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January 2, 2024

Telos Bridge Update: Introducing OFT Support

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We are excited to announce a significant enhancement to the Telos Bridge, powered by Layer Zero: the introduction of Omnichain Fungible Token (OFT) support. This advancement marks a milestone in cross-chain interoperability and offers many benefits to our ecosystem users and decentralized application (dApp) developers.

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What is an OFT?

An OFT, or Omnichain Fungible Token, is a pioneering standard that facilitates the transfer of fungible tokens across multiple blockchains. It operates without the need for middle chains or liquidity pools, streamlining the process of cross-chain token transfers.

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How OFT Support Benefits the Telos Ecosystem:

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  1. Seamless Token Transfers Across Chains: The OFT Standard allows tokens to be transferred between blockchains efficiently. When a bridge transfer is initiated, tokens are burned on the source chain, and a corresponding number of tokens are minted on the destination chain. This ensures a unified supply across networks and eliminates the complexities of traditional cross-chain transfers.

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  1. Extension of Existing Standards: OFT.sol, an integral part of this update, extends the OApp Contract Standard and the ERC20 Token Standard. This extension is significant because it allows any fungible token to interoperate with other chains using the LayerZero protocol, vastly enhancing the versatility of tokens built on the Telos Network.

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  1. Enhanced Liquidity and Flexibility: By eliminating the need for middle chains or liquidity pools, OFT support on the Telos Bridge offers a more liquid and flexible environment for token transfers. This is particularly beneficial for dApp developers looking to create applications that operate seamlessly across multiple chains.

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  1. Streamlined User Experience: The process of transferring tokens across chains becomes more user-friendly with OFT support. Users can now engage in cross-chain transactions with greater confidence, knowing that the underlying technology ensures a consistent token supply and value across networks.

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The introduction of OFT support to the Telos Bridge, powered by Layer Zero, represents a leap forward in our commitment to providing robust and efficient solutions for cross-chain interoperability. This update is poised to significantly enhance the experiences of both our ecosystem users and dApp developers, aligning with our ongoing mission to advance blockchain technology and its practical applications. Currently, we are working on the Telos OFT and anticipate its release in the coming weeks. 

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For more detailed information on Telos Bridge OFT support, please visit: 

https://t.me/HelloTelos/649436 

Disclaimer

The content provided in this article is for informational purposes only and should not be construed as financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions. Cryptocurrency investments along with other asset classes can be volatile and can result in potential losses. Always use caution, practice due diligence, and never invest capital you cannot afford to lose. Remember to always maintain the security of your accounts, use strong passwords, enable two-factor authentication, and be wary of phishing attempts. Stay safe and invest responsibly.

About The Telos Foundation

Telos is a decentralized blockchain ecosystem that includes Telos EVM, which is tested as the fastest Ethereum Virtual Machine globally, and its high-speed consensus layer, Telos Zero. With its continued focus on helping push forward the global adoption of Zero Knowledge technology, Telos is also currently developing a hardware-accelerated Ethereum Layer 2 network powered by SNARKtor, with the goal of enhancing privacy and scalability for global use cases at scale. Telos is overseen by The Telos Foundation, an ownerless foundation dedicated to advancing the Telos blockchain network and its community.

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