Crow with knife, the popular Cronos project spotting the CAW meme token, has announced a major upgrade, integrating LayerZero’s Omnichain Fungible Token (OFT) protocol to the Cawbridge, enhancing cross-chain interoperability.
The upgrade makes Crow with Knife one of the earliest projects in the Cronos ecosystem to leverage and benefit from the recent integration of Cronos EVM and Cronos zkEVM on LayerZero.
Here is everything you need to know about the upgrades:
Enhanced Bridging Capabilities
The newly launched Cawbridge now allows CAW holders to bridge assets between multiple blockchain networks, including Solana, Cronos, Binance Smart Chain (BSC), and Base.
The upgrade streamlines transactions by requiring only a single transaction on the source chain, significantly reducing costs and processing time. It makes transactions secure and future proofs the Cawbridge, the announcement added.
The 777 Burn Mechanism and Reduced Reliance on CRO
The upgrade to the Cawbridge comes with a strategic move to reduce token supply. With each bridge transaction, a 7.77% burn mechanism has been implemented to lower CAW supply, provide an incentive to bridge and exploit periods of high trading activity.
The mechanism is also expected to reduce CAW’s reliance on the Cronos ecosystem:
“The slowly decaying CRO price and our massive $3M LP tied to it has made it pretty hard to see any volatility as CAW has mostly become a CRO stablecoin, with the CAW price only moving when the CRO price moves,” the announcement said.
With the burn feature in place, the price volatility across chains is anticipated to create new opportunities for traders.
New Solana Token Deployment
The project is also deprecating from the previous Solana Wormhole token, citing bridging inefficiencies, incorrect metadata, and UI issues. The new CAW777 token introduces a cleaner interface, seamless cross-chain functionality, and a built-in burn mechanism to enhance usability.
