Users will be able to purchase NFTs with USDC held on any chain
Rarimo integrates with Circle’s CCTP
Users will be able to purchase NFTs with USDC held on any chain
April, 2023. Circle, the issuer of USDC, has become one of the latest projects to leverage Rarimo’s NFT Checkout Solution. By integrating Rarimo with their Cross-Chain Transfer Protocol (CCTP), they’ve enabled users to purchase NFTs with USDC held on any chain. As always with Rarimo, these cross-chain purchases can be executed with only a single click and for a single fee.
The problem space: Cross-Chain Checkouts without Rarimo
This marks a significant improvement in user experience for anybody who holds USDC on one chain but wants to purchase an NFT that’s held on another. Without Rarimo, the process is costly and extremely complex. Say you have USDC on Avalanche and want to purchase an NFT on an Ethereum-based marketplace. You will be forced to either manually swap your USDC through an exchange or use a bridge to convert your USDC to an asset on Ethereum.
Both options require you to navigate multiple interfaces and pay multiple transaction fees, and if you choose to bridge your USDC, you also shoulder two significant risks. Firstly, given that bridges are notoriously vulnerable to hacks, you face a security risk. Secondly, as bridges manage their liquidity across multiple different chains, you take on liquidity risk.
The solution: Cross-Chain Checkouts after Rarimo
By contrast, this demo illustrates the seamlessness of Rarimo’s CCTP integration and single-click, single-fee NFT Checkout solution.
Webpack App
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With Rarimo, after pressing the purchase button for the NFT on Ethereum NFT, you are prompted to select the currency you’d like to pay with. The option for USDC will display your balance from across all the chains where you hold tokens. You can select this balance, sign to authorize the transaction, pay for the single transaction fee in the process, and just like that, the NFT checkout, and your multi-chain payment is complete.
The solution is user-friendly, cost-effective, and eliminates the risks incurred by bridges. Rather than depending on cross-chain liquidity, the Rarimo-CCTP solution makes use of Circle’s role as the issuer of USDC. CCTP burns the USDC on the origin chain and mints the equivalent amount on the destination chain. Rarimo triggers the burning and minting of the USDC, transfers the USDC from and to the marketplace, and bundles the transactions to ensure a single fee. The entire process is decentralized and non-custodial. At no point is the USDC or the NFT held by a third party.
What’s next for the Rarimo CCTP Integration — Decentralized Identity
NFT Checkouts are not the only multi-chain use case that Rarimo and CCTP’s integration can revolutionize. On-chain identities, credentials, and reputational proofs are on the rise, and as their use continues to grow, they will become an increasingly important aspect of decentralized finance.
Rarimo has a range of features that support cross-chain identity transfers such as the ability to replicate state across chains. Accordingly, the Rarimo-CCTP integration is particularly well-positioned to support the transfer of identities across defi applications.
Say, for example, that there is a bank on Avalanche that needs to verify your identity to ensure you are eligible before it can accept your deposit. You can use Rarimo-CCTP integration to create proofs of collateral for USDC on any chain and provide it to that bank.
Developers and launchpads who are interested in making use of Rarimo protocol can read more and find links to Rarimo’s testnet application in the bio below.
More About Rarimo
Rarimo is an interoperability protocol for multi-chain identities, assets, and dApps.
They provide the building blocks for interoperability across the web3 social layer. Rarimo enables Soulbound Tokens, NFTs, Credentials, and other identity components to seamlessly travel across chains.
Rarimo have also pioneered new use cases for cross-chain digital assets transfers. Their NFT checkout solution allows users to buy NFTs with any cryptocurrency, regardless of the chain it’s held on. Developers can use Rarimo’s unique architecture to bring single click, single fee solutions to an endless range of dApps and use cases.
Rarimo is maintained by the decentralized Rarimo Foundation. Rarify Labs is one of their service providers.
For more information please visit Website, Twitter, Lens and Discord. The Rarimo Testnet is currently accepting Developer Applications.
More About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce, payments, and custody and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Circle’s open and programmable platform and APIs make it easy for organizations both large and small to run their internet-scale business, whether it is managing their internal treasury, making international payments, or automating supply chains. Learn more at https://circle.com