Gravita Protocol announces integration with LayerZero Labs

Gravita Protocol has announced that it has integrated with LayerZero Labs. The purpose of the integration, as stated by Gravita Protocol in the announcement, is to launch the token, $GRAI. It will be launched as an OFT, which stands for omnichannel NFT – non-fungible token. With the integration concluded successfully, the token is now available on more than a single chain, including, but not limited to, Arbitrum One, Optimism, and zkSync Era.

Gravita Protocol has clarified in the announcement that many more chains will be integrated in the times to come.

Through this integration, Gravita Protocol is attempting to leverage the potential of LayerZero, wherein it empowers the ecosystem to access cross-chain interoperability. The concept has been tagged as a game changer. Getting their hands on it is only obvious at the moment. The Protocol allows an ecosystem to facilitate the movement of a token across different chains. Thereby eliminating the difficulty of sticking to a single route for movement.

The said activity aligns perfectly with the mission of the Gravita Protocol. The Protocol aims to create a DeFi ecosystem that is interoperable. DeFi is decentralized finance. Also, it brings into the picture the feature of seamless communication among more than a single blockchain network. Gravita Protocol has admitted to choosing LayerZero out of all the available options in the market.

While any other venture would have been an ideal choice, Gravita Protocol chose to partner with LayerZero because it also smoothens the movement of the state on top of the assets.

Assets here include digital assets like BTC and ETH. State, on the other hand, means data too. Simply put, now that Gravita Protocol has concluded integration with LayerZero Labs, it has gained the power to move data and assets across different chains.

The integration brings new possibilities for users via increased value and utility. This includes negligible fees and instant transfers. A minimal fee will apply to LayerZero while executing a transaction. Gravita Protocol has called this a significant step toward layer-2 operability, adding that many more developments are to be announced in the following days.

The community has responded positively to the development. Many members have congratulated Gravita Protocol for moving forward so quickly, while others have sought instructions from the team to get started on their platform. The ETH-centric borrowing protocol was previously integrated with Arbitrum.

That came with a benefit for the community to borrow the token at the lowest possible cost at the one-time only fee of 0.5%. The new minimum limit for borrowing is 200 GRAI with 0% APR. Gravita on the mainnet is different here. Users can continue to take the benefit of 0% interest on loans. The one-time only fee is pro-rata refunded for loans that are shorter than 6 months. Also, other factors have been reduced by 10 points.

Gravita Protocol integrating with LazerZero Labs takes the interoperability concept forward, in sync with its mission of creating an interoperable decentralized financial ecosystem.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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