How to harvest rewards, receive LP tokens, and boost your favorite dapps with RADAR
RADAR serves as the governance and utility token in the DappRadar ecosystem. The token gives holders a voice to shape the future of the DappRadar through Governance, grants early access to the exclusive DappRadar PRO content, and rewards token stakers in various ways. In today’s article, let’s focus on how to capture the benefits via staking RADAR.
The launch of RADAR is a significant step for DappRadar to promote decentralized governance and encourage users to engage in platform development together. We named this innovative approach Contribute2Earn (C2E).
With C2E, user contributions will be incentivized with rewards. How can users participate in rewards reaping? RADAR Staking is the primary way. If you have not yet learned how to stake RADAR, this article will guide you through it. You can also use the following video tutorial.
Once you are equipped with those basics, let’s dive into the exciting part – the benefits of staking Radar:
How to harvest RADAR?
To harvest RADAR, it simply requires users to stake their RADAR on any eligible blockchain. It’s also worth mentioning that RADAR supports cross-chain staking. It allows RADAR token holders to stake their RADAR in one chain and then claim rewards on another.
Initially, we support Ethereum and BNB Chain, with Polygon to join the list soon. Technically, the service supports any other blockchain in the future.
Once staked RADAR, your wallet will earn extra RADAR later. There’s a “Harvest” button on the right-hand side of the screenshot. Click it. You have made more RADAR.
How to receive LP tokens?
Providing liquidity helps to establish a healthy economy around the RADAR token. As a liquidity provider, you need to deposit two different tokens into a pool to contribute to the trading pool. For example, you can combine RADAR and ETH as a pair to inject them into the RADAR-ETH pool.
As the liquidity provider, you will receive LP-tokens. These serve as a receipt for your share of the RADAR-ETH pool.
Remember, you might have to deal with impermanent loss when providing liquidity. This happens when the value of one of the tokens goes up a lot while the other stays behind.
How to boost your favorite dapps with RADAR?
Another exciting feature of staking RADAR is that it gives token stakers Boost Power. What can users do with Boost Power? It allows users to show support to one dapp in our ecosystem for Ethereum dapps only. The more Boost Power a dapp gets, the easier it will find the spotlight.
In the picture below, you can see some flashing star icons in blue. That’s right! We already have users empowering their favorite dapps with Boost Power.
Boost Power is an excellent way to show support for your favorite dapps, but in the future, this feature will unlock a myriad of powers for the entire community of that particular dapp. Stay tuned on Twitter and Discord for all the future perks!