Decoding OFT (Omnichain Fungible Tokens) on the decentralized exchange Trader Joe

Decentralized exchange Trader Joe is building a liquidity hub for the future of multichain. The new standard token OFT developed by LayerZero solves the major issues related to cross-chain token transfer. Trader Joe is one of the first DeFi protocols to adopt the OFT standard for its token JOE. Trader Joe interprets the problems solved by OFT.

Problems solved by OFT: 1) Liquidity. Liquidity is the lifeline of the ecosystem. Thanks to OFT, protocols can easily establish liquidity on new chains while being able to handle even large transfers effortlessly. 2) UI/UX. OFT makes it easy to transfer from one chain to another, even for inexperienced users. In the future, OFT may even allow for seamless cross-chain dapps. 3) Security. OFT does not wrap assets, which eliminates the risk of tokens being tied to one particular chain.


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