Ethereum and Avax Mainnets Implement Cross-Chain Transfer Protocol
In a major development for the blockchain community, the Ethereum and Avax mainnets have successfully implemented the Cross-Chain Transfer Protocol (CCTP). This eliminates the need for the classic lock-and-mint procedure to bridge USDC. It also significantly enhances liquidity in the blockchain ecosystem. The CCTP enables developers to offer their consumers a frictionless and secure experience when moving USDC natively between chains.
1/ Today marks a new milestone! Cross-Chain Transfer Protocol (#CCTP) is now on mainnet for @Ethereum and @Avax. https://t.co/ExIAWywNGt
— Circle (@circle) April 26, 2023
Leading Blockchain Companies Integrate CCTP into their Solutions
Several leading companies in the blockchain space have already integrated CCTP into their solutions. Celer has incorporated CCTP into their cross-chain bridge and interoperability protocol, cBridge, and its development tools. Hyperlane has also included CCTP into its platform, providing developers with permissionless interoperability.
LayerZero, the omnichain interoperability protocol for software developers, has added CCTP to its arsenal, and LI.FI has integrated CCTP into Jumper, its cross-chain bridge aggregator. MetaMask has also added the feature to its wallet, enabling direct transfers of USDC between Ethereum and Avalanche.
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The Multichain Bridge, a cross-chain bridge and decentralized routing architecture, and its development tools have been updated to include CCTP integration. Rarimo, the multi-chain interoperability protocol for developers, has also incorporated CCTP into its offerings. Voyager, a cross-chain bridge powered by Router’s interoperability protocol, has also included CCTP in its development tools.
Circle Announces Launch of CCTP for Cross-Chain Transfers of USDC
Socket’s cross-chain bridge aggregator, Bungee, has integrated CCTP into its interoperability stack for developers. Wanchain has used CCTP in its WanBridge, a cross-chain bridge powered by Wanchain, and its development tools. Wormhole has implemented CCTP as part of its developer-focused generic communications interoperability protocol. Axelarcore, an app that caters to developers, is also moving toward CCTP integration.
Circle has made a public announcement about the launch of CCTP, a USDC cross-chain transfer protocol. It is compatible with both Ethereum and Avalanche. It is an unrestricted on-chain technology that enables USDC to travel between several blockchains through local burning and minting. Circle anticipates that by 2023, CCTP will have expanded to include other public chains.
As a consequence of these advances, developers are being strongly pushed to integrate CCTP into the apps that they create to provide their customers with a way that is both effective and economical when it comes to moving USDC from one chain to another. The blockchain community is thrilled about this achievement and looks forward to further advancements in the field.
