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#Avalanche Foundation funds cross-chain protocols#

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Overview

The Avalanche Foundation recently announced a grant to VIA Labs for the development of the cross-chain protocol Proto-USD. Proto-USD aims to simplify cross-chain liquidity, enabling USDC to be easily transferred between Avalanche L1 and other networks, thereby enhancing the accessibility, scalability, and overall connectivity of the Avalanche ecosystem. Proto-USD leverages Avalanche's cross-chain messaging and CCTP technology to power native USDC transfers between L1 and numerous other chains.

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Analysis

The Avalanche Foundation recently awarded a grant to VIA Labs for the development of the cross-chain protocol Proto-USD. Proto-USD aims to simplify cross-chain liquidity, enabling USDC to be easily transferred between Avalanche L1 and other networks. The protocol combines Avalanche's interchain messaging and CCTP to power native USDC transfers between L1 and numerous other chains. The development of Proto-USD is intended to enhance the accessibility, scalability, and overall connectivity of the Avalanche ecosystem. By streamlining cross-chain liquidity, Proto-USD is expected to foster the growth of the Avalanche ecosystem, attract more users and developers, and further enhance Avalanche's competitiveness.

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Avalanche Foundation funds VIA Labs to develop cross-chain protocol Proto-USD, aiming to enhance the accessibility, scalability, and overall connectivity of the Avalanche ecosystem.

Proto-USD leverages Avalanche's cross-chain messaging and CCTP to streamline cross-chain liquidity, enabling USDC to be easily transferred between Avalanche L1 and other networks.

The development of Proto-USD will foster interoperability between the Avalanche ecosystem and other blockchains, providing users with a more convenient cross-chain experience.

Avalanche Foundation's funding of VIA Labs through the InfraBUIDL() program demonstrates its commitment to cross-chain protocols and ecosystem interoperability.