Oasys Transactions Are 85% of Transactions on Celer Bridge As Users Move To Native USDC Token

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  • As an experienced analyst, I view this collaboration between Oasys and Celer Network as a significant step towards enhancing financial transactions and accelerating the adoption of dollar-denominated payments across Web 3. The selection of Oasys by Circle to transition from bridged USDC to native USDC is a testament to the platform’s growing prominence in the gaming ecosystem.

    Oasys partners with Celer Network to inaugurate the USDC bridging service.

  • The collaboration aims to accelerate the adoption of dollar-denominated payments across Web 3. 

  • The gaming platform accounted for 88% of transactions on cBridge in the past 24 hours. 

I’m here to share some exciting news about Oasys, the blockchain video gaming ecosystem. Recently, we announced a partnership with Celer Network, a leading non-custodial asset bridging platform. The goal of this collaboration is to introduce a bridged USDC standard on our blockchain. This new standard aims to streamline financial transactions within Oasys and bolster the economic foundation of our gaming ecosystem.

Circle, the well-known issuer of the USDC stablecoin, unveiled the Bridged USDC Standard as a means to facilitate the transition from bridged USDC to native USDC. This innovation intends to pave the way for the integration of Native USDC into emerging blockchains. By doing so, users can be assured that their asset is fully collateralized and can always be exchanged for one US dollar in value.

Circle Selects Oasys For its Bridge USDC Standard

In the rapidly expanding decentralized finance (DeFi) sector, US Dollar Coin (USDC) has emerged as a leading stablecoin. Consequently, numerous new projects have built bridges to link USDC, acting as a stand-in for native USDC coins. This approach streamlines adoption and enhances financial interactions within these emerging ecosystems, preparing the groundwork for potential future upgrades to natively integrated USDC on the platforms.

The Bridged USDC Protocol enables more systems to convert their linked USDC into the original USDC version. Nonetheless, Circle has the authority to decide which platforms are qualified for this conversion. It’s important to note that Circle may impose extra requirements or conditions before upgrading a platform’s bridged USDC to native USDC, according to their declaration.

Oasys has been chosen as a compatible platform for upgrading from wrapped USDC to native USDC, working alongside Celer Network. Users can now transfer their wrapped USDC tokens, which are collateralized by USDC held in Ethereum-based smart contracts, into the new native USDC (denoted as USDC.e).

Oasys Accounts For 80% of Celer Bridge Transactions

On July 3rd, Oasis saw a significant surge in activity as over 2900 users hurriedly exchanged their USDC.e for USDC via Celer Bridge (cBridge), resulting in approximately 88% of the daily transactions on cBridge being conducted on the Oasys network. (Based on data from the Celer Network explorer)

Image: Celer IM Scan

On July 3rd, Celer Bridge processed a daily total of 3,625 transactions, marking a 15% decrease in comparison to the previous 24-hour period.

Users Given One Year To Swap To USDC.e

To improve gaming and development experiences within its ecosystem, Oasys unveiled a new plan for transitioning to the Bridged USDC Standard. The detailed roadmap is designed to allow both users and developers up to one year to exchange their bridged USDC or legacy bridged USDC (Celer) for the native USDC (USDC.e). This timeline ensures that all platform users have ample opportunity to make the switch via cBridge, with maximum security measures in place throughout the process.

As a bridge analyst, I would recommend checking out the comprehensive details regarding the USDC token transfer process on both the Celer Bridge and Oasys webpages.

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2024-07-04 12:39