ICP Smart Contracts Get Supercharged

Dfinity Foundation just dropped a bombshell for Internet Computer (ICP-USD) smart contracts with its new API, EVM RPC, designed to supercharge cross-chain interoperability. This new API lets ICP smart contracts seamlessly interact with Ethereum Virtual Machine-compatible chains like Optimism (OP-USD), Arbitrum (ARB-USD), and Base, without needing crypto middlemen. 🚀

Making Cross-Chain Work Easy

The EVM RPC API makes developing multi-chain dApps (decentralized applications) simpler and eliminates the need for bridges and wrapped tokens. It allows direct interactions with other blockchains and smooth liquidity management. Dfinity’s Chain Fusion technology now lets developers create a single ICP smart contract that can handle Bitcoin (BTC-USD) transactions and trigger actions based on Ethereum DeFi (decentralized finance) contracts.

Introducing ckUSDC: The Interoperable Stablecoin

This new API also led to the creation of ckUSDC, a stablecoin that’s pegged 1:1 to Circle’s USDC (USDC-USD). USDC, which is the second-largest stablecoin with a market cap of $32.83 billion, now has a multi-chain version called ckUSDC. This token uses advanced cryptography and ICP smart contracts to directly hold original assets, similar to ICP’s other inter-ecosystem tokens, ckBTC and ckETH.

Since its launch, ckUSDC has been picked up by projects like IC Lighthouse, ICPSwap, and Helix Markets, showing a growing demand for these interoperable tokens. Lomesh Dutta, DFINITY’s Growth President, said that the launch of ckUSDC and the new API will drive more development within ICP’s ecosystem. He stated that “with ckUSDC and the new read/write APIs, multiple chains can now use ICP smart contracts to interact with other networks, making the Web3 ecosystem much more connected and unified.”

Is ICP a Buy?

According to TipRanks’ Summary of Technical Indicators, ICP is a Buy.

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