Blockchain Responsibilities
As with any Bridged USDC Standard deployment, blockchains will have key responsibilities after the setup and deployment of the contracts, including:
Host Chain Selection & Liquidity Management
Teams are responsible for managing their own liquidity and onboarding USDC into their respective blockchain. The USDC will only come from one (1) other blockchain in a 1:1 fashion.
List of acceptable host blockchains:
Ethereum
Base
Avalanche
Arbitrum
OP Mainnet
Polygon
For example, assume that you select Ethereum to be the blockchain you pair your USDC to. That means all your USDC can *only* come from Ethereum. If a user bridges $10,000 USDC from Ethereum, then $10,000 USDC.e will be minted on your blockchain. The only way to get USDC.e onto your chain is to bring it in from the host chain (in this example, Ethereum).
For more information on naming standards, see Circle’s documentation here: USDC Naming Convention.
Administrative Control
All deployed smart contracts are sent to your blockchain foundation after deployment and verification. Blockchain foundations retain complete administrative control over their contracts.
Automatic Relaying Gas Fees
Your protocol is responsible for the management of the gas fee reimbursement mechanism.
Smart Contracts and Gas: Transactions involve smart contracts on two blockchains - the host chain (Ethereum) and the destination chain (your blockchain). Both require gas for transactions to occur.
User Transactions: When a user initiates a transfer, such as moving $500 of USDC from Ethereum to your blockchain, they pay the gas fee on Ethereum to start the transfer.
Blockchain Foundation's Role: Once the transfer reaches your blockchain, another gas fee is needed to complete the transaction. It's your blockchain's responsibility to ensure the deployed
BridgedManagerV1contracts have enough gas (wrapped native gas coin) for the cross-chain message to be relayed. A gas reimbursement mechanism is built into theBridgedManagerV1fee collection method.
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