LayerZero Labs Introduces 4 New Tokens To Fantom Network For Increased Stability

Key Points:

• LayerZero Labs has launched four new tokens on the Fantom network with the support of the ecosystem, accounting for over 50% of the TVL on Fantom.
• The new tokens provide much-needed stability and longevity for projects using them as liquidity, collateral, stores of value, and more.
• The tokens can be bridged between Fantom and Ethereum via Stargate Finance, making them accessible to users on both networks.

LayerZero Labs introduces USDC, USDT, WETH, and WBTC to Fantom with support from the ecosystem, bringing stability and longevity for projects, bridging available via Stargate Finance.

LayerZero Labs has announced the introduction of four new tokens – USDC, USDT, WETH, and WBTC – built on top of LayerZero, to the Fantom network. With support from the Fantom Foundation and a majority of the ecosystem, these tokens are expected to account for over 50% of the TVL on Fantom.

Today we are announcing the introduction of $USDC, $USDT, $WETH and $WBTC, built on top of LayerZero, to the Fantom network with the support of @FantomFDN and a vast majority of the ecosystem.

— LayerZero Labs (@LayerZero_Labs) July 6, 2023

The adoption of these assets on Fantom will bring much-needed stability and longevity for projects utilizing them as liquidity, collateral, stores of value, and more. LayerZero-powered assets are already widely used as canonical assets across a number of ecosystems, and the introduction of these assets will ensure that the Fantom ecosystem can continue to grow with the trust of its users. The new tokens will be able to be bridged between Fantom and Ethereum via Stargate Finance.

This announcement comes ahead of Fantom’s next two major milestones, Carmen and Tosca. With over a dozen of the most recognizable teams building on Fantom, the platform is poised for further growth and adoption in the coming months.

Coincu previously reported that LayerZero has officially acknowledged that the CEO’s Twitter account (@PrimordialAA) has been compromised. As a precautionary measure, users have been warned against clicking on any suspicious links or engaging in questionable activities.

Last month, the Uniswap Foundation shared an assessment report on cross-chain bridges, providing insights into the analysis of various protocols. According to the report, LayerZero did not fully meet all the requirements at the time of evaluation. However, the foundation noted that LayerZero is actively working towards fulfilling these requirements through a planned upgrade to its Oracle and relayer set. The Committee strongly urges the LayerZero team to implement this upgrade swiftly and recommends conducting a reassessment after the new configuration has been operational for at least three months.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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