DappRadar and LayerZero Launch Industry’s First Cross-chain Token Staking

In collaboration with LayerZero, the decentralized application discovery platform DappRadar has introduced a new RADAR currency to facilitate cross-chain staking across several blockchains and EVM-compatible networks.

This is anticipated to dramatically reduce expenses and improve access to staking possibilities.

RFID Token

Since cross-chain staking will be possible for every blockchain that RADAR starts on, the new currency guarantees that the community won't be restricted to just EVM-compatible networks as one of its distinguishing features.

This will simplify user experience across all chains as a byproduct.

A group of smart contracts are used to deliver the RADAR token's functionality. In order for the new staking mechanism to function, both contracts—one of which is referred to as the controller and the other as a proxy—must cooperate.

The phrase "smart contract" refers to computer code that, when saved on a platform based on a blockchain, automatically executes all or portions of an agreement.

Notably, requests to withdraw money or claim prizes are directed to a proxy smart contract, which consults the controller to establish whether the request is legitimate. The controller orders the proxy to release the tokens after a request is determined to be legitimate. This kind of cross-chain staking is an industry first, claims DappRadar.

Elimination of Excessive Fees

Cross-chain token staking's main goal is to eliminate exorbitant fees as a barrier to entry for customers that are interested in saving money. In order to avoid consumers having to bridge assets manually, users are given the option to receive the same APR for their staked assets across all blockchains.

Users won't also be required to pay expensive Ethereum (ETH) gas costs. Users pay gas fees to offset the cost of the computational time and resources needed to process and verify transactions on the Ethereum blockchain.

DappRadar's instructional material is also beneficial for participants who want to utilize this new feature. It describes the process by which users may stake their RADAR tokens on the Ethereum blockchain and subsequently redeem their winnings on the BNB Chain. With Polygon (MATIC) scheduled to be rolled out later, these two chains are the first to be supported.

Overall, the additional capabilities will enhance cross-chain user experience, and this is especially true for consumers in developing markets who are concerned about margins.

According to a recent analysis from DappRadar, game decentralized apps (dApps) now make up 52 percent of the whole dApp industry's activity, signaling optimistic momentum in the blockchain gaming ecosystem.

The firm, which hosts more than 10,000 dApps from more than 30 protocols, unveiled a $725 million ecosystem fund in May with the goal of advancing gaming, infrastructure, and decentralized banking inside the Flow ecosystem (DeFi).

The fund is supported by investors that own significant amounts of FLOW, the network's native token, as well as stock in Dapper Labs. Coatue, Union Square Ventures, Greenfield One, Liberty City Ventures, and CoinFund are a few of them. Andreessen Horowitz (a16z) is another.