In a notable advancement in omnichain application development, Abracadabra unveils MIMnet – a robust Decentralized Verifier Network (DVN) aimed at setting new standards for cross-chain compatibility in the crypto space.

This endeavor seamlessly integrates with the LayerZero V2 framework, fostering a more versatile and interconnected crypto ecosystem while further strengthening the alignment between the Omnistablecoin and its crosschain-powered infrastructure.

Introducing DVNs

LayerZero V2 aspires to become the cornerstone of cross chain crypto applications, offering a standardized protocol for development across diverse blockchain networks. This empowerment extends to the ability to choose and integrate various third-party Decentralized Verifier Networks (DVNs), encompassing Layer 2 native bridges, oracles, and third-party bridges. Abracadabra is a vibrant part of the LayerZero Ecosystem, and one of the leading crosschain players in the DeFi landscape for nearly 3 years, we are proud to announce the launch of MIMnet, Abracadabra’s own DVN.

As a DeFi native team and one of the most bridged assets in crypto we have distinct experience in this field and are excited to provide this service to the larger crypto community.

MIMnet is part of an off-chain network of DVNs, that play a crucial role in securing LayerZero V2, in order to achieve consensus and attest to the validity of messages. Any third party project of protocol will be able to use MIMnet as part of their own infrastructure, with full composability and customization.Abracadabra adds MIMnet to a notable and reliable number of third party DVNs, the complete list can be found here.

Celebrating LayerZero V2

The launch of LayerZero V2 and MIMnet marks a pivotal moment in the evolution of our Omnistable.

Thanks to LayerZero V2, Abracadabra's crosschain design could be secured by multiple different DVNs, including MIMnet and other ThirdParty DVNs, increasing control and customizability over the Omnistable Security Stack.For instance, Omnistable messages could now undergo verification through a 3 out of 4 setup of DVNs, with MIMnet serving as the critical component for veto. In essence, the validation of the message could require agreement from three distinct DVNs, one of which has to be MIMnet.

Abracadabra is thrilled to be a part of this pivotal upgrade, tha boosts LayerZero Decentralisation and MIM resilience. The whole community is looking forward to what this will evolve into.

More information on the setup securing the Omnistable will be provided further on.

Conclusion

As Abracadabra unveils MIMnet, its community witnesses the dawn of a new era of synergies between LayerZero and the leading Omnistable application. Centered on enhancing interoperability, security, and decentralization, LayerZero V2 and MIMnet takes cross chain operability into new territories, paving the way for a future of limitless possibilities. Amid the big tokenomics revamp being worked upon by the community, we are excited to witness protocols and dApps engaging with MIMnet, and are looking forward to involve MIMnet users in further alignment within the Abracadabra Community.If you are looking to use MIMnet to secure your Stack, reach out to our DAO contributors on Discord and on the forum!More information on LayerZero V2 can be found in the following developer documentation.