This update allows these chains to charge gas fees using any ERC20 token, including their tokens.
Bridged USDC is now supported as a custom gas token on Arbitrum Orbit chains. This marks a significant milestone in enhancing transaction processes within the Arbitrum ecosystem.
Streamlined Transactions with USDC Gas Fees
This development promises increased convenience, price stability, and accessibility for users. Also, it will offer builders more customization options.
One of the most notable benefits of this update is the ability for users to pay transaction fees with bridged USDC. This change eliminates the necessity for users to hold multiple types of tokens just to cover gas fees. Thereby streamlining the transaction process and enhancing user-friendliness. Given the over $1.6 billion in native USDC currently on Arbitrum, supporting bridged USDC as a gas token is impactful. It significantly lowers the barrier to entry for new projects and their users.
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For builders, the introduction of custom gas tokens opens up a realm of possibilities for tailoring their Orbit chains. This feature can be quickly set up via Orbit RaaS (Rollup-as-a-Service) providers as a standard configuration option. Additionally, builders can apply for the USDC Grant Program from Circle. This will provide them with further resources to develop and innovate within the Arbitrum ecosystem.
The integration of bridged USDC as a gas token is a strategic move to make it easier for users to engage with Arbitrum Orbit chains. USDC’s stability and widespread acceptance in the crypto community mean that users no longer need to convert their assets into different tokens to interact with the network. This change is particularly advantageous for new projects looking to attract users who may be hesitant to navigate the complexities of holding and managing various tokens.
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