Circle Launches Cross-Chain Transfer Protocol | New UI on LI.FI's TransferTo.xyz | Cosmos Hub 2.0 Proposal | Optimism on OpenSea | Superfluid x LI.FI | AXL Token Launch & More!
Last Week In The Multi-Chain Ecosystem (26th Sept to 2nd Oct 2022)
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Bridge Updates
1) Circle Announces Cross-Chain Transfer Protocol for USDC 💸
Circle has launched Cross-Chain Transfer Protocol to support USDC interoperability for developers and their users. The protocol enables USDC to be sent natively across ecosystems, improving liquidity and reducing fragmentation of bridged assets. The team plans to launch the protocol on Ethereum and Avalanche Mainnet later this year.
2) LI.FI Releases New UI for TransferTo.xyz 🔥
LI.FI has released an update for the UI on TransferTo.xyz, a B2C-focused cross-chain bridge and DEX aggregation protocol built on LI.FI. You can check it out here.
3) AXL Token Launch 👏🏻
The AXL token is now live, marking a key milestone in Axelar’s roadmap as it brings the network one step closer to delivering a secure and full-featured cross-chain communication possible for Web3 applications.
4) Solana on Multichain 🔜
Solana Testnet is live on Multichain. The team plans to add support for Solana Mainnet soon.
5) Superfluid Integrates LI.FI’s Bridging Solution 🦎
Superfluid has integrated LI.FI’s cross-chain bridging solution natively within the Dashboard. Click here and experience one-transaction, cross-chain-wrapped token swaps today.
Additional bridge updates from this week include:
Nomad answers the community’s most frequently asked questions
Axelar partners with Mysten Labs to bring message passing to Sui blockchain
Multi-Chain Ecosystem Updates
The Cosmos community has released whitepaper v2 for the Cosmos Hub, envisioning the next phase of the Hub as an infrastructure service platform and a renewed role for ATOM as the preferred collateral within the Cosmos Network.
2) Robinhood Wallet Beta on Polygon 💜
Beta testing for Robinhood’s crypto wallet is now live for 10k customers on the waitlist, with Polygon as the first supported blockchain. You can join the waitlist here.
3) Optimism is Now Live on OpenSea 🔴
Optimism is now live on OpenSea. OpenSea now supports Ethereum, Polygon, Klaytn, Solana, Arbitrum, and now Optimism. The team will add more big chains as part of the multi-chain expansion plans in the coming weeks.
Sei, a crypto-trading-focused blockchain, has announced its first $50M ecosystem and liquidity funds to back teams building on Sei and bootstrap liquidity on the network from day 1.
Parity Technologies has released an update on Polkadot’s roadmap for the community, including several important developmental updates, including parachain scalability & development, relay-chain governance, cross-chain communication, common-good parachains, bridging to other ecosystems, and staking.
What’s Popping on Twitter?
In an attempt to make USDC the leading stablecoin in the crypto ecosystem, Circle announced the launch of its Cross-Chain Transfer Protocol at Converge22. The team believes this will ‘help developers build seamless user experiences for sending and transacting USDC natively across blockchains.’
To understand the goal behind this launch, we need to look at how USDC currently moves across chains. To move USDC cross-chain, it required to be locked on one chain and minted on another (to understand how lock and mint bridges work, read this article), “creating fragmented liquidity and a complicated user experience.”
On the other hand, Cross-Chain Transfer Protocol simplifies the flow of liquidity and improves the user and developer experience by enabling USDC transfers natively across chains, i.e., without locking it on one chain and minting a wrapped version on the other. According to Circle, “Cross-Chain Transfer Protocol effectively teleports USDC from one ecosystem to another, maximizing capital efficiency and streamlining the user experience.”
Here’s how it works:
When a user accesses a dApp and wants to send USDC across chains, the dApp burns the USDC on the source chain. This burn event is observed and attested by Circle.
The dApp requests Circle to give it the authorization to mint USDC on the destination chain.
After successful attestation, the dApp triggers the minting and sends the USDC to the user’s beneficiary wallet address.
Circle’s Cross-Chain Transfer Protocol will be integrated by Allbridge, Ava Labs’ Avalanche Bridge and Core Wallet, Axelar, BitGo, LI.FI’s Aggregation Protocol, LayerZero, Socket and Wormhole. The team plans to launch the protocol on Ethereum and Avalanche by the end of 2022 and intends to add support for other chains in 2023.
What do you think about Circle’s move to launch Cross-Chain Transfer Protocol? Will it enable USDC to become the leading stablecoin? Comment and let us know!
Interesting Reads
1) Deep Dive — Hyperlane
If you’re interested in learning more about Hyperlane, check out the LI.FI x Hyperlane Twitter Spaces.
2) Introducing zkBridge
3) Cosmos: The Evolution of IBC
4) Blockchain and Interoperability: Globalisation 3.0
5) Towards Secure, Trust-minimized Optimistic Rollups
You can also check out:
Philipp Zentner, Founder and CEO of LI.FI, on Cross Chain Coalition
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