WOO adopts LayerZero's OFT standard in a strategic push to further maximize the token utility
24 May 2024 - 7:35AM
WOO token, the native token of the WOO Ecosystem, has adopted
LayerZero's Omnichain Fungible Token (OFT) standard on Merlin
Chain, marking a pivotal advancement in maximizing the utility of
the WOO token for holders, who can now seamlessly access OFT via
WOOFi Swap and transfer WOO token from Ethereum to Merlin without
slippage or fees.
Developed by LayerZero, the OFT standard allows fungible tokens
to be transferred across multiple blockchains without asset
wrapping, middlechains, or liquidity pools. This standard works by
burning tokens on the source chain whenever an omnichain transfer
is initiated, sending a message via Layer Zero, and delivering a
function call to the destination contract to mint the same number
of tokens burned, creating a unified supply across both
networks.
“The adoption of LayerZero’s OFT
standard supports WOO's strategic goal of streamlining and
expanding the token’s ecosystem and utility, empowering token
holders with seamless transaction execution across multiple
networks.
This strategic move aligns with our
expansion into high-growth sectors like the fast-growing Bitcoin
DeFi market, facilitated by the recent WOO token launch on the
Merlin Chain. It offers token holders exposure to Bitcoin Layer 2
growth and enhances opportunities within the ecosystem while
eliminating obstacles such as slippage, wait times, and transaction
fees,” said Ben Yorke, VP of Ecosystem.
The OFT Standard has enabled over $4.5 billion in transfer
volume across 45+ chains, highlighting its reliability in fostering
cross-chain interoperability. Projects utilizing the OFT Standard
maintain full control over their contracts, possess the freedom to
choose deployment chains, and can tailor message verification via a
unique Security Stack configuration.
The WOO Ecosystem comprises cutting-edge products designed to
empower users and enhance the utility of the WOO token. Among these
is the WOOFi protocol, a leading decentralized exchange (DEX)
protocol boasting over $13 billion in cumulative trading volume and
attracting more than 250,000 monthly active users. WOO X is a
premier global centralized exchange, bolstering the ecosystem's
commitment to innovation and user-centric solutions.
Additionally, WOO’s successful adoption of OFT could pave the
way for deployment across the over 65 networks supported by
LayerZero, with more being added regularly, thereby positioning the
WOO token for broader adoption across a fragmented digital asset
ecosystem.
Contact us:
ecosystem@woo.network
About WOOFiWOOFi is an omnichain gasless
Central Limit Order Book (CLOB) perps protocol with up to 20x
leverage, featuring omnichain deposits, CeFi-grade user experience,
advanced trading tools, and revenue sharing. WOOFi Pro utilizes
Orderly Network's Infrastructure allowing for a seamless CEX-like
experience while maintaining self-custody of funds.
Disclaimer
The content above is neither a recommendation for investment and
trading strategies nor does it constitute an investment offer,
solicitation, or recommendation of any product or service. The
content is for informational sharing purposes only. Anyone who
makes or changes the investment decision based on the content shall
undertake the result or loss by himself/herself.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0293b4d5-466b-47e5-be79-4ce0484631f6