soon.
This move comes as part of DappRadar’s aim to provide users with “the best possible return on their investment.” And to make it easier for them to “earn a passive income from their digital assets.”
For those unfamiliar, staking is the process of locking up cryptocurrency tokens. To participate in the validation of transactions on a blockchain network.
In return for staking their tokens. Validators are rewarded with newly minted coins or a portion of the transaction fees collected by the network.
The cross-chain token staking solution has been launched with the help of LayerZero. This interoperability protocol allows for communication between different types of smart contracts.
The LayerZero team has built a “DappHub” that enables decentralized applications on different blockchains to interact with each other.
The DappRadar staking solution will initially support three chains: Ethereum, EOS, and Tron. The company plans to add more chains in the future.
DappRadar’s cross-chain staking solution will enable users to stake their tokens and earn rewards in a risk-free manner. The company has plans to support multiple staking pools and is currently working on adding more features to the platform.
This protocol will work for both compatible blockchains with the Ethereum Virtual Machine, and also for those that are not. This means that users will have more choices about which blockchain to use.
Cross-chain staking will be supported on the chain on which RADAR launches, according to a blog post from the platform. Simply put, it means that staked tokens held by RADAR stakers cannot be accessed through a bridge.
This solution will increase staking participation by making it easier and more accessible for users, the blog post says.
Currently, cross-chain staking is not possible on Ethereum 2.0 as the platform only supports deposits from the same chain. This could change in the future, however, as the depositing process becomes more streamlined.
The DappRadar team said it is working on a solution that will make cross-chain staking possible on Ethereum 2.0. But in the meantime, it is providing a workaround for users.
The solution is based on the “Trusted Compound” smart contract. Which allows users to deposit ERC-20 tokens on Ethereum 1.0 and receive cTokens in return. These cTokens can then be staked on Ethereum 2.0.
Having APR be the same on all blockchains is good for the RADAR staking community. This means that users won’t have to worry about high gas fees when using different blockchains.
Skirmantas Januskas, the CEO and co-founder of DappRadar, says in a press statement. That the platform’s product was built with users in mind, “especially margin-sensitive” ones.
“There’s a lot we can do.” I think that the innovation is now available for usage elsewhere in the blockchain sector. And that the community may grow and adopt more if they ‘’work together,” he states.
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.
The firm’s new cross-chain staking solution is built, on Ethereum and Binance Smart Chain (BSC); with plans to add more chains in the future.
What is your opinion as regards DappRadar’s move? Hit the comment section and share your thoughts with us.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
