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CYBER Token Adopts OFT Standard

Announcements

2024-06-06

In this blog, CYBER (capitalized) refers to the CYBER token, not the Cyber network, which will be referred to as Cyber Mainnet.

We are excited to announce the CYBER token is adopting the LayerZero Omnichain Fungible Token (OFT) standard on June 10, ahead of Cyber Mainnet staking which begins on June 14.

CYBER currently exists on Ethereum, OP Mainnet, and BNB Chain, with a maximum total supply of 100 million set at TGE. But today, that supply is fragmented across chains. Upgrading to the OFT standard solves this by making CYBER an omnichain asset and enabling seamless bridging to Cyber Mainnet.

CYBER Supply Distribution Before OFT

Chain: Ethereum

Total Supply: 87,700,000

Chain: OP Mainnet

Total Supply: 9,000,000

Chain: BNB Chain

Total Supply: 3,300,000

Maximum Total (All Chains): 100,000,000

What’s Changing with OFT

  • Tokenomics: No changes to tokenomics or the release schedule.
  • Supply: CYBER’s maximum, total, and circulating supply stay the same.
  • Ethereum as Home Chain: Ethereum becomes the “home chain” for the total supply, fixed at 100 million. Other chains are “remote” and supply adjusts based on inflows/outflows. 
  • Bridging to Cyber Mainnet: Starting June 10, users can bridge CYBER to Cyber Mainnet.

By adopting the OFT standard, Ethereum becomes the home chain for CYBER’s total token supply. Other blockchains act as remote chains, where supply adjusts dynamically based on bridging activity. These changes on remote chains do not affect CYBER’s total supply. For accounting and tracking purposes, the total and maximum supply are defined on Ethereum, since supply elsewhere is variable. This setup enables smooth inbound and outbound transfers between Ethereum, Cyber Mainnet, and other supported networks.

Home Chain vs. Remote Chain, Source vs. Destination

It’s important to distinguish between two sets of terms: home vs. remote chains, and source vs. destination chains.

Home Chain refers to the chain where CYBER’s total and maximum supply is defined — Ethereum, in this case. This is the canonical source of truth for token accounting. Remote Chains are any other supported blockchains (like OP Mainnet, BNB Chain, or Cyber Mainnet) where CYBER can be bridged and used. 

Separately, when users move CYBER between chains, the chains involved are described as:

  • Source Chain — the chain where the transfer originates (tokens are burned or locked here)
  • Destination Chain — the chain where the transfer lands (tokens are minted or unlocked here)

For example, if a user bridges CYBER from OP Mainnet to Cyber Mainnet, OP Mainnet is the source chain and Cyber Mainnet is the destination chain. But regardless of where CYBER moves, Ethereum remains the home chain, and all other chains function as remote chains.

This architecture ensures consistent supply tracking while allowing seamless movement across the network.

How OFT Works

The LayerZero OFT standard typically uses a burn-and-mint mechanism. But because CYBER exists on multiple chains, we’re using a hybrid lock-and-unlock model.  Functionally, these approaches are the same — the key difference is that a special contract, called the Adapter Contract, must be deployed on Ethereum.

When you bridge CYBER:

  • Tokens are locked or burned on the source chain.
  • An equivalent amount is unlocked or minted on the destination chain.

To enable this, we’re deploying:

  • An OFT Adapter Contract on Ethereum.
  • OFT Controller Contracts on each remote chain, including Cyber Mainnet.

These contracts handle coordination. For example:

  • When CYBER is bridged out of Ethereum, it’s locked in the OFT Adapter.
  • That triggers the minting of CYBER on the destination chain via the corresponding OFT Controller.

Diagram of Current Setup vs Setup with OFT Standard

How the OFT Standard is Implemented

To implement the new OFT upgrade: 12.3 million CYBER (OP and BNB's pre-OFT supplies) will be minted and locked in the Ethereum OFT Adapter on June 10. These tokens are used exclusively for bridging and cannot unlocked by anyone.

The supply on remote chains will always match the amount locked in the Ethereum Adapter. This means CYBER's supply remains fixed even if more is minted on another chain.

Whether CYBER is locked or unlocked in the Adapter Contract depends on whether tokens are moving into Ethereum or out to a remote chain. For more information, refer to the diagrams and examples provided below.

Bridging from OP Mainnet to Ethereum

Step 1: Burn 1M on OP → Supply drops to 8M

Step 2: Unlock 1M on ETH → CYBER locked in Adapter drops to 11.3M

Bridging from Ethereum to Cyber Mainnet 

Step 1: Lock 1M on ETH → CYBER locked in Adapter rises to 13.3M

Step 2: Mint 1M on Cyber Mainnet → Supply rises to 1M

Bridging from OP Mainnet to Cyber Mainnet

Step 1: Burn 1M on OP → Supply drops to 8M

Step 2: Mint 1M on Cyber Mainnet → Supply rises to 1M

Safety Precautions Taken in the OFT Implementation

To ensure user safety, we’ve taken key precautions including contract audits and a specialized security stack configuration. 

Extensive & Thorough Contract Audits

All the contracts used to implement the OFT standard have been reviewed meticulously. We've worked with external teams, including LayerZero Labs, to ensure smart contracts are secure. 

Security Stack Configured with 2 Decentralized Verifier Networks

We’ve configured a Security Stack using two Decentralized Verifier Networks (DVNs) to verify crosschain transfers: LayerZero's default DVN and Polyhedra Network. This enhances security without significantly increasing gas costs. Adding more DVNs makes bridging more expensive for end users, so using two strikes a balance between cost-efficiency and security. Importantly, the Security Stack can only be changed through governance and no one has unilateral control over it.

Adopting the OFT standard is a critical milestone. It unlocks smooth crosschain transfers and sets the stage for staking and ecosystem growth on Cyber Mainnet. This upgrade brings us closer to a more unified future for CYBER.

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