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MIM Integrates LayerZero’s OFT Standard to Become the First Omnistable

by BSC News

June 8, 2023

chain

By utilizing the OFT Standard, the integration transforms MIM into an omnichain fungible token, enabling an array of cross-chain capabilities.

MIM Becomes Omnistable

Abracadabra Money has made a significant announcement regarding the upgrade of MIM, their stablecoin, in collaboration with LayerZero. This upgrade marks a major milestone since the inception of Abracadabra. MIM has become the first omnistable to adopt LayerZero's Omnichain Fungible Token (OFT) standard.

With the integration of LayerZero, MIM users can now enjoy a whole new level of interoperability and freedom. Notably, the migration to LayerZero will not require any changes to MIM addresses on all chains.

Leveraging LayerZero's OFT standard, MIM holders can seamlessly transfer their tokens across multiple networks without experiencing slippage, lengthy wait times, or transaction fees. This advancement represents a significant leap into the future of decentralized finance, eliminating the limitations of the past.

LayerZero, a decentralized cross-chain messaging solution, facilitates seamless interoperability between various blockchain networks, including Ethereum, Arbitrum, Binance Smart Chain, Avalanche, and others currently supported by Abracadabra Money.

As an omnistable, MIM now possesses advanced beaming capabilities, allowing for cross-chain borrowing, repayment, and liquidation. This means users can deposit collateral on one chain and receive MIM directly on another chain.

By being a part of the LayerZero ecosystem, users become early adopters of the DeFi revolution. The LayerZero technology is the foundation for various upcoming platforms, offering users the opportunity to explore novel technologies centered around omnistables.

MIM is fully compliant with the OFT standard, making it seamless to integrate with the numerous projects being built on top of LayerZero. Abracadabra Money is thrilled to be at the forefront of innovation, propelling DeFi into a new realm of possibilities in the omnichain world.

What is LayerZero:

LayerZero is a protocol that allows blockchain networks to conduct direct cross-chain transactions. It enables new ways of interacting across chains without the need for a third party to act as an intermediary.

LayerZero includes a lightweight on-chain client called the LayerZero Endpoint, which is supported by all chains.

Learn more about LayerZero:

Website | Twitter | Discord

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