Cross chain or Multi chain is all the rage. Crypto users that have been around for any length of time have assets on multiple chains. How to simplify the process to allow bridging them to Flow?
Instead of marketplaces sending users’ to a different website and hope they come back. It makes sense for marketplaces offer a simple UX for users to move over tokens to Flow. One bridge that allows this is Celer’s cBridge, they have an SDK and example webapp. Here is their hosted webapp The Best Crypto & Binance Bridge | cBridge.
Celer has a github repo with a react app example of their UI. Their example webapp can be simplified and changed to fit any theme or UX to allow users to bridge over USDC from Ethereum in a few clicks. I’ve tested this by slimming it down for bridging from goerli and mumbai testnets. Side note: Celer testnet USDC is different from Blocto’s testnet USDC.
Hopefully more bridges are coming. Is this an interesting idea?
Some more Celer Documentation:
Celer bridge react webapp github repo:
Celer sdk docs:
Celer github repo typescript:
USDC is already natively issued by Circle on Flow. So probably it makes more sense to find more exchanges to support Flow-based USDC deposit/withdraw. Bridging other cryptos like wBTC, wETH could be interesting imo.
We should work with circle to add Flow to their CCTP stack.
Since last week, you can move USDC between Ethereum, Arbitrum and Avalanche for 0 slippage. Its pretty crazy.
This is linked to a question raised in the Discord by @sipmarch7 (spiros3p). Now there are conspiracy theories flourishing in the Discord stating that it’s not in Dapper’s interest to push for Flow-based USDC deposit/withdraw because it will challenge Dapper wallet DUC which is based on USDC. And none in the Flow team is able to answer to this question which has been raised for almost a week in the Discord. Maybe you @tom.haile ?
By the way anyone leading Biz Dev activities at Dapper level for DeFi on Flow ?
@Redallica I recently heard that FUSD is being deprecated. I don’t have any insight into DUC.
Using CCTP directly would be interesting and provide more source chains to move USDC to flow.
“CCTP is available on mainnet for Ethereum, Avalanche, and Arbitrum. It is also available on Goerli testnet for Ethereum, Fuji testnet for Avalanche, and Goerli testnet for Arbitrum.”
Here is a Circle’s github Circle Internet Financial, LLC. · GitHub
In evm-cctp-contracts they mention Flow chain.
There would be some dev effort in figuring out how to build the UI to “transfer” (burn/mint) USDC to flow. Doesn’t look like CCTP supports transferring to Flow at this time.
This would be a better option than using cBridge, but cBridge works currently.
@dryrunner Fair callout. The capability for users to onramp USDC on ETH and withdrawal to USDC on Flow for exchanges exists today. We are looking to unlock the capability of cross-chain token access for all users on the network without directly being dependent on regulated intermediaries. Celer is the first step in removing that need.
@JoakimEQ great call out with CCTP! That would be a great add to provide additional redundancies to this cross-chain integration. The first step in this mission is to unlock liquidity close to where the user is wanting to use it. A Marketplace integration to bridge tokens where the user is wanting to use them is a huge benefit to both the Marketplace and the User. Ideally, that marketplace can use the connection they believe helps their users the best Celer, CCTP, or other.
@Redallica Appreciate the flag, The goal for the Flow ecosystem is to have liquidity that works across its applications and chains. USDC is a token that would unlock this for Flow. DUC on the other hand was not intended to be an ecosystem token and does not have aspirations to move across chains.
The reason its only on avax/arb/eth is that the CCTP contracts currently are only EVM contracts. Flow would need its own set of CCTP contracts, and they would need to support message passing similar to how the EVM contracts work.
Or maybe if Flow had some EVM support it would be super simple?
Seems best solution would be to use Circle’s CCTP. Currently Celer bridge does exist to allow users to migrate USDC to flow.
I can see a simple UX to allow marketplaces user’s to simply transfer USDC to buy NFTs. I think the celer bridge webapp makes the pattern easy to simplify. Any marketplaces interested in building a proof of concept on testnet?
the cost of doing this vs a single withdrawal from CEX straight to your flow wallet is big.
Your team just needs to do what is right for the people still holding flow and hanging around this blockchain.
It is one simple thing that can make everyone happier and bring attention to this crypto-irrelevant (so far) blockchain.
Everyone that has bought flow after the ICO is down bad, it is the least you can do to make a step towards bringing more attention to the defi of flow.
so far everything your team has done has only brought the price lower.
For one time do what is right for the ones that have suffered the most, just one time
Totally agree. Moving funds from a CEX is very more convenient and cheaper. There is 4 CEX users can use to move funds to Flow.
Since that case is already accomplished, we want to address users that want to do cross-chain transfers to buy digital assets.
I am talking about USDC on Flow network,
and No there is no CEX that offers USDC withdrawals using the Flow network.
And this is Flow team’s job to get it done.
As USDC and any CEX that will support it have more eyes on them than flow, and this can only attract attention to flow while also making out live easier and for once not being rugged by dapper and its ridiculously unreasonable solutions…
We are actively working on building a thriving ecosystem of USDC on Flow including having classic on & off ramps like CEX’s available.
For users wanting to move between USDC on Flow and other tokens. There are a few DEX options between Increment.Fi and Metapier that can facilitate this.
What we want to focus on in this forum is how can a user that has liquidity on another chain than Flow is able to move that liquidity to the Flow Network and leverage that without requiring a centralized intermediary like a CEX.
CEX support with USDC on Flow is a different hurdle that we should break out into another conversation.
I will be fair with my reply.
By far most individuals will go through a CEX to move crypto because that is the EASIEST way.
If you now tell me that the flow team does not want to focus on that, then 100% they need to focus on that.
Because for the past 2 years, whatever decision the flow team has come up with for the blockchain has kept this crypto to irrelevance for the crypto world.
So start by doing the opposite of what you intend may actually make MORE individuals happy.
Lastly, regarding that feature specifically, it is not like you need to spend any dev hours, but rather your BD department to get in touch just 1 CEX and pay them to work on it.
It is not like you are not already paying people to work on new apps/features on flow,
so why is your team so negative to that?
Let’s be honest. Flow has fallen far behind in DeFi, and now finds itself with a lot to deal with, if this delay is to be made up. Clearly, DeFi is one of the most important use cases for the usefulness of FLOW.
While we are struggling here on how to link FLOW to USDC, here is what others are doing (bringing offchain banks liquidity to DeFi protocols). It shows the extent of the things that need to be done from a technical and Business Dev point of view.
For clarity, we are absolutely working on easy on and off ramps for Flow and USDC on Flow tokens. You are correct that the discussion is not a development effort but a BD effort.
For this focus, we are working to connect liquidity across blockchain networks. Similar to credit card networks enabling support across the globe and not just regional payments.
To improve marketplaces we believe it is important for them to have the cross-chain liquidity mechanism within their experience to help convert sales.
DeFi is a tremendous primitive that is currently available and we are working to expand its usefulness on Flow. I believe a huge benefit for DEX’s can be enabling payment and settlement currencies to be different than each other. We are looking to openly collaborate with Marketplaces on accessing this liquidity and integrating this DEX capability.
All of which is possible today on Flow.