Decentralized app store and insights platform, DappRadar has announced the launch of a cross-chain token staking mechanism focusing on solving barriers associated with staking.
DappRadar noted that the industry’s first cross-chain staking mechanism aims to battle challenges like high fees while pushing towards the general goal of democratizing financial inclusion, in a press statement shared with Finbold on June 30.
According to DappRadar, a cross-chain staking platform will not require the use of bridge assets while allowing users to earn the same Annual Percentage Rate (APR) for the staked tokens on different blockchains.
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In rolling out the staking platform, DappRadar partnered with smart contract communication enabler LayerZero Protocol in launching the product.
DappRadar’s targeted users
Following the announcement of the industry-first cross-chain token staking mechanism, DappRadar’s co-founder Skirmantas Januskas identified users who will most benefit from the platform. According to Januskas:
“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.”
The statement added that the cross-chain token staking mechanism ensures investors will not be limited to only EVM-compatible chains.
However, the cross-chain staking mechanism will be possible for every blockchain RADAR launches to enhance the seamless user experience.
Additionally, the platform noted that the RADAR cross-chain token staking would be available on any chain, and users can claim their rewards on any other chain regardless of where they were initially staked.
The cross-chain staking ability is expected enhance the growth of blockchain bridges that have accelerated in popularity amid the spike in popularity of decentralised finance (DeFi) platforms.
