Router Protocol Makes USDC Interoperable with Circle Integration
Since Day 1, the direction of Router Protocol’s growth has been guided by a simple vision. An all-inclusive, chain-agnostic Web 3.0 for every user and builder. With this vision, we want to fix problems like fragmented liquidity, innovation limited to the scope of the native chain’s architecture, and constraints of the end user to use dApps from different networks without jumping through complex workarounds.
Every day, our team works towards building solutions, improving existing offerings, and increasing adoption to optimize and simplify the journey of existing and future Web 3.0 projects to go cross-chain.
If you’ve been following this space, then you’d know that currently, our suite includes different layers of abstraction of our modular cross-chain infra that can add cross-chain capabilities to any dApp with minimal overhead.
Until now, protocols like Router have had to maintain USDC liquidity on every chain of its bridge. This is not only expensive but also creates security vulnerabilities. This leads to the possibility of failure to execute transactions because of insufficient liquidity in some chain destinations. The inability to complete cross-chain transactions in real-time due to liquidity issues severely limits the adoption of cross-chain solutions.
And that’s not all. In order to attract liquidity, it also needs to be incentivized. This is achieved by token emissions that unnecessarily dilute the token supply and put the entire protocol at the mercy of liquidity farmers.
As a solution to these pertinent problems, we are proud to announce the testnet integration of Circle’s Cross-Chain Transfer Protocol to make USD Coin (USDC) interoperable.
“Our products allow dApps to go multichain in just a few clicks,” said Ramani Ramachandran, CEO, and Co-Founder of Router Protocol.
“Cross-chain USDC takes this solution to the next level enabling near-infinite liquidity for virtually any app.”
With this integration, enterprises can integrate Router Protocol into their existing tech stack with a pre-funding of USDC liquidity on all the networks that are a part of our messaging mesh.
Moreover, Circle’s Cross-chain Transfer Protocol enables USDC transfers to happen natively. This will undoubtedly improve the capital efficiency of any dApp and simplify the end-user experience.
Safe to say, this is a significant upgrade to our suite of offerings because simply put, an interoperable USDC will provide a scope of unrestrained scalability with a near-infinite reservoir of liquidity across all integrated networks.
To know more about this integration do visit https://usdc.routerprotocol.com/
Cross-Chain Transfer Protocol is currently available on testnet for Ethereum and Avalanche with additional chains such as Solana to follow in 2023. The integration is live on testnet where developers can enable users to move USDC between Ethereum’s Goerli Testnet and Avalanche’s Fuji testnet.
About Router Protocol
Router Protocol is building a suite of cross-chain communication infra primitives that aims to seamlessly provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchain solutions. Its vision is to promote a crypto space in which each project and ecosystem has the ability to utilize the benefits of all other projects and ecosystems in the space.
Router’s strategic round, which raised $4.1 million, saw participation from Coinbase Ventures, QCP, De-Fi Capital, Polygon, Wintermute, Shima, Woodstock, and Bison Ventures, in addition to leading Web 2.0/Web 3.0 executives and entrepreneurs. Some of the leading angels in the round include Polygon’s Sandeep Nailwal and Doordash’s Gokul Rajaram.
Combined, these resources will be used to drive the Router’s roadmap and position it at the forefront of the cross-chain interoperability space.
Website: https://routerprotocol.com/
Litepaper: https://routerprotocol.com/assets/docs/Router-Litepaper.pdf
Twitter: https://twitter.com/routerprotocol
Telegram: https://t.me/routerprotocol
Telegram announcements: https://t.me/router_ann
Discord: https://discord.gg/yjM2fUUHvN
