Dfinity’s new API boosts Internet Computer smart contracts with cross-chain prowess Dfinity’s new API boosts Internet Computer smart contracts with cross-chain prowess
Internet computer also revealed its new inter-ecosystem token as ckUSDC, an interoperable stablecoin pegged to Circle's USDC.
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Updated: May. 24, 2024 at 12:20 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Dfinity Foundation has introduced a new API called EVM RPC to enhance cross-chain interoperability for Internet Computer (ICP) smart contracts, according to a May 23 press statement shared with CryptoSlate.
EVM RPC allows ICP smart contracts to read and write on any Ethereum Virtual Machine-compatible chain, such as Optimism, Arbitrum, and Base, without relying on intermediaries. The API also supports the Bitcoin blockchain and will soon expand to Solana.
This API simplifies multi-chain dApp development and eliminates the need for bridges and wrapped tokens. It allows native chain interactions and liquidity facilitation through the network API keys.
Dfinity highlighted the significance of this innovation, stating:
“This way, DFINITY’s Chain Fusion technology enables true multi-chain interoperability, allowing developers to write a single ICP smart contract that can custody Bitcoin, for example, and programmatically trigger sending it based on events observed on an Ethereum DeFi smart contract.”
Interoperable stablecoin
Dfinity Foundation explained that the new API has facilitated the deployment of ckUSDC, an interoperable stablecoin pegged 1:1 to Circle’s USDC stablecoin, on the ICP network.
USDC is the second-largest stablecoin with a market capitalization of $32.83 billion, according to CryptoSlate’s data.
The ckUSDC token, a multi-chain “twin” of USDC, leverages chain-key cryptography and ICP smart contracts that directly hold original assets. It operates similarly to ICP’s other inter-ecosystem tokens, like ckBTC and ckETH.
Since its launch, ckUSDC has gained traction with notable projects such as IC Lighthouse, ICPSwap, and Helix Markets, reflecting growing demand for this type of token.
Lomesh Dutta, DFINITY’s Growth President, remarked that the launch of ckUSDC and the new read/write APIs will foster further development within ICP’s ecosystem. He said:
“With the addition of ckUSDC and read/write APIs, dozens of different chains can now leverage ICP smart contracts to freely interact with other networks, making the Web3 ecosystem massively more interoperable and unified.”
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Posted In: Internet Computer, Technology
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The Internet Computer is a seamless shared universe for reimagined software that’s secure and unstoppable, that can power a new generation of enterprise systems and internet services.
Ethereum
$3,517.94
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$98,296.51
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Arbitrum
$0.82502
Arbitrum is a type of technology known as an optimistic rollup.
Solana
$198.284
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Dfinity
The DFINITY Foundation is a nonprofit organization that develops the Internet Computer, a public blockchain network designed to host smart contracts.