Staking has grown to become one of the biggest and most popular DeFi activities, with projects all over the crypto industry seeking to enable it. The latest one to do so was DappRadar — the world’s largest dApp store that tracks the performance of decentralized apps, and ranks them, including dApps from all protocols and verticals.
🔥 We have launched the $RADAR cross-chain staking
🔷 How do you stake?
➡️ Find out here: https://t.co/fD1r7F2FTs
— DappRadar (@DappRadar) July 6, 2022
The project announced the ability to stake RADAR tokens in cross-chain staking, meaning that users can now stake RADAR and claim rewards cross-chain.
DappRadar’s cross-chain staking: How does it work?
According to DappRadar’s blog post, cross-chain staking was imagined to be a very rewarding experience, allowing community members to stake their native RADAR token on one chain, and then claim rewards on another. For example, users could stake their tokens on Ethereum’s blockchain, and then harvest rewards on BNB Chain, or another of many supported networks.
Speaking of supported networks, the project also intends to soon add support for Polygon, and likely even more blockchains after that. The post continues to say that, in theory, any blockchain can be added to this service in the future, meaning that users could just stake their tokens and then collect them from anywhere else in the entire crypto industry.
Furthermore, while they are waiting for their rewards to grow, users who staked RADAR tokens will also have Boost Power, which can be used for boosting their favorite dApps. Boost power comes as a type of voting power on particular decentralized applications. Naturally, the more RADAR the user stakes, the greater the Boost Power that they receive in return, meaning that their vote will carry more weight.
The good thing about this is that users can receive their Boost Power at any time, be that immediately after completing the staking process, or at a later date. Furthermore, boosting a dApp will not require blockchain interactions of any kind. This means that there will be no fees to pay, and users will also not put their stake at risk of losing it. It is simply a way to support a dApp that they like.
However, it is worth noting that only one dApp can be supported at once. The project noted that there are plans to expand on the boosting feature in the future and that it intends to add other exciting features to the dApp ecosystem.
As for how to stake RADAR tokens and control what happens with their money, users will have to go to the project’s website, click the RADAT tab, connect their wallet, and select the blockchain where they have stored their RADAR tokens. There will be a signature transaction to approve, although that one will not include any gas fees. After the transaction, users will have to allow their Web3 wallet, such as Metamask, to use RADAT tokens on the DappRadar website. From that point on, all they need to do is follow the process and stake the tokens once the Stake button appears. The process was explained in detail in the DappRadar post.
To learn more visit our Investing in DappRadar guide.
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