LayerZero Labs has announced its integration with Vector Finance. The objective of the partnership is to power cross-chain yield harvesting and distribution. Vector Finance will, overall, perform select functions, including, but not limited to, harvest on Arbitrum, swap for AVAX gas, harvest zJOE on AVAX, distribute rewards, and bridge from Arbitrum to AVAX.
Vector Finance has confirmed the announcement by stating that it is using LayerZero with its staking token, zJOE, to automate yield farming. Users can earn rewards in USDC simply by converting JOE to zJOE.
The community is now curious whether they can convert zJOE back to JOE. Most of them have called this development interesting, saying that another protocol is now joining the L0 family.
LayerZero has currently tasked itself with creating an omnichain interoperability protocol. It is doing so by entering into partnerships with ventures like Vector Finance. Another partnership that it publicly announced was with Magic Eden. The association has taken the bridge and swap live on the platform. LayerZero entered into the picture by offering its users quick token access.
The partnership brings two options:
- Enabling users to directly swap in their wallets
- Swapping the token at the time of purchase of an asset without leaving checkout
Swapping or bridging gas tokens can be done directly on Magic Eden. This has been termed a cross-chain future, making sure that the community makes the best use of blockchain technology. The association has made Magic Eden the first platform to support Gas Station by LayerZero.
The development comes days after Vector Finance revealed its roadmap. The main idea is to become a DeFi Hub on Avalanche by using the following features:
- Auto-Compounding
- Advanced-Automated Strategies
- Liquidity Book Vaults
- veJOE and Vector
- Platypus Bribes and USP
- Aggregating new protocols
The integration between LayerZero and Vector Finance strengthens the commitment of Vector Finance to serve its community. This is imperative, considering the DeFi protocol was recently a victim of an exploit on the sAVAX/AVAX pool. This dates back to October 12, 2023, when Vector Finance announced halting the deposits and withdrawals for a while.
Vector Finance was last seen monitoring the situation with Platypus; the community is now awaiting updates on the reopening of the services.
This was echoed by Platypus which said that suspicious activities had happened and they were taking all the necessary measures to reopen the services.
Circling back to LayerZero and Vector Finance, their integration takes the process of serving the community with seamless DeFi activities forward. Vector Finance will continue working backstage as LayerZero allows the platform to automate yield farming. Vector Finance and LayerZero’s objective is to mitigate the need to manually bridge for a smoother experience.
Advancements for LayerZero when it comes to cross-chain operability extend to the NFT segment as well. This is evident from the association with Magic Eden, which will use its cross-chain infrastructure solution.
Source: https://www.cryptonewsz.com/vector-finance-has-integrated-with-layerzero/