1 year ago
The decentralized, permissionless cross-chain level Axelar and USDC creator Circle person announced the Cross-Chain Transfer Protocol, which looks to revolutionize cross-chain transfers crossed the crypto industry.
Jason Ma from Axelar stated that “we yet person existent programmable money.”
USDC volition beryllium capable to beryllium transferred cross-chain without the request for either wrapped tokens oregon assets being held astatine a cross-chain bridge.
Bridges are notorious for having been taxable to important exploits successful the past. Two of the largest bridges to beryllium drained of funds were the Binance BSC span and the Ronin Bridge. The combined worth of funds initially removed from the 2 platforms topped $1 trillion.
Jason Ma from Axelar exclusively told CrytoSlate that this update impacts each crypto users successful that,
“LPs ne'er clasp bridged assets. This removes the biggest constituent of friction we’ve encountered erstwhile talking to blue-chip DeFi apps. There is lone immoderate hazard for the users implicit a tiny model of time.”
In presumption of usage cases, the CCTP summation allows for myriad options for cross-chain swaps. A token swap tin beryllium routed done USDC connected 1 concatenation and past seamlessly transferred to different chain, wherever it is routed to the desired token connected the caller chain. In this scenario, nary tokens are held successful bridges, and nary consequent wrapped mentation of the token is connected the last chain.
The station USDC, Axelar’s caller protocol has bridge-free cross-chain swaps; does distant with bridged tokens appeared archetypal connected CryptoSlate.
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