Thread by @circle

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? 👇

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.

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.

4/ Mint $USDC on the destination chain:

The app uses the attestation to trigger the minting of #USDC. The specified amount of USDC is minted on the destination chain and sent to the recipient's wallet address.

5/ #Developers can leverage CCTP to build cool cross-chain apps that stack together functionalities such as trading, lending, payments, NFTs, gaming and more.

Let's highlight a few possible examples 👇

6/ Ex. #1 Cross-Chain Deposits:

Ex. Enable users to use $USDC on #Ethereum to open a position on an @avalancheavax #DEX! Because #CCTP can route #USDC across chains behind the scenes, the user never needs to switch wallets or even think about which chain they’re holding USDC on.

7/ Ex. #2 Purchase #NFTs Cross Chains:

Ex. A user could initiate a transaction from @MetaMask, where #CCTP routes their #USDC from @avalancheavax to #Ethereum to purchase the #NFT from @Uniswap, and then opens the listing on @opensea 🔥 #BuildOnCircle

8/ #CCTP is available today on #Goerli testnet for #Ethereum and #Fuji testnet for @avalancheavax.

Upcoming Mainnet anticipated availability:
• Q1 2023: Ethereum and Avalanche
• 2023: @solana and additional chains

9/ Developers can get started with CCTP by following the example script provided here github.com/circlefin/evm-….

The example uses web3.js web3js.readthedocs.io/en/v1.8.1/gett… to transfer $USDC from an address on #ETH #Goerli testnet to another address on #AVAX #Fuji testnet.

10/ Finally you can join the discussion and meet other #BUIDLers in our Community #Discord - "Build on Circle".

Set a reminder and join our upcoming AMA, Jan 26th where our team will take a deeper dive: discord.com/invite/buildon…