Claim RADAR staking rewards on any chain, no matter where it’s staked
DappRadar is excited to announce RADAR Cross-Chain Token Staking to let users claim staking rewards on any chain, no matter where their RADAR is staked. APR will be the same across all chains, removing the need to bridge assets or pay gas fees to participate, with staking enabled when RADAR officially launches on that chain.
Interoperability protocol LayerZero has been chosen to do the heavy lifting and allow smart contracts to communicate between different blockchains. Significantly this is not limited to EVM-compatible chains to give the DappRadar community the most comprehensive choice.
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.
And, today, we proudly launch the first “Cross-Chain Token Staking” within the industry.
When we launched RADAR token in 2021 December, we knew it was a must to make it work cross-chain. So, what does this mean for the users?
- Staking will arrive on a chain when RADAR officially launches on that chain
- Users can claim rewards on any chain, no matter where they staked their RADAR
- The APR will be the same across all the chains, making sure that nobody has to bridge assets and pay gas fees simply for the sake of staking
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.
As you might imagine, cross-chain staking comes with a unique set of challenges not seen in staking mechanisms before. And of course this requires a complex cross-chain solution.
After careful consideration, we have decided to go with LayerZero. It is an omnichain interoperability protocol. Leaving the heavy technical details aside, LayerZero allows smart contracts to communicate between different blockchains and this is not limited to EVM-compatible blockchains.
How does it work?
The RADAR cross-chain staking backbone consists of 2 smart contracts; a controller and a proxy.
- Deployed only on one chain with cheap transactions (low gas fee)
- Keeps track of all the deposits and reward rate
- Has the authority to tell Proxy contracts to issue rewards or withdraw tokens
- Deployed on any chain RADAR is launched on
- Communicates with the Controller through LayerZero, informs the Controller about the action user wants to do
- Holds no information about deposits or rewards. Acts as an information bridge between the User and the Controller.
- Holds staked tokens
Now let’s take a moment and see how cross-chain deposits work. A user deposits RADAR on BNB Chain, tokens go to the Proxy on BNB. Controller learns about the deposit through LayerZero and rewards start accumulating.
Then every once in a while, the user wants to claim the rewards or eventually withdraw their staked tokens. Claiming rewards and withdrawing works pretty much in the same way. The user informs the Proxy contract about their wish to claim rewards or withdraw. Proxy then relays this request to the Controller. If it’s a valid request, Controller tells Proxy to transfer RADAR tokens to the user.
Such a setup allows us to have equal rewards across different chains and the ability for our community to claim rewards on cheap networks. This saves precious and costly gas fees. The launch of cross-chain staking also means that the RADAR token will integrate deeper into the DappRadar product. This is the very first step we are taking to ensure that no matter on which chain you are holding RADAR, you can always use it the same way as on any other chain.
At DappRadar we believe in a future that’s multichain, cross-chain, and interoperable. Now that this is on your radar, let’s embrace it!
Let’s start by reading our handy guide on how to stake your RADAR tokens!