LayerZero and Wormhole are OFT's.

But what are OFT's?

OFTs are tokens that move across blockchains just like data packets move across the Internet.
This article is about OFTs, how they work, key properties, and who is using the OFT Standard.
Let’s dive in.
What is the OFT Standard?
OFT stands for “Omnichain Fungible Token.”
You can think of OFT as a universal token standard used to send, receive, and compose assets across all blockchains.
The OFT Standard is a contract for creating and tracking tokens across many chains at the same time. It is available to anyone building on LayerZero. The OFT Standard extends fungible tokens, like ERC20, to all the chains LayerZero supports.

Projects deploying a token using the OFT Standard maintain complete ownership of their contracts, may select what chains to deploy on (now and in the future), and have the option to choose how messages are verified by configuring a unique Security Stack.
The OFT Standard has been live and in production for 21 months, securing over $4.5 billion in transfer volume across 45+ chains.
How Do OFTs Work?
On OFT transfers and adapting existing tokens into the OFT Standard…
OFT Transfers
OFTs operate through a mint-and-burn mechanism that works the same on every type of blockchain.
Transferring an OFT between blockchains involves two steps:
First, the token is ‘burned’ (or destroyed) on the original blockchain.Second, an equal amount of the token is ‘minted’ (or created) on the new blockchain.

LayerZero facilitates this accounting process by sending a message from the source to the destination blockchain, instructing it to mint the same number of tokens that were burned. This keeps the token’s total amount the same across all networks, ensuring its value stays stable during the move and that the OFT retains a unified, global supply count.
OFT Adapter
For projects that have already minted a token on a single chain, the OFT Adapter is available to extend that token across every LayerZero-supported blockchain. This process involves an intermediary contract that handles sending and receiving tokens that have already been deployed.
For example, when transferring an ERC20 from the source chain (Chain A), the token will lock in the OFT Adapter, triggering a new token to mint on the selected destination chain (Chain B) via the paired OFT Contract. From there, the OFT can be moved across any LayerZero-supported blockchain the project wants to enable using the burn and mint mechanism described above.

Key Properties of the OFT Standard
Any project creating an OFT inherits the following characteristics:
Contract Ownership
Inherently non-custodial, the OFT Standard allows developers to retain ownership and control over their token contracts, managing the token supply directly across each blockchain. LayerZero is intentionally designed to be an immutable protocol that has no ability to custody assets or alter the security settings or chain support of integrated contracts. LayerZero can never take custody of an OFT, make security decisions that would alter how an OFT transfer is verified, or disable support for a chain that an OFT is enabled on.
The non-custodial nature of the OFT Standard ensures that tokens remain under a project’s control, eliminating counterparty risks that are prevalent in other cross-chain solutions. Furthermore, OFT deployers may customize an optional fee structure on top of OFT transfers should they wish to generate revenue for their project.
Flexible Security
Any entity capable of verifying cross-chain messages may permissionlessly participate in LayerZero as a Decentralized Verifier Network (DVN), including native bridges, third-party bridges, oracles, etc. Applications building on LayerZero may select a combination of DVNs to attest to the validity of a cross-chain message before it is executed on the destination chain. An application’s selection of DVNs is called its Security Stack.
LayerZero empowers token developers to select their own set of DVNs for verifying OFT transfers. This flexibility allows token deployers to configure customized Security Stacks that align with the specific requirements of their tokens.
On top of choosing what entities verify token transfers, token issuers may also choose what chains the token is deployed on, how many blocks a DVN must wait to verify a message, and how a message is executed on the destination chain. Application owners can update configurations when new technologies emerge and expand their OFT to new chains at any time.
Additionally, the Pre-Crime module functions as an advanced security layer, proactively scrutinizing transactions for potential threats or irregularities before they are executed, thus bolstering the protocol’s defense against exploits.
Universal Semantics
OFTs bring standardization to token operations across different blockchain networks. Traditional tokens are often bound by the rules and standards of their native blockchain, leading to a fragmented experience when interacting with multiple chains. OFTs, however, maintain a consistent standard across all chains they operate on.
This uniformity simplifies the user and developer experience, as the token behaves identically regardless of the blockchain and can be composed via a wide variety of contracts. Such standardization is invaluable for developers and users alike, as it reduces the complexity and learning curve associated with managing assets on multiple chains. Furthermore, developers deploying an OFT using the LayerZero Executor can take advantage of full gas abstraction, allowing users to pay only a single gas fee from the source chain to execute an entire cross-chain flow.
Unified Token Supply
OFTs unify liquidity across networks through swift and secure communication between contracts via burn and mint. This eliminates the need for wrapped assets (4/5 largest exploits have occurred with wrapped assets, including $326M Wormhole hack in 2022) and liquidity on multiple chains for bridging via standalone asset pools, paving the way for scalable liquidity across numerous L2s and L1s.
In terms of efficiency, OFTs exist as native tokens on each chain, requiring only gas fees for transfer, devoid of additional costs associated with wrapping, bridging, or slippage. OFTs can be natively transferred across any LayerZero supported chains (currently 55+ chains) in a point-to-point flow, without ever needing to redeem on any one base chain.
OFT Standard Adoption
Any type of project can utilize the OFT Standard.
Over 100 projects have adopted the OFT Standard, ranging from stablecoins to gas tokens to LSTs.

