In a groundbreaking development, HAQQ proudly announces the integration of #usdc , opening up avenues for users to seamlessly bridge their USDC holdings between Ethereum Mainnet, 50+ chains, and the HAQQ ecosystem. Leveraging the cutting-edge Axelar Satellite, this integration marks a significant stride towards achieving HAQQ's vision of harmonizing Shariah-compliant principles with state-of-the-art technology, fostering a more equitable and sustainable financial system that encompasses the burgeoning decentralized finance (DeFi) landscape.
Axelar, esteemed partner in this venture, stands as a stalwart provider of secure cross-chain communication for Web3. Their robust infrastructure empowers users of decentralized applications (dApps) to effortlessly interact with any asset or application across multiple chains with a simple click. Connecting an extensive network of 50+ blockchains, including Cosmos and Ethereum Virtual Machine (EVM) chains, Axelar's cross-chain solution facilitates seamless interoperability.
Stablecoins, exemplified by the widely recognized USDC, play a pivotal role in DeFi ecosystems by providing a stable value amidst the often-volatile cryptocurrency market. With a substantial market capitalization exceeding $24 billion, USDC serves as a cornerstone for DeFi transactions, supporting consistent trading, lending, and borrowing practices. The stability it offers mitigates risks associated with crypto market fluctuations, fostering wider adoption. HAQQ ecosystem users can now effortlessly transact USDC between HAQQ and any other chain supported by Axelar's cross-chain solution. This initiative is designed to potentially enhance liquidity and stimulate the development of Shariah-compliant DeFi use-cases.
In addition to the USDC integration, HAQQ is actively exploring the incorporation of Sharia-compliant gold-backed tokens into its ecosystem. This move aligns with Islamic financial principles, offering a stable and ethical investment option. The collaboration with the Axelar network aims to enhance the accessibility of these gold-backed tokens, potentially facilitating smoother cross-chain transactions and encouraging broader adoption within the DeFi ecosystem. This initiative seeks to create new opportunities for users seeking financial services that adhere to Sharia law, blending the traditional stability of gold with the innovative prospects of decentralized finance.
For users eager to take advantage of this groundbreaking integration, the process is streamlined through Axelar's Satellite Money platform. Follow these steps to bridge your USDC from Ethereum to HAQQ:
Visit satellite.money, the web interface built on Axelar, facilitating asset transfers between EVM and Cosmos chains.
Select 'Ethereum' as the origin chain and 'HAQQ' as the destination chain.
Connect your Ethereum wallet (typically MetaMask), where your funds are stored for bridging.
To receive USDC in the form of axlUSDC (Axelar-wrapped USDC pegged 1:1), download and connect your Keplr Wallet in the destination tab. Ensure the safety of your private keys.
With both your Keplr Wallet and MetaMask connected, click the 'Generate Deposit Address' button at the bottom.
Sign off on the transaction with your Ethereum wallet. Your USDC is en route!
Allow approximately 20 minutes for the transaction to be confirmed. Congratulations, your USDC has been successfully bridged to HAQQ!
As we embark on this transformative journey, HAQQ is actively collaborating with partners and builders both within and outside our ecosystem to usher in an exciting era of Shariah-compliant DeFi on HAQQ. Stay tuned for more updates on this front.