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DappRadar and omnichain interoperability protocol LayerZero have 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.
The functionality for the newly launched RADAR token is provided through a set of smart contracts, DappRadar said. One of the contracts is known 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 communicates with the controller contract to determine if the request is valid. If the request is valid, the controller informs the proxy to release the tokens. DappRadar claims this type of cross-chain staking was previously unavailable anywhere.
DappRadar also provided documentation instructing users on how to take advantage of this new functionality. The instructions mention 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 supported, with a rollout for Polygon (MATIC) expected soon.
DappRadar describes itself as a decentralized application exploration platform. The RADAR overview mentions that the token will help the company broaden its coverage, pursue faster listings for emerging projects, provide more accurate listings of current projects and offer better portfolio tools.
Related: GameFi continues to grow despite crypto winter: DappRadar report
DappRadar and LayerZero first announced their RADAR token in December 2021. Seven months later, the crypto market landscape has changed dramatically, with June capping off the worst quarter in 11 years. Despite the current bear market, other tokens have seen new highs up to 300%.