Circle Supplies Information for Migrating Bridged to Native USDC on Sui Mainnet

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 greatest practices for a clean transition, in keeping with 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 utility. 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}.

Finest Practices for Migration

Circle recommends a number of greatest practices for supporting each bridged and native USDC. Key ideas embrace making native USDC the default for deposits, withdrawals, and swaps, updating high tokens and analytics pages, and emphasizing native USDC in person interfaces as a generally used token.

Advantages of Utilizing Native USDC

Native USDC gives a number of benefits over its bridged counterpart. It’s absolutely reserved and at all times 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 by way of 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 akin to Aftermath Finance, Cetus, FlowX, Deepbook, and Turbos. Builders are suggested to make sure contract addresses match the supposed transactions to keep away from confusion between native and bridged USDC.

Accessing Native USDC

Builders can entry native USDC through the use of 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 function.

For additional tips on USDC branding, Circle supplies sources on their pressroom web page.

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