For the sake of brevity, we will only list a few specific examples below…
Stablecoins
Angle (agEUR): agEUR is the largest decentralized stablecoin pegged to the EURO. agEUR is available on 11 different chains. The coin has been moved 7.6 million times since it was launched 18 months ago.Abracadabra (MIM): Abracadabra was one of the first stablecoin projects to make their token omnichain. MIM is currently available on 11 chains.
Blockchain Tokens
Bitcoin (BTC.b): Borderless Bitcoin leverages the LayerZero Omnichain Fungible Token (OFT) standard to seamlessly integrate Bitcoin across all LayerZero-supported networks.Metis (METIS): By leveraging OFTs, Metis enhanced the movement and utility of their native tokens across various blockchain environments.
DeFi Tokens
Trader Joe (JOE): The Avalanche-founded dApp Trader Joe opted into the OFT Standards in February of 2023.Radiant (RDNT): Radiant Finance uses OFTs to enhance the liquidity and transferability of its governance token across various networks.
Liquid Staking Tokens
StakeStone (STONE): StakeStone native LST, $STONE, is available on Ethereum and Manta as an OFT. As of January 2024, StakeStone’s TVL is above $750 million.unshETH (unshETH): unshETH expanded to BNB Chain from Ethereum by making its LST $unshETH an OFT in April 2023.
Conclusion
The OFT Standard represents a unified, secure, and user-friendly approach to tokenization.
OFT is one token standard for many chains that can use any type of verification method to approve token transfers.
As the industry continues to expand to 1000s of chains, the OFT Standard is here to enable unified token supply and liquidity while empowering token issuers to control the security specifications protecting asset transfers.

#HotTrends #OFT #Wormhole #Layerzero #Write2Earn

LayerZero Labs has found 800,000 addresses that might be fake, so they won’t get all the tokens they were supposed to. At first, they thought there were over two million fake addresses, but they made their rules stricter to find fewer mistakes.
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LayerZero Labs recently said they finished the time when people could admit they had fake accounts to get a smaller punishment. This is to stop “airdrop farming,” where people use fake accounts to get more tokens than they should. Now, addresses that fit their rules will only get 15% of the tokens they were going to get, and the other 85% will go to people who followed the rules.

LayerZero Sybil Address Bounty Hunt and Reporting Process

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LayerZero Labs has shared a complete list of addresses found through initial checks by LayerZero, Chaos Labs, and Nansen, along with self-reported addresses. This list aims to exclude large groups of fake accounts from joining the bounty hunt.
Starting from May 3, LayerZero set up a way for people to report themselves if they had fake accounts, offering them 15% of their token reward if they were honest within 14 days.
The initial list aims to be clear, but it might change before the final report comes out, as they might add or remove addresses.

