DeFI News by Thebittimes.Com

Circle published a new standard that allows developers to launch an unofficial bridged version of USDC that can later become native and official. Circle has launch ed a new standard to streamline the process of launch ing its stablecoin, USDC, on new networks , according to a Nov. 21 blog post.  The new “bridged USDC standard” allows developers to launch the token through a two-phase process. In the first phase, the third-party developer has control of the token contracts, and the token on the new network is backed by a native version on another network. In the second phase, Circle takes control of the contracts, and the token becomes backed directly by Circle’s reserves. The second phase may not occur with all deployments. Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation. EVM blockchain & rollup teams can now deploy a bridge d USDC token contract with optionality for Circle to seamlessly upgrade to native issuance in the future.h...

This year saw the realignment of the crypto industry toward greener, more energy-efficient blockchains. 2022 saw the continued advancement of green crypto projects as more industry companies focused on sustainability to reduce carbon emissions. A series of elemental forces drove the paradigm shift, including user demands for faster and more energy-efficient blockchains, growing climate change awareness among investors, and rising government concerns about energy consumption in the crypto sector. Among the most notable eco-friendly crypto developments in 2022 was the transition of the Ethereum Blockchain from a proof-of-work (PoW) to Proof-of-Stake (PoS) consensus layer. The Merge, completed in September, joined the original execution layer of Ethereum with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining by enabling the network to be secured using staked Ether (ETH). The conversion reduced the Ethereum network ’s energy consumption b...