A step-by-step guide to cross-chain staking
DappRadar allows community members to stake their RADAR tokens on one chain, and claim rewards on another. For example, you can stake your RADAR tokens on the Ethereum blockchain and then claim the rewards on BNB Chain. Polygon and other chains will follow the same example. This is how you get started.
Update July 20, 2022 – RADAR Staking V2 launched, adding support for hardware wallets and improving the staking process. Users staking RADAR need to move over to RADAR Staking V2 before August 2, 2022.
Cross-chain staking allows RADAR token holders to stake their rewards, and then claim the rewards on any blockchain. Initially, we support Ethereum and BNB Chain, while Polygon will soon follow. Technically any other blockchain could be added to this service in the future.
On this page you will find information about:
- How to join RADAR Staking V2 (do this before August 2, 2022)
- How to stake RADAR
- How to harvest or unstake your RADAR rewards
How to stake RADAR
- Go to www.dappradar.com and then click the RADAR tab.
- Connect your wallet by clicking ‘Connect Wallet’ and approving the signature transaction. This does not require any gas fees.
- Keep in mind: Make sure you’ve selected the same blockchain network where you’ve stored your RADAR tokens.
- After that transaction, you will need to enable or allow your Web3 wallet (for example Metamask) to use your RADAR tokens on the DappRadar website. Press ‘Enable’.
- Then a pop-up from your Web3 wallet will show, where you need to pay a transaction fee to approve the option to use your tokens. Keep in mind, this is an on-chain approval and this transaction will cost a transaction fee one time on each chain.
- Once approved, the ‘Stake’ button will appear. Press it.
- In the pop-up you will need to say how much RADAR you want to stake. The maximum amount is determined by the amount of RADAR you hold in the connected wallet.
- Satisfied? Press ‘Confirm’.
- Again, a Web3 wallet transaction pop-up will show. Approve the transaction, and wait a bit for the blockchain to process this. Again, this is an on-chain action and therefore you will need to pay some gas fees.
- Once confirmed, you’ve staked your RADAR tokens. Congratulations and enjoy the APR.
How to harvest or unstake RADAR
Now that you have staked your RADAR tokens, you will see three options in the dashboard:
- Harvest – Claim the rewards. This requires a transaction, and users need to pay gas fees.
- Unstake – Remove your RADAR token holdings from the staking pool. This requires a transaction, and users need to pay gas fees.
- Add RADAR – Add more RADAR tokens to your staking deposit. This requires a transaction and users need to pay gas fees.
Both adding RADAR and unstaking RADAR requires an on-chain transaction. The costs of this transaction depend on the wider blockchain ecosystem. For example, a transaction on Ethereum is much more expensive than one on BNB Chain.
The innovation of DappRadar’s Cross-Chain Token Staking lies in the harvesting of your RADAR token rewards. Harvesting allows users to technically claim their RADAR rewards on any chain. We now support Ethereum and BNB Chain, with Polygon to follow soon.
Let’s harvest your rewards
- When you staked on Ethereum and want to claim on BNB Chain, make sure you select ‘BNB Chain’ from the pink network select menu button.
- No matter which chain you select, you will see that your wallet has earned some RADAR. On the right hand side, there’s a ‘Harvest’ button. Click it.
- Confirm the on-site pop-up to start the Harvest. Click ‘Confirm’
- Sign the Signature Request pop-up. This reconfirms the harvest is initiated by the correct wallet. Press ‘Sign’.
- Another web3 wallet pop-up will appear. This confirms the transaction. You will need to pay gas fees in order to receive your RADAR token rewards. Press ‘Confirm’.
- Wait a few moments. DappRadar will confirm that processing of your transaction has begun. Ok, good.
- Claiming of your RADAR token rewards might take a few minutes, depending on the blockchain. Another pop-up will appear on-site confirming when you’ve received your RADAR rewards.
How to join RADAR Staking V2
With RADAR Staking V2 the smart contract not only supports various hardware wallets, including Trezor and Ledger, but also improves the user experience. No longer users have to deal with alert messages when staking or claiming, but instead will experience friendlier messages. However, everybody needs to move their RADAR from V1 into V2 before August 2, 2022. This is how:
- You will notice that the V1 option of RADAR Staking no longer allows users to add their RADAR to the pool. You can only press ‘Unstake & Harvest’. Let’s claim your RADAR tokens.
- Use the pink blockchain-menu to select the chain where you have staked your tokens.
- Then press the ‘Unstake & Harvest’ button to claim all your holdings on a particular blockchain. A pop-up will appear from your Web3 wallet to confirm the transaction. Press confirm.
- Keep in mind that it’s very likely you will need to do this twice, once on Ethereum and once on BNB Chain. Transactions on Ethereum can be very costly. DappRadar will cover the costs for the transition from V1 to V2.
- After initiating the process, you will need to wait some time. Especially on Ethereum the claiming process can take up to 20 minutes. Keep that in mind.
- When unstaking has been completed, please refresh the page to update all the values. Now it’s time to deposit your RADAR in the new RADAR Staking V2 contract. (follow this guide)
- You will again need to approve the smart contract, which requires a transaction fee. And then send your RADAR tokens to the smart contract. Again, there’s another transaction fee here.
Using your stake to boost your favorite dapps
Users who have staked RADAR tokens will have Boost Power. This is a type of voting power on particular dapps. The more RADAR you stake, the more Boost Power you will have. You can either do this immediately after staking, or at a later date.
Boosting a dapp doesn’t require any blockchain interactions, and you will not lose your stake. It allows users to show support to their favorite dapp. Users can only boost one dapp at a time. DappRadar will expand on the boosting feature in the near future as we plan to add other exciting features to the dapp ecosystem. Stay tuned for more!