Circle Floats CCTP to Enable USDC Movement on Arbitrum

The CCTP Advantage on Arbitrum

Circle created the CCTP to enable the USDC stablecoin move freely in and out of blockchains to open up more accessibility to traders across the board. The CCTP brings a boatload of benefits to give it a competitive edge which includes capital efficiency.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

There is no denying the fact that capital fragmentation impacts the efficacy of USDC utilization which also impacts the experiences of the end users. The CCTP protocol solves this challenge as apps using ‘CCTP can essentially teleport native USDC from one chain to another, providing users with a highly capital-efficient way to transact in a multi-chain world’.

With the growing competition in the stablecoin ecosystem, the positioning of USDC had to be reinforced by creating an avenue through which pieces of the stablecoin on different chains can be pooled together.

The CCTP is also designed to be composable and permissionless, two amongst its unique features that can become highly valuable for developers looking to integrate it. The use of the CCTP is simple and while it is designed with compatibility across different bridges, it currently supports just the MetaMask non-custodial wallet.

With the CCTP, Decentralized Applications (DApps) and smart contracts building on Arbitrum will also be able to leverage it to build Cross-Chain Swaps, Cross-Chain Deposits as well as Cross Chain Purchases amongst others.

Potential Impact on Arbitrum Price

USDC and its ecosystem is a very large one that can help drive demand on protocols like Arbitrum, hence helping in stirring the price of the protocol in the mid to long term. The Circle CCTP protocol is designed to help revolutionize Arbitrum-based smart contracts and DApps that will be adopting it, and this embrace can help push the demand for ARB to a new pedestal.

The deep liquidity that USDC boasts of which the CCTP will also bring in from other protocols is also a bullish factor that can help the L2 protocol sustain its current price while gradually positioning for an imminent leap in the long term.

At the time of writing, the news appears to be fueling the growth of ARB which is changing hands at a spot price of $1.21, up 4.28% in the past 24 hours.

Mooky Presale
Mooky Coin Presale
$MOOKY is a meme token which helps planting trees by donating to charity.
Visit Here
AD

Comments

Post a Comment

Popular posts from this blog

3 cryptos below $0.2 to outperform Polygon (MATIC) in 2024

Image
Welcome to the world of cryptocurrency, where trends shift rapidly and opportunities abound. In this dynamic landscape, investors are constantly seeking the next big thing. Today, we explore three cryptocurrencies priced below $0.2 that have the potential to outshine even established players like Polygon (MATIC) in 2024. From the meme-fueled momentum of Shiba Inu (SHIB) to the innovative strides of Retik Finance (RETIK) and Stellar's (XLM) promising developments, these gems offer enticing prospects for growth. Let's delve into their potential and what sets them apart. Overview of Polygon (MATIC) and Its Performance Polygon, formerly known as Matic Network, has emerged as a leading layer 2 scaling solution for Ethereum, aiming to address the network's scalability issues. With its innovative technology, Polygon provides faster and cheaper transactions, making it an attractive choice for decentralised applications (dApps) and developers. In 2023, Polygon experienced sign...
Read more

Horizen Labs, Offchain Labs, and Arbitrum Foundation Develop Apechain

Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. Apechain will utilize APE as its utility and gas tokens, fostering the expansion of the token’s reach. The platforms shared their enthusiasm for the new development while the community accepted the proposal. In a bid to expand the utility and reach of APE coin, Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. In a recent revelation, the blockchain platform, Offchain Labs, unearthed the community’s acceptance of the Apechain development proposal, indicated by a more than 50% support rate. Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack! With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit's customizability empowers @ApeCoin DAO with true ownership and control over this… ...
Read more

First Republic: U.S. Government Coordinates "Urgent Rescue Talks" to Rescue Bank

Image
U.S. officials are reportedly leading urgent talks to rescue First Republic Bank . This comes at a time when private-sector efforts ushered by the bank’s advisers are yet to pocket a finalized deal. Citing three unnamed sources familiar with the matter, a recent Reuters report revealed,   “The Federal Deposit Insurance Corporation (FDIC), the Treasury Department, and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a lifeline for the troubled lender.” JUST IN: US Government coordinating urgent meetings to rescue First Republic Bank $ FRC . — Watcher.Guru (@WatcherGuru) April 28, 2023 Also Read: Crypto x Stocks: Is Un-Correlation in Play? At this stage, it is still not clear if the U.S. government is looking to take part in a private-sector rescue of First Republic. Nevertheless, one of the sources reportedly revealed that the government’s engagement has “emboldene...
Read more