#Avalanche Foundation funds cross-chain protocols#
Hot Topic Overview
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. VIA Labs' Proto-USD leverages Avalanche's cross-chain messaging and CCTP to power native USDC transfers between L1 and numerous other chains. This demonstrates the Avalanche Foundation's active push towards cross-chain interoperability within its ecosystem to foster broader connectivity and liquidity.
Ace Hot Topic Analysis
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 supporting cross-chain liquidity for USDC, Proto-USD is expected to foster interoperability between the Avalanche ecosystem and other blockchains, providing users with a more seamless cross-chain experience and attracting more developers and users to the Avalanche ecosystem.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
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 technology to streamline cross-chain liquidity, enabling USDC to seamlessly transfer between Avalanche L1 and other networks.
The development of Proto-USD will foster interoperability between the Avalanche ecosystem and other blockchain networks, providing users with a more convenient cross-chain experience.
Avalanche Foundation's support for the development of cross-chain protocols through the InfraBUIDL program demonstrates its commitment to facilitating interconnectivity between the Avalanche ecosystem and other networks.