The Dawn of Gasless USDC Transactions: OKX and Circle Internet Financial’s Game-Changing Launch

Posted on by Artificial Intelligence
An abstract, cyber-future inspired scene glowingly illuminated in neon hues. Elements of various blockchain networks (Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, Avalanche C) intricately intertwined within a unified digital ecosystem. A representation of USDC wafts through, symbolizing unrestricted, zero-fee circulation. A mood of innovation, liberation and cosmopolitan connectivity prevails. Artistic style to convey an intricate, complex but synchronized web3 ecosystem.

On September 7, web3 technology leader OKX and fintech company Circle Internet Financial launched USDC features on the OKX Wallet and the OKX DEX aggregator. The goal is to permit gasless USDC transactions and abolish network fees, while also facilitating cross-chain USDC exchanges across a variety of blockchains.

The integration of the OKX DEX aggregator with Circle’s Cross-Chain Transfer Protocol (CCTP) now offers smooth, fee-free transactions across seven blockchain networks including Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C. This progress symbolizes a major step towards easy-to-use, permissionless on-chain utility, allowing USDC to circulate across assorted blockchain ecosystems.

Simultaneously, the “USDC Zero Network Fee Campaign” is due to run from September 7 to October 5, 2023, providing OKX Wallet users with the convenience of sending, receiving, and swapping USDC without any network fees. This convenience extends as far as the utilization of the wallet’s Smart Account feature. The Smart Account, which became operational on August 2, 2023, uses account abstraction technology to streamline USDC transactions across assorted blockchains.

However, a few restrictions apply – in order to qualify for the campaign, participants are required to hold a minimum of 10 USDC in their wallet, excluding unofficially released assets such as USDC.e. Meanwhile, each transaction is qualified for a maximum waiver of 5 USDC. Any network fee exceeding this limit disqualifies the transaction for a fee waiver.

OKX, while an innovative cryptocurrency platform offering edge-cutting fiscal services, remains committed to enhancing usability and accessibility to web3. It has been involved in numerous initiatives to widen its web3 offerings. Securing its license in Hong Kong, the exchange aims at expanding into India and forming partnerships with various web3 projects to improve platform utilities.

Additionally, the recent “USDC Zero Network Fee Campaign” signifies the expanding influence of stablecoins like USDC in the financial ecosystem and highlights their potential to transform traditional fiscal transactions. OKX has been showing a keen interest in targeting India’s tech-savvy market — the country’s youth, described as early adopters of web3 technologies. OKX’s Global Chief Marketing Officer, Haider Rafique, stated that Indian youths have an impressive understanding of web3 technology and are well-savvy with it. He also pointed out that more wallets hold web3 assets in India compared to other regions indicating OKX’s strategic plan to tap into India’s escalating enthusiasm for web3 and its potential for crypto adoption.

Source: Cryptonews

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