LayerZero's ZRO token has seen gains this week, even as much of the large-cap crypto market struggled. This uptick coincides with a significant development: Loon Finance has adopted LayerZero's technology to power its Canadian dollar-backed stablecoin, CADC. The integration leverages LayerZero's Omnichain Fungible Token (OFT) standard to enable cross-chain interoperability for CADC, which is available on Ethereum, Base, Polygon, and Solana.
According to Loon Finance's blog, CADC operates as an OFT, eliminating the need for wrapped copies and fragmented liquidity. Users can bridge the token between networks in a single transaction through Stargate, a bridge built on LayerZero. The transfers are secured by a 3-of-5 Decentralized Verifier Network that includes LayerZero Labs, Fidelity's Center for Applied Technologies, Deutsche Telekom MMS, Canary, and Google Cloud.
The integration expands LayerZero's portfolio of non-USD stablecoins, which already includes Bitso's MXNB (Mexican peso), tGBP (British pound), BRL1 (Brazilian real), and KRWQ (Korean won). Additionally, Loon Finance has secured approval from domestic securities regulators to issue CADC in Canada, though compliance work remains, including migrating legacy CADC to the new contract.
On the price front, eToro data shows ZRO at $2.415, up 14.02% over the past week. However, other trackers report different levels, reflecting the volatile nature of the market. DiarioBitcoin noted ZRO at $1.86 on November 1, with no confirmed catalyst for the rally and the MACD indicator still bearish. The token remains well below its all-time high.