New Proposal Live for Voting: Mult-Chain Bridging Solution for | Yield Yak [Announcements]

New Proposal Live for Voting: Mult-Chain Bridging Solution for YAK using LayerZero technology

A new proposal is live for Snapshot voting to transition YAK into an OFT (Omnichain Fungible Token) to facilitate YAK's future cross-chain expansion.

Given current plans for YAK staking will be silo'd by chain (to earn that chain's share of platform fees), we expect YAK to be moving back and forth regularly to balance APRs, so a secure and low-fee solution is important.

LayerZero's OFT solution provides several benefits, notably:

Reduced security risk by avoiding creating wrapped versions of the YAK token on each network

Ability to charge 0 fees (besides gas costs) for moving the token across networks

Battle-tested with many reputable projects already using this solution

Users do not need to take any action (no migration)

Should this proposal pass, Yak Contributors will commence technical process of moving YAK to an OFT.

Both Staked and Auto-Compounding YAK positions are eligible for voting:

https://snapshot.org/#/yakherd.eth/proposal/0x0ae4bf0de6b71a472eb77db9dbff06febf8f9f6405673fe4637e95ec65cd82c9