WOO adopts LayerZero's OFT standard in a strategic push to further maximize the token utility
The announcement follows WOO's launch on Merlin Chain, the biggest Bitcoin Layer 2 protocol with over $3.6 billion in total value locked (TVL), granting token holders seamless access to the fast-growing Bitcoin DeFi market.
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.
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