A new bridged token from cross-chain protocol LayerZero is drawing criticism from nine protocols throughout the Ethereum ecosystem. A joint statement from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router on October 27 called the token’s standard “a vendor-locked proprietary standard,” claiming that it limits the freedom of token issuers.
Since any protocol can create a bridged version of a token, LayerZero was able to launch wstETH without needing the approval of Lido’s governing body, LidoDAO. In addition, both BNB Chain and LayerZero announced the token’s launch on X , and BNB Chainthe Lido development team in its announcement. Members of LidoDAO later claimed that these actions were an attempt to mislead users into believing that the new token had support from the DAO.
“The omnichain fungible-token standard is a multi-audited, open source set of reference contracts used by more than 75 projects to enable native, horizontally composable transfers between L1s and between L2s. More than $3B in value has been transferred by contracts that have integrated OFT. LayerZero continued:"By design, developers always maintain the ability to permissionlessly select their validation layer and can include other bridges as part of the immutable LayerZero framework."
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