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MRC16.md

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MRC16: Toward MOR Interoperability

Status

April 1, 2024: IMPLEMENTED

Introduction

To set the stage, MOR is currently instantiated as an ERC20 on Arbitrum. The coin exists, however is unmoveable/untradable until May 8th 2024.

Goal

MOR to be omnichain to whatever degree it makes sense. At minimum, we want it to exist seamlessly on Arbitrum & ETH L1. Before May 8th 2024 to modify/upgrade/change the Smart Contract is easier. After that date it's obviously messier. Thus this topic should be considered / then implemented before May 8th 2024.

Evaluation

Many of the open source Smart Contract developers have evaluated LayerZero's OFT paradigm for use in the Morpheus Smart Contracts. In particular, they liked:

    1. the immutability/non-upgradability of the contracts, and
    1. the gas abstraction for better UX.
    1. The oracle function that can help denominate all yield contributions to Morpheus via ETH price.

While Morpheus is not exclusive to any chain or project, Layer Zero seems to be a good starting point to increase the Interoperability of the MOR token and broaden types of yield contribution.

Implementation

To start sending tokens from arbitrum to other chains, developers need to do is:

    1. Deploy the OFT Adapter contract which works like a lockbox on the source chain.
    1. Deploy the OFT contract on each new chain which will become the canonical MOR tokens for those new chains.

Technical Documentation Details

Link to Layer Zero Docs: https://docs.layerzero.network/contracts/oft-adapter