Meter Passport Bridged USDC (Meter)Price

(USDC.ETH)

Meter Passport Bridged USDC (Meter) is a digital asset that represents USD Coin on the Meter blockchain. It is created when native USDC from the Ethereum network is moved across to the Meter network using a cross-chain infrastructure called Meter Passport. This specific asset is often identified by the label usdc.eth to signify its origin as a bridged version of the Ethereum-based stablecoin. The project behind this token, Meter Passport, is a multi-chain router designed to improve interoperability between different blockchain networks. It functions as a bridge that allows users and smart contracts to transfer tokens and data between various ecosystems, including Ethereum, Meter, Avalanche, and Binance Smart Chain. Technically, the bridge operates using a decentralized relay system. When a user sends USDC from Ethereum to Meter, the original tokens are locked in a smart contract on the source chain. Off-chain operators known as relayers monitor these events and verify the transaction. Meter Passport uses a multisig security model where a majority of these relayers must reach a consensus to authorize the release of the bridged asset on the destination chain. On the Meter network, a corresponding amount of bridged USDC is minted or unlocked for the user. The Meter network itself serves as the relay chain for this process. It is a high-performance Layer 1 blockchain that is compatible with the Ethereum Virtual Machine (EVM). Because the Meter network features instant finality, it is used to store signatures and coordinate the bridging process, which helps to ensure the security and transparency of the cross-chain transfers. The primary goal of this project is to foster a more connected Web3 ecosystem by allowing liquidity and assets to move freely between different protocols. By bridging USDC to Meter, users can interact with decentralized applications, lending platforms, and automated market makers within the Meter ecosystem using a familiar and widely accepted digital asset. The project is supported by several reputable relayers and has undergone security audits to maintain the integrity of the bridge. Learn more

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