LayerZero's Omnichain Fungible Token (OFT) Standard Launches on Arbitrum Orbit Chains

On Tuesday, the LayerZero team announced via X that LayerZero’s Omnichain Fungible Token (OFT) Standard is now native to Arbitrum Orbit Chains, in a solution co-developed by Offchain Labs and LayerZero Labs.

This solution makes OFTs fully compatible with Arbitrum Orbit chains, including full support for using OFTs as native gas tokens. The OFT gas token is already live with ApeCoin and SankoGame Corp. 

Integrating LayerZero’s OFT standard with an Orbit chain’s shared “lockbox” contract allows users to send and receive OFTs between Arbitrum, Orbit L2, and L3 chains and to the 90+ other chains connected by LayerZero.

LayerZero is an interoperability protocol designed to facilitate seamless communication between different blockchains. It aims to create a unified, interconnected blockchain ecosystem where assets and data can move freely across various networks. ZRO trades at $3.771, down 2.5% in the last 24 hours. 

Arbitrum is a suite of scaling solutions on Ethereum that utilize Optimistic Rollup. It allows users to enjoy faster speed and cheaper transaction costs when interacting with web3 dApps. ARB, the native coin of the Arbitrum network, is down 3% today and is trading at $0.5752.