RADAR TOKEN HAS CREATED NEW STAKING MECHANISM TO MIN GAS FEES AND SUPPORT APR
DappRadar and the omnichain collaboration protocol LayerZero have introduced a new token to enable cross-chain integration across multiple blockchains and Ethereum Virtual Machine (EVM)-enabled networks - a movement designed to reduce payments and increase access to risk.
The performance of the recently launched RADAR token is provided by a collection of smart contracts, DappRadar said. One of the contracts is known as a controller and the other is a proxy. These two smart contracts work together to work out a new way of holding.
Applications for withdrawals or prizes are submitted to a representative proxy contract. It communicates with the administrator contract to determine if the application is valid. If the request is approved, the controller notifies the representative to release the tokens. DappRadar states that this type of cross-chain staking was not available anywhere.
DappRadar also provided documentation instructing users on how to use this new functionality. The instructions state that users can "enter [their] RADAR tokens into the Ethereum blockchain and claim prizes from the BNB Chain." These are the first two chains to be supported, which is expected to release Polygon (MATIC) soon.
DappRadar defines itself as a separate application testing platform. RADAR's overview states that the token will help the company expand its portfolio, pursue faster listing of emerging projects, provide a more accurate list of current projects and provide better portfolio tools.
DappRadar and LayerZero first announced their RADAR token in December 2021. Seven months later, the crypto market situation changed dramatically, with June ending the worst quarter in 11 years. Despite the current bear market, some tokens have seen new highs up to 300%.