According to PANews, decentralized social network L2 Cyber, formerly known as CyberConnect, has announced that its CYBER token will adopt the LayerZero OFT (Omnichain Fungible Token) standard on June 10, 2024. This move precedes the mainnet staking set to begin on June 14, 2024. The OFT standard is a universal token standard used for sending and receiving tokens across multiple blockchains. It consists of a set of smart contracts that allow tokens to be created, used, and tracked on all blockchains where they are deployed. Currently, the CYBER token is available on the OP mainnet, BNB chain, and Ethereum.
The maximum total supply of CYBER tokens was set at 100 million during the TGE. However, each network has its own total supply, which together constitute the maximum total supply of CYBER tokens. On June 10, Ethereum will mint 12.3 million CYBER tokens (the total supply of OP+BSC). The supply of CYBER has not changed, only the tracking method has. The new tokens will be locked in the OFT adapter contract and used solely for bridging purposes.
