Yesterday, Circle announced that it had succeeded the launch of its cross-chain transfer protocol on the Mainnet. This bridge will benefit developers on Avalanche and Ethereum wishing share native cross-chain experiences for USDC.
Cricle’s CCTP now available
After extolling the merits of DeFi, with Uniswap Research at its side, Ripple decides to move up a gear.
Just yesterday, the digital financial technology company behind USDC and Euro Coin announced good news. In a press release published on its websiteRipple had effectively returned to the “ availability on the main network of the Cross-Chain Transfer Protocol (CCTP) for developers building on Ethereum and Avalanche “.
” The permissionless protocol allows USDC to flow natively across supported chains, providing an unparalleled level of interoperability, security, liquidity, and simplified user experiences “, they added on the site.
How does this bridge work?
Circle, in a Twitter thread dated January 25 announcing the availability of the CCTP development documents, went into detail about them.
“ 1/Development documents for the Cross-Chain Transfer Protocol are officially available.
The #CCTP eliminates the need for conventional ‘lock-and-mint’ bridges that fragment liquidity and allows developers to provide users with a more efficient way to transfer $USDC. »
USDC burn on source string
The app makes it possible to transfer of USDC from one chain to another. Also, it facilitates the USDC burn on the channel from which the user made the transfer.
Certificate of Cirlce
It is from observation of the combustion movements of the source chain that Cirlce will award a certificate. This will be required by CCTP before authorizing USDC mint on the destination string.
USDC mint on destination string
” The application uses the attestation to trigger the $USDC mint. The specified amount of USDC is minted on the destination string and sent to the recipient’s wallet address. »
Cross-chain application building
Also, the Cross-Chain Transfer Protocol is conducive to building feature-rich cross-chain applications like NFTs, payments, lending, trading, etc.
Cross-chain deposit
” Example: allow users to use $USDC on #Ethereum to open a position on a #DEX @avalancheavax! Because #CCTP can route #USDC through chains behind the scenes, the user never needs to switch wallets or even think about which chain they hold USDC on. »
Purchase of cross-chain NFTs
” Example: A user could initiate a transaction from @MetaMask where the #CCTP routes their #USDC from @avalancheavax to #Ethereum to buy the #NFT from @Uniswap and then opens the listing on @opensea. »
Threat of contagion or not, Jeremy Allaire and his team are staying the course, apparently.
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