Solana, the high-performance blockchain platform, has welcomed Circle’s cross-chain transfer protocol (CCTP), enhancing its interoperability and enabling native swapping of USDC tokens from Ethereum and other blockchain ecosystems.
1/ All aboard the #CCTP express, Cross-Chain Transfer Protocol is now live on @Solana mainnet!
Developers and their users can now move $USDC securely between 8 blockchains with 1:1 capital efficiency.
Learn more about use cases and our ecosystem partners 👇 pic.twitter.com/KsF1mQDiCB
— Circle (@circle) March 26, 2024
CCTP, developed by Circle, facilitates secure transfers of USDC between different blockchain networks through the native mint and burn process. This integration allows Solana developers to seamlessly swap USDC tokens across Ethereum, as well as other EVM-compatible chains like Arbitrum, Avalanche, Base, Optimism, and Polygon. Moreover, it extends compatibility to non-EVM blockchains.
Wormhole Connect is integrating with @Circle's Cross-Chain Transfer Protocol #CCTP on Solana.
Now, developers on @solana can integrate native USDC transfers directly into their app's interface with just 3 lines of code.
CCTP on Solana is debuting with @JupiterExchange. pic.twitter.com/fV1an72H1Q
— Wormhole (@wormholecrypto) March 26, 2024
Circle initially integrated CCTP with a non-EVM chain last October by collaborating with Noble, a Cosmos-based token protocol, to bring USDC natively into the Cosmos ecosystem. As Noble is connected with Cosmos’ inter-blockchain communication protocol (IBC), CCTP becomes functionally compatible with all Cosmos chains connected through IBC.
Several key players in the Solana ecosystem, including Wormhole, Allbridge, Mayan Finance, Drift Protocol, Sphere Labs, Cube Exchange, Jupiter Exchange, Solend Protocol, among others, will support CCTP from its launch. Additionally, more ecosystem projects are anticipated to go live in the coming weeks.
Bridging protocols like CCTP play a vital role in the decentralized environment, facilitating communication and asset transfers between blockchain networks that traditionally operate independently. Compared to traditional bridging solutions, CCTP reduces drawbacks such as additional trust assumptions and significant gas fees, making it an attractive option, especially for transferring USDC across different ecosystems.
Despite the announcement of CCTP’s launch on Solana, there has been minimal price action observed. SOL, the native token of the Solana blockchain, has maintained relative stability, trading at $181.82 as of the time of writing, according to CoinGecko.
