We created XDEFI in 2020 from the belief that cryptocurrency, and specifically decentralized applications, offer an unprecedented opportunity to improve financial well-being. However, decentralized applications and the blockchains that power them are still nascent and evolving technology. Companies are in the early stages of experimenting with this technology, resulting in a dizzying number of new blockchains and infrastructure options. On-chain users must navigate multiple blockchain frameworks, a multitude of individual gas tokens, all while deciphering which applications are trustworthy and secure.
XDEFI supports hundreds of blockchains, including all EVM chains, all Cosmos chains, Bitcoin, Solana, THORChain and more, and our platform aims to ease decision-making for end users. When Circle launched its ground-breaking cross chain infrastructure, CCTP (Cross-Chain Transfer Protocol), it came at the perfect time and has served as a key pillar for helping us make the XDEFI experience simpler and safer for our users.
The Solution
Our mission at XDEFI has always been to make crypto safer and simple to use, in order to help improve financial lives, akin to Circle’s mission to raise economic prosperity through the frictionless exchange of value. XDEFI was also one of the first wallets to integrate Circle’s Cross-Chain Transfer Protocol (CCTP). We see CCTP and USDC as foundational to delivering on our mission and believe CCTP routing represents a dramatic leap forward in making DeFi safe, cost-efficient and accessible for users. We chose CCTP because it is well-documented, reliable, fast, and secure to use, and the team has been supportive and excellent to work with throughout.
Over 230,000 active users trust XDEFI Wallet, our multichain wallet, to take control of their blockchain-based finances, using CCTP to abstract the concept of navigating multiple blockchains. We also recently launched our new Gas Tank feature, where users can deposit USDC to pay for gas on 36 supported blockchains including Solana, EVM chains, Cosmos chains, THORChain and more. We selected USDC as the primary token for our flagship Gas Tank feature because it is reliable, stable, exists on many chains, and is secure & easy to work with from a developer perspective. In addition, XDEFI took the unique step of removing all fees associated with CCTP, as we are aligned with Circle’s zero-fee approach, and want to pass those savings on to our users.
The Results
XDEFI facilitated $200m in CCTP bridge volume in the past year, and as of June 2024, XDEFI supports USDC natively on six chains, and supports all available CCTP routes. Circle’s CCTP allows XDEFI users to move seamlessly between blockchains. CCTP’s zero-fee and rapid transfers means that for the first time ever, users can truly think about USDC as a single asset that exists seamlessly on every chain.
Our vision is that, one day, the XDEFI user experience will be as simple and as fast as using a traditional exchange. The reliability, fast and free transfers provided by CCTP represents a big leap forward toward that goal.
