USDC on BOB is being upgraded to Chainlink CCIP. This follows the recent adoption of the Chainlink standard as canonical cross-chain infrastructure for native assets.
The upgrade will immediately simplify and accelerate cross-chain activity for projects and liquidity providers using bridged USDC. It will also make any potential future move to natively minted USDC much easier.
Some of the existing USDC contracts on BOB therefore need to be upgraded to migrate all USDC.e (bridged USDC) to the CCIP version. No action is required by users or dapps during the migration. The same USDC contract will continue to be used for DeFi on BOB and wallet balances will not be affected.
The legacy BOB USDC Bridge will be deprecated on 4 June, starting at approximately 1pm UTC. USDC tokens on BOB will then be migrated to CCIP. We expect the process to take less than 24 hours. During the migration process, it will not be possible to bridge any USDC to or from the BOB network.
Any live USDC withdrawals already in progress via the legacy BOB Bridge will not be affected and can be manually completed as normal once the 7 day withdrawal period has passed.
Step-by-step migration process
- Chainlink Labs deploys a CCIP token pool on BOB.
- The BOB USDC contract is updated to grant the CCIP token pool a minting role.
- The BOB Bridge interface is temporarily deactivated to ensure there are no live USDC bridging transactions.
- Existing USDC liquidity locked in the BOB Bridge is transferred to a silo designated for BOB in the CCIP USDC token pool on Ethereum mainnet.
- The BOB Bridge interface is updated to point to the CCIP contracts instead of the old bridge contracts.
- The BOB Bridge is switched back on and bridging can resume. USDC cross-chain token transfers are now facilitated by CCIP.
