DappRadar and omnichain interoperability protocol LayerZero have reportedly released a new token allowing cross-chain staking throughout numerous blockchains and EVM-compatible networks. 

Specifically, the development reportedly serves as an initiative carried out to bring down fees to the smallest possible, as well as increasing access to staking opportunities.

The feature for the freshly introduced RADAR token is offered via a set of smart contracts, per DappRadar. One of the contracts is perceived as the controller and the other will work as a proxy. The two smart contracts will collaborate to support the new staking mechanism.

withdrawal or claiming requests for rewards will be transferred to the proxy smart contract. It communicates with the controller contract to verify the validity of the request. Should the verification process is completed, the controller will let the proxy know to release the tokens. 

DappRadar reportedly shared that this kind of cross-chain staking is an unprecedented development throughout the market.

DappRadar additionally offered instruction paper for users regarding the way to utilize this new feature. The instructions note that users “can stake [their] RADAR tokens on the Ethereum blockchain and then claim the rewards on BNB Chain.” These two chains are the first facilitated, with an troduction for Polygon (MATIC) is down the pipeline.

DappRadar reportedly refers to itself as a decentralized application exploration platform. The RADAR overview mentions that the token is a tool assisting the firm in the process of widening the scope of its coverage, pursue listings with accelerated speed for emerging initiatives, offering listings with enhanced accuracy of existing projects and offer better portfolio tools. 

DappRadar and LayerZero initially disclosed their RADAR token in December last year. Seven months went by witnessed the crypto market experience drastic changes, with June marking one of the most turmoil quarter in 11 years. Regardless of bearish actions throughout market, other tokens have seen new highs up to 300%.