#Chainlink CCIP now supports cross-chain USDC transfers through a new integration with @circle Cross-Chain Transfer Protocol (CCTP).I saw this news on Chainlink's original Twitter account and I tried to learn what Cross-Chain Transfer Protocol (CCTP)?When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate.This is very worth discussing and requires more study to understand.
Describing it as a Transfer Protocol is wrong, as no transfer occurs between different blockchains. All that happens is that its coins are minted and burned. It is similar to the concept of Wrapped Tokens, but instead of closing the coins, they are burned.When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate.This is very worth discussing and requires more study to understand.
To be honest, I don't understand the concept provided by Cross-Chain Transfer Protocol (CCTP) from Chainlink, this is amazing but makes me confused. ::)
Can you give an example of a USDC transaction being sent to the destination wallet, then being verified and then getting a burning certificate?
With the Cross-Chain Transfer Protocol (CCTP) system from Chainlink, what benefits does Chainlink coin provide to its users?
// STEP 5: Using the message bytes and signature recieve the funds on destination chain and address
console.log(`Receiving funds on ${toChain}...`);
const receiveTx = await avaxMessageTransmitterContract.call(
"receiveMessage",
[messageBytes, attestationSignature]
);
console.log(
"Received funds successfully - txHash:",
receiveTx.receipt.transactionHash
);
};Describing it as a Transfer Protocol is wrong, as no transfer occurs between different blockchains. All that happens is that its coins are minted and burned. It is similar to the concept of Wrapped Tokens, but instead of closing the coins, they are burned.Y're real Legend bruh , I admire you. 8)
CCTP currently available on :Ethereum, Arbitrum and not only Chainlink
The most accurate description, in my view, is an exchange of permissions. If you pay attention to the mint code, you will find the intended permissions.Code: [Select]// STEP 5: Using the message bytes and signature recieve the funds on destination chain and address
console.log(`Receiving funds on ${toChain}...`);
const receiveTx = await avaxMessageTransmitterContract.call(
"receiveMessage",
[messageBytes, attestationSignature]
);
console.log(
"Received funds successfully - txHash:",
receiveTx.receipt.transactionHash
);
};
If you want an explanation with codes, the detailed explanation is https://blog.thirdweb.com/guides/circle-cctp-transfer-usdc/
Chainlink is a good project that is ranked 13th on Coinmarketcap, what you said is true Chainlink will facilitate its users and make it easier for users to access Chainlink, Chainlink is already available on various networks to save costs of course.Cross-Chain Transfer Protocol (CCTP) is not limited to Chainlink, and I do not think you can do this for Chainlink, but rather for tokens like USDC on Chainlink and move it to USDC on Arbitrum, as it is a minting and burning technology, and therefore it is performed on tokens that have smart contracts.
Y're real Legend bruh , I admire you. 8)Thanks for creating this topic
I am honored to see you join the altcoinstalks forum.
Cross-Chain Transfer Protocol (CCTP) is not limited to Chainlink, and I do not think you can do this for Chainlink, but rather for tokens like USDC on Chainlink and move it to USDC on Arbitrum, as it is a minting and burning technology, and therefore it is performed on tokens that have smart contracts.]Then it will generate a lot of fees like we want to bridge from ETH mainet network to ETH Arbitrum including
It's real. This is the link you're looking for https://developers.circle.com/stablecoins/docs/cctp-getting-startedThank you for the explanation!
This technology is not similar to bridges, but is based on the idea of native burning and minting to transfer USDC between different blockchains.
When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate. With this certificate, you obtain permission to mint the specified amount of USDC on the other blockchain, after which it is sent to the receiving address.
It's similar to Wrapped tokens but instead of a locking bridge there are burning and minting certificates.