This is Part 2 of a 2-part series about how Americans can buy the $SCRT token. In Part 1 I explained how to onboard the Osmosis DEX and swap $ATOM, $OSMO, or $USDC for $SCRT. In Part 2 I will explain how you can move USDC from Noble to Osmosis.
So, let’s dive straight in and find out how you can buy the $SCRT token by using Noble.
Why do we offer this option for Americans? Well, almost everyone else in the world can buy it easily on various CEXes. After you buy it there, you will want to move it to your wallet of choice. But that’s more challenging for Americans. They have fewer CEX options available to them.
Sending USDC to Osmosis With Noble
When you want to send USDC to Osmosis, you can use Noble. I picked USDC, since that’s easily accessible for Americans on US based exchanges. For convenience’s sake, I assume that you already passed your KYC and are good to go to buy USDC. For example, you can buy USDC on Coinbase.
Noble is a Layer 1 chain in the Cosmos ecosystem. It’s part of the IBC, or the Inter-Blockchain Communication Protocol. As such, it connects to 37 other chains in the IBC. The picture below shows this, as part of the ‘Map of Zones’.
Source: Map of Zones
Furthermore, Noble issues native USDC in Cosmos. You can read up on this in this blog by them. For example, you can send native USDC from many EVM compatible chains to Cosmos. You will also receive native USDC in Cosmos.
This means that you don’t have to deal with another form of USDC. For instance, Osmosis handles 7 different USDCs. Native USDC is one of them, see the picture below.
Source: Osmosis
Using IBC.Fun
When you want to move your USDC, it’s best to use IBC.Fun. This lets you bridge your native USDC from various EVM compatible chains to Cosmos. In our case, to Osmosis. So, here are the steps.
- Start with connecting your source wallet. This could be your Phantom, MetaMask, or SubWallet.
- Choose source chain and asset.
- Now connect your destination wallet. That’s your Keplr or Leap Wallet.
- Choose destination wallet and asset.
So, in our case, as source chain, you can pick Arbitrum and native USDC. As destination chain, you pick Osmosis and native USDC. IBC dot fun offers 11 different USDC options. Once done, you can swap your USDC to $SCRT. After the swap, you can send your $SCRT to your Cosmos wallet. However, IBC dot Fun does not support your Ledger on Ethermint-like chains. For example, Injective, Dymension, EVMOS, etc.
Sending USDC to Osmosis With Axelar
Besides using Noble, there are more options to send USDC to Osmosis. However, Noble was the only chain with native USDC. So, Axelar is one of these other options. Together with Axelar, its Squid Router came into the picture. This makes everything much easier.
Axelar powers the Squid Router. It allows you to send native USDC or axlUSDC straight to the Secret Network. As a result, you can receive $SCRT straight into your wallet. Here’s an explanation on axlUSDC and how you can get it.
Currently, Squid already offers 63 chains. Another 200 projects are already integrated with them. For example, Ledger, MetaMask, dYdX, Lido, and Osmosis. Squid Router works in the same way as IBD.Fun. See the picture below for their UI.
Source: Squid Router
However, Squid has a wallet verification system. It also has geolocation restrictions on the site. There doesn’t seem to be a list available. And we don’t know if Americans are restricted from using it as of now. Whenever that changes, we will update this. So, in a nutshell, this is a great option. Nonetheless, it’s always a good idea, to have more options available. Apps can stop working correctly, become slow, or expensive. So, that’s why we looked at various options in our 2-part series.
Conclusion
In a 2-part series, we looked at how Americans can buy the $SCRT token. In Part 1 we covered how to get funds to Osmosis and swap it to the $SCRT token. Part 2 showed us how to use USDC on Noble. We also looked at using Squid Router, powered by Axelar. This bridge option allows you to get $SCRT at the receiving wallet.
The current $SCRT price is $0.7353 with a market cap of $197 million. The max supply is infinite. Their total supply of $SCRT tokens is 291 million. Out of these, 271 million circulate. Over the last 30 days, $SCRT is up by 23%.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Secret Network.
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