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

By Shashank Bhardwaj

Image: Shutterstock

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.

The RADAR token was initially made available in December 2021. “We aim to ensure equality among users of different chains. No matter on which chain you are using dapps, you can participate in the RADAR ecosystem. We want to enable anyone, on any chain, to participate in our Contribute2Earn ecosystem and this is the first step towards that”, reads the official blog.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork