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Did you know? 💭 The $SOCIAL airdrop will use LayerZero OFT standard, allowing multi-chain claims, similar to LayerZero, saving users on gas fees.
Quick Facts:
➜ LayerZero OFT (Omnichain Fungible Token) A protocol for seamless token transfers across multiple blockchains like Ethereum, Binance Smart Chain, and Avalanche.
Mint and Burn Mechanism: OFT tokens are burned on the originating chain and minted on the destination chain.
➜ Advantages: Unified liquidity across chains, reduced slippage, and simplified cross-chain transfers using LayerZero's infrastructure. Security is maintained with Ultra Light Nodes (ULN), decentralized oracles, and relayers.
➜ How It Works: ULN verifies transactions, oracles fetch block headers, and relayers submit proofs. Token contracts on each chain mint or burn tokens to maintain accurate balances.
➜ Example: To transfer 100 SOCIAL tokens from Ethereum to Base, LayerZero verifies the transaction, mints tokens on Base, and burns the equivalent amount on Ethereum. 11 replies
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