Orbs Network Delegates Asked To Vote For Multi-Chain Staking On Ethereum & Polygon
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Multi-chain staking on the Orbs Network could soon become a reality if the community votes in favor of a new proposal.
ORBS token holders have been asked to decide whether or not to accept the proposal to enable multi-chain staking on Ethereum and Polygon and let delegates in the network to take advantage of those blockchain's unique benefits. If the proposal is accepted, users will be able to stake their ORBS tokens on both blockchains. Proponents of the move argue Polygon is an ideal fit for multi-chain staking due to its status as a leading project on Ethereum with high scalability, fast transaction speeds and lower Gas fees.
The idea is to give those who want to stake their ORBS tokens more choice over how they can do so.
ORBS is the native cryptocurrency of the Orbs Protocol, and staking is essential due to its use of a Proof-of-Stake consensus to validate transactions. Token holders can stake assets they're holding to participate in the network and earn rewards for doing so. By staking, they help to maintain the security and integrity of the network, so there's every reason to incentivize users to do so.
The Orbs Protocol is a decentralized blockchain infrastructure used to host dozens of popular DeFi applications. It's popular with developers due to its balance of performance and cost with security and ease of use, and enables businesses to adopt trusted blockchain technologies and benefit from high scalability and predictable low fees, while meeting the performance demands of widely-used applications. It can be accessed across major blockchains including Binance Smart Chain, Ethereum, Polygon, Avalanche and Solana.
If the proposal is accepted, Orbs' developers will work to implement multi-chain staking by deploying new PoS contracts on Polygon, as well as additional contracts to verify the newly supported networks. Then, there will be an update to the ORBS staking wallet that will enable users to stake coins on their preferred blockchain.