Bittime - On Monday (10/06), the blockchain world will witness a significant change whenthe CYBER token,which is part of the decentralized social network L2 Cyber (formerly known as CyberConnect), adopts the LayerZero OFT (Omnichain Fungible Token) standard.
LayerZero OFT Adoption CYBER Token Announcement
The move was announced today Friday (07/06), ahead of the start of mainnet staking on June 14, 2024. The adoption of this new standard will not affect the total supply of CYBER tokens, which has remained set at a maximum of 100 million tokens since the TGE event ( Token Generation Event) .
Source: https://x.com/BuildOnCyber/
LayerZero OFT is a universal token standard that enables sending and receiving tokens across multiple blockchains.
This is a set of smart contracts that allows tokens to be created, used, and tracked on any blockchain that supports them. Currently, CYBER tokens are available on OP mainnet, BNB chain, and Ethereum.
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What is LayerZero OFT?
LayerZero OFT (Omnichain Fungible Token) is an important innovation in the world of blockchain. With this standard, tokens can be easily moved and managed across different blockchain networks.
The technology supports interoperability between blockchains, allowing users to transfer their tokens without having to worry about network compatibility.
Also Read: LayerZero Launches RFP Protocol for Token Distribution
The OFT standard consists of a collection of smart contracts designed to create, use, and track tokens across all blockchains that support them.
With the adoption of this standard, CYBER tokens will be able to move more freely between networks, increasing flexibility and accessibility for users.
Implementation on the Ethereum Network
On Monday (10/06), Ethereum will print 12.3 million CYBER tokens which includes the total supply of the OP and BSC networks.
This move is not an increase in supply, but rather a change in token tracking and distribution methods. This new token will be locked in the OFT adapter contract and will only be used for bridging purposes.
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Bridging is a process that allows tokens to be moved from one blockchain to another.
In this context, CYBER tokens locked in OFT adapter contracts will ensure that the token supply remains maintained despite movement between networks. This ensures that the total number of CYBER tokens remains consistent and is not affected by bridging activity.
Impact on the Cyber Ecosystem
The adoption of the LayerZero OFT standard by the CYBER token is expected to have a positive impact on the Cyber ecosystem as a whole. With the ability to move more easily between networks, CYBER token users will gain more flexibility in transacting and managing their assets.
Additionally, it also opens up new opportunities for integration with other platforms and applications that support OFT standards.
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Mainnet staking which will start on June 14, 2024, is also an important moment for the Cyber community. By staking, users can lock their tokens in the network to support network operations and security, as well as earn rewards as compensation.
The combination of adopting OFT standards and the staking program is expected to increase user participation and trust in the Cyber platform.
Also read How to Buy Crypto How to Buy BTC
Commitment to Decentralization
This step also confirms Cyber's commitment to the principle of decentralization. By adopting the OFT standard, Cyber shows that it supports interoperability and integration between blockchain networks.
This is a step forward in creating a more open and connected ecosystem, where users can interact more freely without being limited by the technical limitations of different networks.
Conclusion
The adoption of the LayerZero OFT standard by the CYBER token is a significant strategic step in Cyber's efforts to increase the flexibility and interoperability of their tokens.
With this technology, CYBER token users will get great benefits in terms of ease of transactions and asset management on various blockchain networks. Additionally, Cyber's commitment to decentralization and technological innovation will further strengthen their position in the blockchain industry.
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