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CCTP USDC Withdrawals
This grant will fund additional support to an existing grant with Strangelove to deploy and maintain Circle’s Cross Chain Transfer Protocol (CCTP) between dYdX Chain and Ethereum. The previous grant funded its development and relaying from Ethereum to dYdX Chain. This extension will fund the reverse direction, supporting withdrawals from dYdX Chain back to Ethereum. The grant includes building out the infrastructure and maintaining a relayer from dYdX to Noble supporting withdrawals.
Cross Chain Transfer Protocol & Noble Relaying
With the upcoming dYdX Chain, the protocol will be dependent on the new Noble chain to support USDC collateral. Strangelove, as the lead developing team of Noble and experienced relayer in Cosmos, will support Noble relaying in testnet and mainnet launch to enable USDC deposits, and build a cross chain relayer ("CCTP"). The CCTP relayer will support relaying between dYdX Chain USDC and Ethereum ERC20 USDC for deposits and withdrawals, allowing users from Ethereum to continue trading on dYdX without having to first bridge their tokens.