TIP-198: Create OVER using CCT standard

id	Title	Status	Author	Description	Discussions to	Created
TIP-198	Create OVER using CCT standard	Vote Pending	Kiril (Overtime)	Use CCIP to bridge OVER across all supported networks	discordlink	2024-03-20

Simple Summary

Implement OVER token using the CCT (Composable Cross-Chain Token) standard. Use Chainlink Cross-Chain Interoperability Protocol (CCIP) to bridge OVER token across all supported networks.

Abstract

Chainlink CCIP has proven as a reliable protocol which can be used as a secure bridge along current bridging options.
OVER token holders may benefit from using CCIP to bridge between supported networks without any fees and with inherited security of CCIP.

Motivation

To enhance OVER token’s interoperability, security, and efficiency across multiple networks, we propose adopting the CCT (Composable Cross-Chain Token) standard via CCIP (Chainlink Cross-Chain Interoperability Protocol) for token bridging.

This upgrade will:

• Improve Security: CCIP’s decentralized validation reduces bridge vulnerabilities.
• Unify Liquidity: Eliminates fragmentation by maintaining a single, canonical OVER token.
• Simplify Transfers: Enables seamless cross-chain transactions without complex bridging.
• Ensure Scalability: Future-proofs OVER’s cross-chain integration as the ecosystem evolves.

By implementing the CCT standard, OVER token holders will benefit from safer, more efficient, and frictionless cross-chain transactions.

Specification

OVER tokens will be created using Chainlink contracts that support CCIP bridging out of the box. The token itself is minted on L1 with fully circulating supply.
To bridge from L1 to L2 bridges, the lock-unlock (lock-release) mechanism is used, thus the whole supply always exists on L1.
To bridge between supported L2s the burn-mint approach is used.

With this approach, users can use the chainlink transporter dapp to seemlessly bridge OVER tokens without any additional fees.
https://app.transporter.io/

All contracts are created using the chainlink token manager wizard. https://tokenmanager.chain.link/wizard

Test Cases

Inherited from CCT and CCIP

Implementation

Inherited from CCT and CCIP

Copyright

Copyright and related rights waived via CC0.

Are you in favor of this proposal?