Hello, reader! 🚀 Today, we're going to discuss an innovative piece of news that is poised to make a splash in the decentralized finance (DeFi) arena. We're talking about the integration of USDC into the HAQQ ecosystem, which combines Sharia-compliant principles with cutting-edge technology. I want to delve into this topic because it's genuinely intriguing! #DeFi
I'd like to remind you that HAQQ is an EVM-compatible chain built on the Cosmos SDK. The technology underlying HAQQ allows any smart contract created on other EVM chains to be deployed in the new network without any modifications. The ISLM token serves as the "native" currency of HAQQ. #HAQQNetwork
Thanks to the "wizards" at Axelar, USDC can now seamlessly connect to the HAQQ blockchain. What does this mean for you? You can now effortlessly transfer USDC from Ethereum Mainnet and over 50 other chains directly to and from HAQQ directly to HAQQ. #Axelar
But what truly captivates me is the philosophy behind it all. HAQQ's mission is to balance Sharia-compliant principles with cutting-edge technology, creating not only an innovative but also a fair and sustainable financial system. Now, that's something I can get behind!
Axelar, the partner of HAQQ, is a genius in the realm of secure cross-chain communication for Web3. They have built an infrastructure that enables interaction with any asset or application on any chain with just one click. This is about simplifying the complex world of decentralized applications.
With its massive market capitalization of $24 billion, USDC provides stability in the volatile cryptocurrency market. It serves as an anchor for DeFi transactions, ensuring the consistency of trading operations, lending, and borrowing. And now, users of HAQQ can seamlessly access and transfer #USDC across chains supported by Axelar!
HAQQ is exploring the possibility of issuing gold-backed tokens in accordance with Sharia principles. This aligns completely with Islamic financial principles, offering a stable and ethical investment option. The integration into the Axelar network aims to make these tokens more accessible, potentially ushering in a new era for Sharia-compliant DeFi.
Now, you might be wondering how to go about transferring USDC. In this article, I've endeavored to provide a simple step-by-step guide on transferring USDC from #Ethereum to HAQQ using Axelar's Satellite Money. In my case, I had to wait approximately 20 minutes for the USDC transfer to the HAQQ network.
Steps on How to Connect Your USDC from Ethereum to HAQQ via Axelar's Satellite Money:
Visit Satellite.money, a web interface built on Axelar, enabling asset transfers between EVM and Cosmos chains.
Choose "Ethereum" as the source chain and "HAQQ" as the target chain.
Connect your Ethereum wallet (usually MetaMask) where your funds to be connected are stored. #MetaMask
To receive USDC in the form of axlUSDC (USDC wrapped in Axelar with a 1:1 peg), download and connect your Keplr wallet on the destination tab. As always, remember to keep your private keys secure.
After connecting your Keplr and MetaMask wallets, click the "Create Deposit Address" button at the bottom.
Sign the transaction using your Ethereum wallet. Your USDC is now on its way!
Wait for approximately 20 minutes for the transaction to be confirmed. Your USDC is now connected to HAQQ!
Exciting times lie ahead for HAQQ as it actively collaborates with partners and builders to embark on a thrilling phase of Shariah DeFi. To support early-stage projects aligning with their ethical vision, the company has established an ecosystem fund amounting to $40 million. If you are working on something innovative, it's definitely worth paying attention to!