- DappRadar introduced a cross-chain token staking mechanism.
- The DApp store deploys this mechanism to allow users to claim their rewards.
- Also, the platform focuses on minimizing staking fees for users.
DApp insight provider DappRadar has announced an industry-first cross-chain token staking mechanism. This staking technique allows users to claim their staking rewards on any blockchain and minimize the fees related to staking drastically.
To note, the cross-chain token staking in Dapp is an open-source innovation that aims to contribute to the whole ecosystem. The main intention behind this initiative is to help cost-conscious users to participate in staking by eliminating high fees. Therefore, the mechanism democratizes financial inclusion.
Importantly, the users will get the same Annual Percentage Rate (APR) for their staked assets across all the blockchains. This removes the need to bridge assets themselves or pay the typical high Ethereum gas fees. Also, cross-chain staking will be enabled for every blockchain RADAR launch, and it won’t be limited to only EVM-compatible chains. The mechanism will also ensure a smooth user experience on all chains.
Speaking of the cross-chain staking, CEO and co-founder of DappRadar, Skirmantas Januskas, explained that the mechanism is built for the benefit of users, especially the margin-sensitive users in emerging economies. It also improves the cross-chain user experience massively.
The CEO further remarked:
The best part is, that what we innovated is here and anyone can take it and use it. We care deeply about contribution to the blockchain industry and we believe that we can reach much higher when we build together.
Significantly, DappRadar’s cross-chain staking is put into reality by cooperating with the LayerZero protocol. The protocol enables smart contracts to communicate across different chains.
Diving into the DappRadar ecosystem, the platform tracks and analyzes all kinds of decentralized applications. This activity makes it a big believer in the idea that the future of the blockchain industry will be multichain, cross-chain, and interoperable. RADAR is the native token of DappRadar, which was first launched on the Ethereum blockchain and listed on major crypto exchanges such as Crypto.com and Huobi Global.