Introducing Fast USDC: Accelerating Cross-Chain USDC Transfers on Agoric
We’re excited to announce Fast USDC, a groundbreaking solution that dramatically improves the speed of USDC transfers from EVM chains into the Cosmos ecosystem. This innovative product showcases Agoric’s unique orchestration capabilities while solving a critical challenge in cross-chain transfers.
Core-Eval
Community Vote: Fast USDC Smart Contract Deployment
The Agoric community will be voting on the initial beta deployment of the Fast USDC smart contract. This represents the first of two planned deployment phases. The beta release will allow us to test and validate the core functionality of Fast USDC in mainnet environment, including the contract’s ability to manage confirmations from source chains, handle liquidity provider funds, and orchestrate rapid USDC transfers to destination accounts. The contract includes sophisticated pool management features that enable liquidity providers to deposit funds, receive proportional share tokens (FastLP), and earn fees from facilitating faster transfers. This system uses a transparent share-based accounting model where all fees and rewards are automatically calculated and distributed based on each provider’s stake in the pool.
Following a successful beta period and thorough testing, a second community vote will be held to approve the final production release. This two-phase approach ensures the highest standards of security and reliability for this critical piece of infrastructure that will enable faster USDC transfers from Ethereum and other EVM chains into the Cosmos ecosystem through the Agoric chain.
BETA RELEASE WARNING
CRITICAL: This is a technical mainnet deployment for testing only. DO NOT interact with Fast USDC contracts during this phase as your funds could be permanently lost. Please wait for the official public launch announcement.
The Challenge We’re Solving
When users transfer USDC from Ethereum and other EVM chains into Cosmos chains using Circle’s Cross-Chain Transfer Protocol (CCTP), they currently face waiting times of 16+ minutes due to the underlying blockchain finality requirements. This delay creates a significant friction point, especially during critical moments like taking advantage of DeFi opportunities or funding trading accounts.
Fast USDC: The Solution
Fast USDC revolutionizes this process by providing near-instant USDC transfers through a secure and automated underwriting system. Here’s how it works:
- Users initiate a USDC transfer through Noble’s Express UI
- Fast USDC detects the transfer and verifies initial confirmations
- The system advances USDC to the user’s destination address within ~2 minutes
- The original CCTP transfer completes in the background and refunds the advance
The result? What previously took 16+ minutes now happens in under 2 minutes, creating a seamless user experience without compromising security.
Key Benefits
- Speed: Reduce waiting times from 16+ minutes to ~2 minutes
- Seamless Integration: Works directly through Noble Express UI
- Wide Ecosystem Support: Available for transfers to 31+ Cosmos chains, including Osmosis, dYdX, Sei, and more
- Security First: Built with robust safety mechanisms and collateral backing
- Cost-Effective: Minimal fees for the acceleration service
Why This Matters for Agoric
Fast USDC represents a significant milestone for the Agoric ecosystem:
- Technological Leadership: Demonstrates Agoric’s advanced orchestration capabilities in handling complex cross-chain transactions
- Strategic Partnerships: Strengthens our relationship with Noble and the broader Cosmos ecosystem
- Real-World Utility: Solves a tangible problem that affects users daily
- Ecosystem Growth: Drives more activity and assets to the Agoric chain
Technical Components
- Fast USDC Contract: Core smart contract managing advances and settlements
- Off-Chain Watcher: Monitors and validates transaction confirmations - not part of deployment
- LP Pool Management: Handles liquidity provider funds
- Noble Express Integration: Provides seamless frontend experience
The system is launching initially with support for transfers from Ethereum L1 and some EVM chains including Arbitrum, Base, and Optimism.
Earning Yield with Fast USDC
Fast USDC introduces an innovative liquidity pool system that allows participants to earn fees by providing USDC liquidity. Here is how it works:
- As a liquidity provider, you can deposit USDC into the Fast USDC pool to earn fees from users who want faster transfers. Think of it like providing a service: users pay a small fee to get their USDC transfers completed quickly, and you earn a share of these fees by making your USDC available to facilitate these fast transfers.
Looking Forward
Fast USDC is just the beginning. The underlying technology showcases how Agoric’s smart contract system can create powerful, user-centric solutions.
The initial release will support transfers from Ethereum, Arbitrum, Base, and Optimism, with plans to expand to additional chains based on community needs.
Get Involved
Fast USDC will be launching soon on Noble Express. We invite the community to:
- Try the service when it launches
- Provide feedback on your experience
- Suggest additional features or chain support
Stay tuned for more announcements.