Orbs is getting set to pioneer multi-chain staking through Ethereum and Polygon through Community Proposal.
Orbs is ahead of the curve in the blockchain field, having accomplished many firsts, the latest of which is its pioneering approach to staking, which allows users to stake across leading chains, Ethereum and Polygon. Polygon is a Layer 2 chain, which takes the security elements from Ethereum, but realizes the benefits of lightning fast transaction execution, with reasonable fees due to its unique architecture.
Staking on Polygon means that users can leverage returns on their ORBS tokens, while benefiting from Ethereum’s core technologies. This gives Orbs Delegators the ability to stake on their preferred chain in a multi chain approach.
The future of Layer 3
Orbs Network can be considered a separate execution layer that operates in conjunction with EVM-based L1’s and L2’s chains, in what the team is hoping will become the new Layer-3 of the blockchain realm. It makes activities conducted on both Layer 1 and Layer 2 chains more sophisticated through the deployment of an extra layer of smart contracts.
The Orbs team describe it as follows:
- The first infrastructure layer, L1 – like Ethereum – is in charge of security.
- The second infrastructure layer, L2 – such as Polygon – is in charge of scalability.
- The third infrastructure layer, L3 – is in charge of helping apps build and extract more value. This layer provides services to existing DeFi applications to enhance their capabilities. This acts as a separate execution layer capable of boosting capabilities of EVM smart contracts.
The team at Orbs are big believers in community governance and the holders of ORBS can vote on the future path of the multi chain staking functionality. If the members are in agreement, then Orbs can deploy Proof of Stake smart contracts directly on polygon and then further contracts to authenticate the bridge between the two chains through the results of the governing committee,
The Orbs community can now weigh in on the multi-chain staking proposal, for instance if a new product or feature would be best served on Polygon rather than Ethereum, then this would have to pass agreement through the community members.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.