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Orbs Seek Community Consensus to Pioneer Multi-Chain Staking on Ethereum & Polygon

CryptocurrencyJan 11, 2022 10:30AM ET
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Orbs Seek Community Consensus to Pioneer Multi-Chain Staking on Ethereum & Polygon

The Orbs Protocol is aiming to introduce new staking options for the community if a proposal to allow multi-chain staking on Ethereum and Polygon is accepted.

Designed for high-usage DeFi applications, the Orbs Protocol is a public blockchain infrastructure that closely integrates with multiple networks including Avalanche, Binance Smart Chain, Ethereum, and Polygon. Businesses can take advantage of Orbs to host De-Fi applications that need the ability to scale across large user bases combined with high performance and low fees.

Because it uses a Proof-of-Stake consensus to validate transactions, it’s important for Orbs to incentivize users to stake their ORBS tokens. By doing so, users can earn passive income through rewards. When users stake their ORBS tokens, they become validators who assign the voting weight of whatever coins they stake to Guardians that both maintain the security of Orbs and also uphold its long-term vision.

ORBS is the native cryptocurrency of the Orbs Protocol, used to pay transaction fees, facilitate smart contracts, and also governance.

The benefit of multi-chain staking is it will give users more options over how to stake their tokens. The Orbs team says Polygon is an ideal blockchain for multi-chain staking because it offers both high transaction throughput and much lower fees than other networks, which means it’s ideal for DeFi apps and NFT projects that see lots of user activity.

ORBS token holders can vote on the proposal to allow multi-chain staking on Ethereum and Polygon now. Assuming it gets the go-ahead, the team will work to deploy new PoS contracts on Polygon and Ethereum to facilitate multi-chain staking and to verify the merger of the networks on behalf of the Election Committee. Following that, the ORBS staking wallet will be updated so users can choose to stake their tokens on either Ethereum or Polygon.

While the Orbs Protocol is widely regarded as a multi-chain asset, the team believes that a positive vote will cement its status as one of the most reliable and versatile multi-chain protocols. Multi-chain staking capabilities will also boost inclusion and participation within the PoS blockchain community and enable new features to be added that, while not suited to Ethereum, would have real advantages on Polygon’s network.

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Orbs Seek Community Consensus to Pioneer Multi-Chain Staking on Ethereum & Polygon
 

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