Introducing the important upgrade of MIM: the first Omnistable built on the OFT standard based on LayerZero.

Introducing the MIM upgrade: the first Omnistable based on LayerZero's OFT standard.

Algorithmic stablecoin MIM is currently the first Omnistable built on the LayerZero’s Omnichain Fungible Token (OFT) standard, and the official tweet introduced this major upgrade.

With the support of LayerZero’s OFT standard, users can transmit MIM to multiple networks without delay, waiting time, or fees, making it a huge leap for DeFi stablecoin interoperability, especially for cross-chain lending, clearing, and repayment scenarios. The integration of MIM with LayerZero will support seamless interactions across blockchain networks such as Ethereum, Arbitrum, BNB Chain, and Avalanche.

The fees associated with cross-chain transmission of MIM can now be fully decided by Abracadabra DAO. At launch, there will be no fees except for gas, in order to encourage more people to use these new features. The design of MIM Omnistable also allows for more customizable gas fee configurations. The gas fees on the receiving chain will be dynamic, allowing for cost savings during periods of low network activity and faster execution during network congestion. Additionally, after the AIP vote, Beaming fee configurations can be decided and configured by the DAO, potentially bringing new sources of income to SPELL holders.

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Reference: https://twitter.com/MIM_Spell/status/1663916560480624640

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