In a crucial development on the Sui blockchain platform, $USDC as well as Cross-Chain Transfer Protocol (CCTP) are to be released on the Sui Network. As per Sui, this development denotes a huge landmark for Sui, an L1 blockchain responsible for offering scalable, secure, and fast infrastructure for builders developing decentralized applications. Both Sui and Circle took to social media to announce this development.
Sui Network Witnesses the Launch of Cross-Chain Transfer Protocol for Cross-Chain Flows
In its exclusive X post, Sui mentioned that the Cross-Chain Transfer Protocol will soon be released on Sui. This development will permit developers to develop cross-chain flows. They can create these flows from the rest of the chains such as Ethereum, Solana, and so on. As Sui added, this development has a substantial importance for the community on the Sui network.
The arrival of $USDC on Sui focuses on offering an unparalleled experience whether or not someone is utilizing a dApp. The collaboration will additionally assist further the development of Sui’s prominent status within DeFi. At present, Sui is placed in the tenth position in the market in line with TVL. By offering more safety for DeFi, the platform provides convenient access to the top robust and secure digital dollars on-chain.
The Collaboration Permits Developers to Develop unique Use Cases Concerning DePIN, Gaming, and DeFi
Moreover, Circle also published an exclusive blog post on its official web portal to discuss this development. As a result of this, Sui will become the earliest blockchain in the programming language of Move. Furthermore, Sui enables support for CCTP and USDC. In the form of a general-purpose blockchain, Sui allows developers to develop several use cases.
They deal with ecommerce, DePIN, gaming, and DeFi. According to Circle’s announcement, Sui will work in collaboration with ecosystem apps like Wormhole to offer a smooth liquidity transition from USDC to the local portal cage. The platform added that some outreach will take place in the case of ecosystem apps.
Source: https://blockchainreporter.net/sui-network-welcomes-usdc-and-cross-chain-transfer-protocol-for-defi-growth/