We are thrilled to announce our latest integration partnership, the one you’ve all been waiting for; Radar! This news is especially exciting, since, through the Radar Bridge, we solve one of the most pressing issues within the blockchain and crypto industry: token transfer and interoperability between different chains.
Compared to our previous bridge, the Radar Bridge drastically reduces transfer fees, charging a 1% fee, capped at 100 HYVE tokens per transfer. This means the lowest between the two will be charged as a fee, in other words, the maximum fee one can pay for the bridging of tokens is ~$20 as of right now, whereas the minimum can be anything.
We believe that Radar is the perfect partner for us since we share many values and goals within our respective industries. Besides rewarding token holders and giving them platform governance rights, both ecosystems are adept at cross-chain integration, providing numerous benefits.
Although blockchains have undoubtedly revolutionized technology and entirely unrelated industries, they do have a major drawback: their incompatibility to operate and communicate with one another. Bridges allow the smooth transfer of tokens between different blockchains, regardless of the different protocols, rules, and governance models.
Our partnership was definitely worth the wait, as it will be aiding us in our mission for multichain expansion and further adoption of both the platform and the token.
Radar’s main focus is to decentralize asset management, by building an all-in-one De-Fi ecosystem and providing a set of innovative tools. Radar has a portfolio of 8 products launched or scheduled for the upcoming release. Currently, released products include:
- Radar DAO - a decentralized autonomous organization empowering token holders to vote on key protocol issues and collect governance rewards
- Radar Bridge - a tool that builds connections, allowing the transfer of tokens between different blockchains (with current support for ETH, BSC, and FTM); many other promising projects have successfully integrated the Radar Bridge
- Radar Protocol - an incredibly versatile tool, allowing for the creation of vaults focusing on either yield farming, trading, or NFTs
In 2022, Radar will be releasing even more exciting products such as Radar Lending, Radar Trade, Radar Wallet, Radar Terminal as well as Radar Stable.
Similar to HYVE, the Radar ecosystem is powered by its native, ERC20 token. $RADAR; a utility token, enabling its holders to participate in the governance of the network, staking, as well as reduce and reimburse fees and gas for transactions within the ecosystem.
HYVE & Radar
The integration of the Radar Bridge will undoubtedly stimulate further adoption of the $HYVE token, by allowing interoperability between networks.
For example, if tokens were to be moved from the ETH network, this could result in decongestion and increased popularity of the newly bridged blockchain.
Not only does this improve efficiency by splitting transaction volumes across different chains, but it creates arbitrage opportunities based on gas fee variations, as well as through the elimination of fees perceived for transfers.
The Radar Bridge is available on mobile phones, allowing users to swap their $HYVE tokens between chains seamlessly from any device.
This is vital for our growth since it provides opportunities for scalability, benefiting token holders and investors alike, either by reducing gas fees through smooth transfers between chains or by increasing the reach of the project, consequently raising the price.
You might wonder how the actual transfer of tokens is executed through the Radar Bridge. Using the “mint-and-burn” function, the transferred tokens are locked in a smart contract on the bridge and finally minted on the desired chain and assigned to an address of your choice.
If the user wanted to transfer his tokens back to the original chain, the tokens would then be burned on the second chain and unlocked from the smart contract back on the original blockchain. In this manner, token supply is kept constant across all platforms.
The Radar Bridge has also solved a major safety issue - if anything goes wrong during the transfer, the transaction is reverted to the original blockchain, thus protected by the blockchain’s atomicity.
$RADAR on HYVE
The $RADAR token will be added as a supported payment method on HYVE, enabling users to both hire people for tasks and jobs while also creating offers and accepting payment in $RADAR.
$RADAR is just the first of many other payment methods that HYVE will be adding over the next few months, so this heralds the beginning of a new age, an age where people can choose to be paid in dozens and hundreds of different currencies, in stark contrast to the centralized world where you can only get paid in 1 or 2 currencies.
Overall, we consider that our partnership with Radar is more than just a massive milestone going forward, benefitting all our users. The bridge will be live in the upcoming week and will offer multichain support. The $RADAR token will also be added by the end of this month, and we'll keep it simple for now, but you can expect further collaborations & integrations between our products in the future.
Nevertheless, even besides Radar, we have even more exciting news in stock, so stay tuned for now!
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📡 Want to learn more about Radar?
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