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https://x.com/LayerZero_Labs/status/1791622471965163597?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1791622471965163597%7Ctwgr%5Ed27debaacc6f27fad76ad266e1150edcd047b1f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fbitcoinworld.co.in%2Flayerzero-labs-flags-800000-potential-sybil-addresses-down-from-2-million-identified-initially%2F
The hunt for fake accounts started on May 18 at 2:00 pm UTC and will end on May 31 at 11:59 pm UTC. To get a reward, participants need to report at least 20 fake accounts and explain how they found them. They can earn 10% of the tokens that the fake accounts would have gotten.

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The list of fake accounts won’t change during the hunt to keep things fair. After the hunt ends, they’ll share the final list of who’s eligible for rewards.
Sybil Farming in Decentralized Finance Protocols
Sybil farming, where people create multiple fake accounts to unfairly get tokens or rewards, has become a big problem in decentralized finance (DeFi) protocols.

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Airdrops, which give newly issued cryptocurrencies to early users, are often used by these protocols to get more people involved.
LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) to start on the HyperLiquid perpetual futures decentralized exchange in September 2023.
We’ve seen sybil farming before in crypto. In 2022, Optimism found and removed over 17,000 suspected wallets from its airdrop for being involved in sybil farming, which was about 6.83% of the wallets that were supposed to get tokens.
In September, the ZkSync Era network found 21,877 wallets doing sybil farming. These wallets were trading a closed-source token among themselves using a private decentralized exchange.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Layerzero #ZRO #Airdrop #Bitcoin #Ethereum $BTC $ETH

$BNB

Going Omnichain
Let’s cut to the chase: We love Ethereum. We love the Optimism Superchain. And we love Mode.

In fact, we love it all so much we’re expanding the reach of $KIM.

$KIM: launching on Base, Optimism, and the Ethereum Layer 1.

Here’s the man announcing the big news himself, anon:

More liquidity
Got that $ETH stuck on the base layer and wanna grab a bag of $KIM but don’t wanna hop, skip, and jump over bridges?

Fret no more, anon. With $KIM deployment on Ethereum’s base layer, you’ll be able to grab it directly there. (yes, same for OP & Base, too!).

LayerZero x Stargate: How it All Happens

This omnichain dream has become a reality thanks to our integrations with LayerZero and Stargate Finance. For the uninitiated, LayerZero is the foundation that enables applications (like ours!) to move data seamlessly across blockchains. Think of it as a bridge that allows all these isolated blockchains to talk to each other in their native language, securely and efficiently.
LayerZero has made it possible for us to bring $KIM across multiple ecosystems, leveraging Stargate, a first-of-its-kind fully composable native asset bridge. Stargate allows for the direct transfer of native assets across chains, ensuring a smooth cross-chain liquidity experience for users.
With Stargate, you can now swap $KIM between Ethereum, Optimism, Base, and Mode all in one click. No more bridges, no more headaches—just pure, omnichain liquidity.

Broader Exposure
With $KIM Omnichain Fungible Token (OFT) deployment, we’ll be better positioned to form the type of partnerships that best benefit Kim, our token holders, and our community. 

In other words, with OFT deployment, we can be, unburdened by what has been.
Increased Flexibility
The Omnichain deployment of $KIM brings increased flexibility to its holders and users - so, that’s um, you guys (we hope!). 

HODLers can choose the network that best suits their needs, whether it's the high-speed, low-cost transactions on Optimism and Base, or the established security and extensive dApp ecosystem on Ethereum Layer 1. 

This flexibility empowers you to engage with $KIM in a way that aligns with your preferences and requirements, enhancing your overall experience within the Kim ecosystem.
What is $KIM?

The $KIM token is the cornerstone of the Kim ecosystem, soon to be bridged to Optimism, Base, and the Ethereum Layer 1. A significant portion, 30%, of the total $KIM supply is allocated specifically for liquidity incentives within the Kim Protocol.

Token holders have the option to stake $KIM, converting it into $xKIM. By holding $xKIM, users will gain advantages aligned with the protocol's success.

C U SOON
We’ll see you around, anon - whether it’s Mode, Base, OP, or the ETH L1, we’ll be seeing you. That’s for sure.

Join the community over on Discord or add us to your feed on X/Twitter.