XDEFI, a prominent multichain wallet provider, has announced the integration of Circle’s Cross-Chain Transfer Protocol (CCTP) to facilitate safer and simpler USDC cross-chain swaps. This collaboration aims to streamline the user experience in decentralized finance (DeFi) by leveraging CCTP’s robust infrastructure, according to circle.com.
Enhancing Financial Well-being
Launched in 2020, XDEFI was built on the belief that cryptocurrency and decentralized applications (dApps) could significantly improve financial well-being. Despite this potential, the technology remains nascent, and the growing number of blockchains and infrastructure options can be overwhelming for users. XDEFI addresses these challenges by supporting hundreds of blockchains, including EVM chains, Cosmos chains, Bitcoin, Solana, and THORChain, thereby simplifying decision-making for users.
The Role of CCTP
Circle’s CCTP has become a key component in XDEFI’s mission to make crypto safer and more accessible. XDEFI was one of the first wallets to integrate CCTP, recognizing its well-documented, reliable, fast, and secure infrastructure. This integration has been instrumental in making decentralized finance more cost-efficient and user-friendly.
Currently, over 230,000 active users rely on XDEFI Wallet to manage their blockchain-based finances. The wallet’s new Gas Tank feature allows users to deposit USDC to pay for gas on 36 supported blockchains. XDEFI chose USDC for its reliability, stability, and ease of use from a developer’s perspective. Notably, XDEFI has removed all fees associated with CCTP, aligning with Circle’s zero-fee approach to pass on savings to users.
Significant Milestones
In the past year, XDEFI has facilitated $200 million in CCTP bridge volume. As of June 2024, the wallet supports USDC natively on six chains and all available CCTP routes. This seamless integration allows users to move effortlessly between blockchains, treating USDC as a single asset that exists across multiple chains.
The reliability and zero-fee transfers provided by CCTP represent a significant leap towards XDEFI’s vision of creating a user experience comparable to traditional exchanges. The partnership with Circle is expected to continue driving innovations that enhance the DeFi landscape.
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