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    Cross-Chain Transfer Protocol (CCTP) on Base

    Starting today, Cross-Chain Transfer Protocol is live on Base Mainnet. Enabling secure $USDC transfers between blockchain through a burn-and-mint process. The system burns the original USDC tokens on the source blockchain and recreates an equivalent amount on the destination chain, facilitating a secure and efficient transfer mechanism. CCTP is powered by Circle and aims to help foster more scalable and secure applications built on USDC. In this analysis we will be observing

    Since it's launch, A variety of protocols have adapted CCTP allowing users to transfer across chains. By enabling seamless USDC transfers across various blockchains without requiring permission, CCTP enhances liquidity and user experiences within the decentralized finance (DeFi) sector. The protocol currently supports 12 distinct transfer routes, with plans to expand to 30 routes in the future, thus broadening the interoperability and connectivity between various blockchain ecosystems. a significant milestone in enabling permissionless transfers of USDC across different blockchains.

    Objective

    The objective of this report is to observe and analyze transactions to and from Base mainnet using the TokenMessenger contract. Our goal is to track daily users, volume and transactions before and after CCTP was integrated on Base.

    The following bridges have integrated CCTP to allow seamless $USDC transfers cross chain:

    • Celer Bridge (CBridge)
    • ChainPort Bridge
    • Interport Bridge
    • LiFi Protocol (Jumper Bridge)
    • O3 Labs (Omoswap)
    • Socket (Bungee)
    • Synapse Bridge
    • WanChain
    • Wormhole (0xCorner + PortalBridge)

    Table Of Contents:

    • Daily Active Bridgers
    • Daily Bridge Volume by Bridge
    • Daily Bridge Volume By Chain
    • Before / After Comarison

    Methodolgy:

    • ethereum.core.ez_decoded_logs
    • arbitrum.core.ez_decoded_logs
    • avalanche.core.ez_decoded_logs
    • optimism.core.ez_decoded_logs
    • base.core.ez_decoded_logs
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