Stablecoin Stability through Crescendo and ERC-20 Standards on Flow

Announcements Flow Ecosystem
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Introduction:

As part of the upcoming Crescendo network upgrade on Flow, all Cadence fungible tokens will be ERC-20 compatible, and all ERC-20 compatible tokens on Flow can be used in Cadence smart contracts without special handling. This will ensure that all Flow applications – whether they are built with Solidity, Cadence, or some mix of both – are fully interoperable with the wider web3 ecosystem. Effective September 3, 2024, at 3 a.m. ET ahead of the Crescendo network upgrade, Circle will cease support for USDC on Cadence, as EVM-based ERC-20 USDC will become naturally compatible across the entire Flow ecosystem. To support users and developers who rely on the current FiatToken on Cadence, there will be a smart contract that will act as a Wrapped USDC token before the Crescendo upgrade. This wrapped token will be seamlessly transitioned through the Flow network upgrade to a fully functioning bridged token that continues to be backed by bridged USDC on Flow (EVM).

Before the Crescendo Network Upgrade:

In the next seven days, Flow will deploy the Wrapped USDC token on Flow (Cadence). Users can swap their existing USDC for Wrapped USDC until September 3rd, when the FiatToken contract will be paused. This gives developers time to update their platforms and apps to use Wrapped USDC, ensuring they keep running smoothly during this period.

After the Crescendo Network Upgrade:

Within seven days after the Crescendo network upgrade, the amount of Wrapped USDC tokens on Cadence will be matched by the same amount of USDC locked in a bridge on Ethereum Mainnet and bridged to the EVM on Flow. This liquidity will then be locked into the native Flow VM bridge, connecting the Wrapped USDC token to the Flow VM bridge. At this point, the Wrapped USDC token will evolve into a Bridged USDC token. This means the Cadence contract address used for Wrapped USDC will seamlessly become Bridged USDC, allowing users and developers to move Bridged USDC across any chain from our initial connected bridge to Flow and use it in both EVM and Cadence with the same smart contracts.

Benefits of the Transition:

This transition is crucial to keep the Flow ecosystem strong and adaptable through the Crescendo network upgrade. By introducing a Wrapped USDC token that becomes a Bridged USDC token, we ensure a smooth and integrated user experience, allowing tokens to move easily across different chains. This approach not only keeps liquidity and functionality intact during and after the Crescendo upgrade but also aligns Flow with the common ERC-20 standard. With the support of ERC-20, platforms and services like Circle’s Cross-Chain Transfer Protocol (CCTP) and centralized exchanges’ support for all Flow fungible tokens becomes as easy as adding a standard ERC-20. The Crescendo network upgrade is a major evolution for the Flow community. Adding EVM on Flow enhances the flexibility and utility of tokens on our platform and ensures stability and reliability for users and developers.

Follow this forum post or join Discord for the latest updates and detailed instructions on the transition.

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The wrapped USDC contract (USDCFlow) has been deployed to Flow Testnet and Mainnet. Swap your existing USDC tokens to obtain a version of USDC that maintains compatibility following the Crescendo network update using Flow Port (Flow Port).

Anyone can now swap their existing USDC to this fungible token to obtain a version of USDCFlow that will continue to work after the Crescendo upgrade this September—USDCFlow remains backed 1:1 by USDC.

This guide offers step-by-step instructions on how to migrate your USDC balances ahead of Crescendo. You can also reference the GitHub repo with all contract and transaction code.

After the Crescendo migration, the USDCFlow smart contract will integrate directly with the Flow VM bridge to become the bridged version of Flow (EVM) USDC. These tokens will be backed by real USDC via Flow (EVM).

Please reach out if you have any questions about the USDC upgrade or how to use the USDCFlow smart contract!

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