#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. The protocol combines Avalanche's interchain messaging and CCTP to power native USDC transfers between L1 and many other chains. The development of Proto-USD is intended to enhance the accessibility, scalability, and overall connectivity of the Avalanche ecosystem.
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 by leveraging Avalanche's interchain messaging and CCTP technology, 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. Proto-USD's core functionality is to connect Avalanche with other blockchain networks, providing users with a more convenient cross-chain experience and fostering interoperability between the Avalanche ecosystem and other chains. This will help Avalanche attract more users and developers, further driving its adoption in DeFi and Web3.
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 Avalanche's accessibility, scalability, and overall connectivity.
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.
Proto-USD is expected to foster interoperability between the Avalanche ecosystem and other blockchains, providing users with a more convenient cross-chain experience.
Avalanche Foundation's support for VIA Labs' Proto-USD project through the InfraBUIDL() program demonstrates its commitment to cross-chain technology and ecosystem interoperability.