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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 leverages Avalanche's interchain messaging and CCTP technology to simplify cross-chain liquidity, enabling USDC to be easily transferred between Avalanche L1 and other networks. The protocol's development aims to enhance the accessibility, scalability, and overall connectivity of the Avalanche ecosystem, powering native USDC transfers between L1 and 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 technology to power native USDC transfers between L1 and numerous other chains. The development of Proto-USD aims to enhance the accessibility, scalability, and overall connectivity of the Avalanche ecosystem. By simplifying cross-chain liquidity, Proto-USD is expected to foster the growth of the Avalanche ecosystem, attracting more users and developers, and further driving its prosperity.

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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 transfer seamlessly between Avalanche L1 and other networks.

The development of Proto-USD will foster interoperability between the Avalanche ecosystem and other blockchains, strengthening its cross-chain capabilities.

Avalanche Foundation's support for Proto-USD development through the InfraBUIDL program demonstrates its commitment to cross-chain interoperability.