Iris Coleman
Oct 09, 2024 04:45
Circle has launched a complete information detailing the migration course of from bridged USDC to native USDC on the Sui Mainnet, emphasizing finest practices and advantages.
Circle has unveiled an in depth information to help builders and customers in migrating from bridged USDC to native USDC on the Sui Mainnet. The information goals to make clear the variations between the 2 types of USDC and supply finest practices for a clean transition, in response to Circle.
Understanding Bridged and Native USDC
Bridged USDC is generated when USDC is locked in a sensible contract on its origin blockchain, and an artificial model is minted on one other blockchain by means of a third-party bridge software. On the Sui Mainnet, bridged USDC is known as USDC.e, a model that originates from Ethereum. In distinction, native USDC is issued by Circle straight on the Sui Mainnet, backed absolutely by liquid belongings and redeemable 1:1 for US {dollars}.
Greatest Practices for Migration
Circle recommends a number of finest practices for supporting each bridged and native USDC. Key recommendations embody making native USDC the default for deposits, withdrawals, and swaps, updating prime tokens and analytics pages, and emphasizing native USDC in person interfaces as a generally used token.
Advantages of Utilizing Native USDC
Native USDC affords a number of benefits over its bridged counterpart. It’s absolutely reserved and all the time redeemable for US {dollars}, supported by Circle Mint and its APIs, and facilitates institutional on/off-ramps. Moreover, native USDC is interoperable throughout a number of blockchain networks through Circle’s Cross-Chain Switch Protocol (CCTP).
Migration Strategies
Builders can facilitate the migration from bridged to native USDC by creating swapping mechanisms or liquidity swimming pools inside their functions on the Sui Mainnet. Alternatively, customers can carry out swaps on decentralized alternate protocols reminiscent of Aftermath Finance, Cetus, FlowX, Deepbook, and Turbos. Builders are suggested to make sure contract addresses match the meant transactions to keep away from confusion between native and bridged USDC.
Accessing Native USDC
Builders can entry native USDC by utilizing DeFi protocols on Sui Mainnet, making use of for a Circle Mint account, or using a CCTP-enabled bridge app to switch USDC from different blockchains to Sui Mainnet. Protocols like Suilend and Navi Protocol assist swapping mechanisms for this goal.
For additional tips on USDC branding, Circle offers sources on their pressroom web page.
Picture supply: Shutterstock
