Oasys is excited to announce the adoption of Circle’s new Bridged USDC Standard. This marks a significant step in enhancing digital asset interoperability within the Oasys ecosystem. Starting July 3rd, 2024, users can bridge USDC from Ethereum to Oasys through Celer Network’s cBridge. The Bridged USDC standard streamlines the process of launching Circle’s stablecoin USDC, providing users with more efficient and secure transactions. This simplifies cross-chain transactions, making it easier for users to move assets across and participate in the Oasys ecosystem.
What Is The Bridged USDC Standard
Scheduled to go live on Oasys on July 3rd, 2024, the integration offers a new way to expand access to $USDC & reduce fragmentation across blockchains. With the new Bridged USDC Standard, users can instantly bridge $USDC to Oasys from Ethereum. This is made possible by cBridge, a decentralized and non-custodial asset bridge that lets users move tokens between 40+ blockchains and layer-2 rollups. Giving users the option to use a bridged USDC token contract is the first step towards starting a token in Circle that can be used as a substitute for USDC and then upgraded to native issuance in the future.
Benefits of Bridged USDC Standard for Digital Asset Interoperability
- Permissionless and Equitable: Anyone can deploy a bridged USDC token contract, including new L1 and L2 rollup teams or third-party bridge deployers.
- Standardised and Extensible: The process to transition ownership of a bridged USDC token contract to Circle is standardised and can extend to bridged EURC.
- Secure and Audited: The standard uses open-source ERC-20 contract code, based on the audited USDC smart contract, creating a secure environment for billions of dollars in liquidity.
Key Actions and Changes
- Dual USDC Support: Oasys will support two types of USDC – the new Bridged USDC (Circle’s standard) and the Legacy Bridged USDC (Celer), each with distinct contract addresses.
- Transition to New Bridged USDC: The new Bridged USDC will become the primary $USDC in the Oasys ecosystem, gradually phasing out the Legacy Bridged USDC with the unofficial tokens already held in user wallets becoming official.
- User Experience Enhancement: Oasys will promote the new Bridged USDC across games and DApps to encourage adoption and streamline user experience.
- Incentivising Conversion: We will incentivise Legacy Bridged USDC to convert to the new Bridged USDC within a set timeframe. Legacy Bridged USDC will still be supported, maintaining a 1:1 backing with $USDC on Ethereum. Users can start bridging from the Oasys Hub-Layer from July 3rd, but bridging from Ethereum to the Oasys Hub-Layer will cease.
New Bridges USDC vs Legacy Bridged USDC
New Bridged USDC:
- Description: Issued based on Circle’s Bridged USDC Standard.
- How to Obtain: Available for bridging from Ethereum using Celer Network’s cBridge after July 3rd, 2024.
- Token Name: Bridged USDC (Celer)
- Token Symbol: USDC.e
- Contract Address: View here
Legacy Bridged USDC:
- Description: Existing $USDC to be phased out gradually.
- How to Obtain: No new issuance; only circulating tokens usable. Post deployment of the new Bridged USDC, Legacy Bridged USDC will be bridgeable only from Oasys’ Hub-Layer to Ethereum.
- Token Name: Legacy Bridged USDC (Celer)
- Token Symbol: USDC.e-legacy
- Smart contract: View here
How to Convert Legacy Bridged USDC to New Bridged USDC
To ensure a smooth transition, holders of Legacy Bridged USDC can convert to the new standard using Celer Network’s cBridge.
cBridge Method:
Following the deployment of the new Bridged USDC, users can bridge Legacy Bridged USDC from the Oasys Hub-Layer (L1) to Ethereum via cBridge. At that time, bridging from Ethereum to Oasys’ Hub-Layer will cease. This option will be maintained for at least a year and we will send notifications to developers and users on Oasys to remind them of the timeline. We recommend that users bridge Legacy Bridged USDC to Ethereum while the option is active. You can access cBridge and start bridging $USDC here.
All Legacy Bridged USDC will continue to correspond 1:1 with $USDC on Ethereum, so there is no need to rush the transition.
What This Means for Oasys
Oasys is proud to become the newest blockchain to adopt Circle’s Bridged USDC Standard. This move marks a significant advancement in our ecosystem, enhancing digital asset interoperability and providing users with secure, efficient transactions. As of November 2023, USDC is natively issued on 15 blockchains, and with many more expected to emerge, the adoption of this standard comes at a strategic time for the growth of Oasys as a dedicated blockchain for games and game developers. By adopting Bridged USDC, we continue to ensure that our community benefits from the best in blockchain technology, paving the way for future innovations in gaming.
If you have any questions or require assistance, please reach out to us through the Oasys official Discord. More detailed information on Circle’s Bridged USDC Standard is available in Circle’s official documentation. As a leading blockchain for games, Oasys remains focused on improving user experience and operational efficiency within our ecosystem.
Stay tuned for more updates as we continue to innovate and improve the Oasys platform, making blockchain gaming more accessible and rewarding than ever before.