Infrastructure

CCTP USDC Withdrawals

Funded

Project link

Funding amount

$30,000

Start date

November 2023

Execution

2 months

Team

Strangelove Ventures

Description

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.

Purpose

As users start to deposit USDC to dYdX v4, we want to make sure they can also withdraw these funds back to their original Ethereum-based accounts. Allowing users to withdraw may increase the size of deposits as traders get more comfortable depositing with the knowledge they can easily withdraw at any moment. Through their infrastructure support, Strangelove can provide our users with a seamless flow of depositing and withdrawing USDC from dYdX.

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Impact & Metrics

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