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1/Dev Docs for Cross-Chain Transfer Protocol are officially here 🔥
#CCTP eliminates the need for conventional "lock-and-mint" bridges that fragment liquidity & allows devs to provide users a more capital efficient way to transfer $USDC
So how does it work? 👇
#CCTP eliminates the need for conventional "lock-and-mint" bridges that fragment liquidity & allows devs to provide users a more capital efficient way to transfer $USDC
So how does it work? 👇
2/ Burn $USDC on the source chain:
User initiates transfer of #USDC through an app from one chain to another, and specifies the recipient wallet address on the destination chain. The app facilitates a burn of USDC on the source chain.
User initiates transfer of #USDC through an app from one chain to another, and specifies the recipient wallet address on the destination chain. The app facilitates a burn of USDC on the source chain.
3/ Fetch attestation from Circle:
Circle observes and attests to the burn event on the source chain. The app requests a signed attestation from Circle, which provides authorization to mint the specified amount of #USDC on the destination chain.
Circle observes and attests to the burn event on the source chain. The app requests a signed attestation from Circle, which provides authorization to mint the specified amount of #USDC on the destination chain.
