Circle's Cross-Chain Transfer Protocol (CCTP)
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TL;DR: Circle’s USDC Cross-Chain Transfer Protocol (CCTP) is officially live, with Wanchain as a launch partner! Transfer native USDC between Ethereum and Avalanche using CCTP on the Wanchain Bridge!
The Wanchain team is pleased to announce that Wanchain is among the first launch partners selected to support Circle’s Cross-Chain Transfer Protocol (CCTP)! By seamlessly integrating CCTP within Wanchain’s cross-chain infrastructure, users can leverage for power of Circle’s CCTP to transfer native USDC between Ethereum and Avalanche.
Circle Cross-Chain Transfer Protocol, or CCTP, is an on-chain utility that burns and mints native USDC on supported blockchains. It helps unify USDC liquidity across blockchains by eliminating the need for bridges to “lock” assets during cross-chain transfers. The way it works is:
USDC is burned on the source chain
A signed attestation is fetched from Circle
USDC in minted on the destination chain
By leveraging Circle’s CCTP using the Wanchain Bridge, users can seamlessly and efficiently transfer native USDC between supported networks.
By enabling native-to-native cross-chain transfers between blockchains where USDC is natively minted, Circle’s USDC Cross-Chain Transfer Protocol (CCTP) eliminates the need for wrapped USDC on blockchains where USDC exists natively. This is also the intended purpose of Wanchain’s XFlows.
When a user initiates USDC cross-chain transfers using the Wanchain Bridge, the bridge will use CCTP if it is available. When CCTP is not available, the bridge will use Wanchain’s existing XFlows mechanism. As such, CCTP and XFlows are complementary and combine to create a dynamic and seamless user experience.
While other networks are expected to become available later this year, Circle’s CCTP currently only supports cross-chain transfers between Ethereum and Avalanche at launch.
Before completing a USDC cross-chain transfer using Circle’s CCTP, you need to ensure that you have access to the correct wallet(s). You must have wallets for each network involved in the cross-chain transaction. Metamask is a fantastic wallet that grants users access to any EVM-compatible blockchain networks.
Click “Connect to Wallet”.
Click “Metamask”.
Select “USDC” from the drop-down menu. Then, choose “Avalanche C-Chain” and “Ethereum” as your From and To networks, respectively. Finally, input your destination address in the “Recipient” field as well as the amount of $USDC you want to send cross-chain. Click “Next”.
Review and confirm that all the details are correct then click “Confirm”.
From here, you will need to wait a few minutes for the “Confirm” button to change to the “Claim” button. It is strongly recommended that you do not close your browser during this time.
Click “Claim”. Since your USDC needs to be claimed on the target chain, in this case Ethereum, your MetaMask wallet will prompt you to switch networks.
After switching to the correct network, click “Claim” again.
While your cross-chain transaction is processing the status will change two times:
Claim
Success
Note: If any unexpected issues occur, you can refresh the page and click “Claim” again.
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