What Happened on April. 28th | Cross-Chain Bridge is Dead?
This week, Circle, the $USDC issuer, has launched a new mainnet protocol that allows users to transfer $USDC between Ethereum and Avalanche networks. The Cross-Chain Transfer Protocol (CCTP) eliminates the need for $USDC bridges, which previously required users to deposit their coins with a Circle partner or use a third-party bridge to transfer their $USDC from one network to the other. Circle plans to launch CCTP on more blockchains throughout the rest of the year.
The new protocol destroys tokens delivered to its contract and creates new tokens on the receiving network. There is no need to pay for liquidity providers because there is no need to maintain a liquidity pool on both the source and destination chains (the model used by Stargate), and there is also no risk of hacking on token locking contracts because this is not a lock/mint mechanism.
Circle's CCTP provides a safe and cheap way to move $USDC across different chains.
Cross-chain bridges won't dead because this mechanism can only be implemented by Circle as centralized stablecoin issuers, as it has the ability to destroy and issue native $USDC on various chains. Bridges with a present business model focused on bridging stablecoins, on the other hand, may need to reconsider their future business plan.
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