# SAIP 64 - Deploy LayerZero SPELL OFT V2

Governance Proposals
1

SAIP 64 - Deploy LayerZero SPELL OFT V2

Introduction

This proposal outlines the deployment of the SPELL token as a LayerZero OFT V2. This deployment aims to enhance the cross-chain capabilities of SPELL, enabling fast and efficient transfers between supported networks. Initially, it will be deployed on Mainnet, Arbitrum, and Berachain upon its launch.

Rationale

Deploying SPELL as an OFT V2 streamlines cross-chain operations, aligning with Abracadabra’s commitment to flexibility and innovation. By adopting the proven LayerZero framework, SPELL will benefit from seamless interoperability across chains, enhancing the protocol’s ability to deploy incentives and engage with emerging ecosystems.

This deployment will not affect the native SPELL token on Mainnet. SPELL tokens bridged via Multichain will also remain unaffected, though a separate proposal will address potential remediation for previously deployed SPELL tokens to ensure full compatibility with the updated framework.

Implementation

  • Deploy LayerZero OFT V2 Contracts: Deploy the OFT V2 contracts for SPELL on Berachain as the first supported network, with additional deployments on Mainnet and Arbitrum to follow.

  • Leverage Proven Technology: Use the same underlying LayerZero infrastructure as MIM Beaming to ensure reliable and efficient cross-chain transfers.

  • Enhanced User Experience: Provide a user experience consistent with MIM Beaming, offering intuitive and efficient cross-chain functionality for SPELL holders.

  • Future Compatibility: Prepare for seamless integration with additional networks as Abracadabra expands its ecosystem.

Conclusion

By deploying SPELL as a LayerZero OFT V2, Abracadabra strengthens its cross-chain capabilities and enhances user experience, positioning SPELL as a truly interoperable asset. The deployment begins with Berachain, marking the start of a new era for SPELL’s cross-chain potential.

Note: A separate proposal will address the remediation and rescue of previously deployed SPELL tokens to ensure alignment with the new framework.

Abracadabra invites the community to share feedback and support this initiative to further expand SPELL’s role in the DeFi landscape.

Voting

Voting will follow the Speedlane AIP process, it is now live and will last 24 hours.

Voting can be found here.