Cross-Chain Transfer Protocol (CCTP) - Demo

In this demo, Circle’s Software Engineer II, Jeff Day introduces Circle’s CCTP. CCTP eliminates the need to use a conventional “lock-and-mint” bridge, which otherwise locks native USDC on the source chain (incurring a potential security risk) and then mints a synthetic/bridged version of USDC on the destination chain (resulting in fragmentation of liquidity and poor UX). Instead, CCTP is exposed through smart contracts, which are designed to allow composability of additional functionality beyond just burning and minting native USDC.
Example: a developer could build a flow where a user can transfer USDC across supported chains and deposit the newly-minted USDC into a DeFi protocol. This flow could be designed to feel like one seamless transaction to the user.
How does it work?
1️⃣ USDC is burned on the source chain: Using an app, a user initiates a transfer of USDC from one supported blockchain to another, and specifies the recipient wallet address on the destination chain. The app facilitates a burn of the specified amount of USDC on the source chain.
2️⃣ A signed attestation is fetched from Circle: Circle observes and attests to the burn event on the source chain. The app requests the attestation from Circle, which provides authorization to mint the specified amount of USDC on the destination chain.
3️⃣ USDC is minted on the destination chain: The app uses the attestation to trigger the minting of USDC. The specified amount of USDC is minted on the supported destination chain and sent to the recipient wallet address.
👉 Join the Circle Community: / discord
👉 Explore Circle’s Dev Docs: www.circle.com/developers
👉 Follow our Circle Developer Community on twitter | / buildoncircle

[@FredMcIntyre]

😃👍🏼👊🏼

[@Xolibite]

Layerzero sucks. Future for CCTP!

[@madisopabul]

LAyerZero is trash and scroll also