DappRadar has announced the launch of its cross-chain staking feature, the first of its kind in the cryptocurrency space.
DappRadar, the leading decentralized application store in the cryptocurrency space, has announced the launch of its cross-chain token staking mechanism. This latest development is the first of its kind in the crypto space.
Accordion to the press release shared with Cryptowisser, DappRadar said its cross-chain staking allows users to claim their staking rewards on any blockchain and minimize the fees related to staking drastically.
The company said its cross-chain token staking is an open-source innovation that aims to contribute to the whole ecosystem. According to the team, the cross-chain mechanism is designed to eliminate barriers for cost-conscious users to participate in staking by eliminating high fees, thus democratizing financial inclusion.
With the cross-chain staking, users will earn the same APR for their staked assets across all blockchains. Hence, eliminating the need for users to bridge assets across multiple blockchains or pay the typical high Ethereum gas fees.
While commenting on this latest development, DappRadar CEO and co-founder Skirmantas Januskas said;
“What we have built is in the benefit of the users, especially the margin-sensitive users in emerging economies. It also improves the cross-chain user experience massively. The best part is, 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.”
The platform has spent years tracking and analyzing numerous decentralized applications. The experience has convinced DappRadar that the future of the blockchain industry will be multichain, cross-chain and interoperable.
The team added that cross-chain staking would be enabled for every blockchain RADAR launches on. Thus, users can stake their RADAR tokens on one chain and claim their rewards on any other chain, no matter where they were staked.
The move ensures that the DappRadar community has the most comprehensive choice possible. The cross-chain staking mechanism will not be limited to Ethereum Virtual Machine (EVM) compatible chains alone. Furthermore, DappRadar said the staking mechanism would also ensure a smooth user experience on all chains.
The cross-chain staking mechanism was achieved thanks to DappRadar’s integration with the LayerZero protocol. The LayerZero protocol enables smart contracts to communicate across different chains.