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An external cross-chain transfer protocol is a framework that facilitates the movement of native tokens across different blockchain networks that are built and managed by the token issuer.
ChainPort seamlessly integrates with external protocols that allow the burning of native tokens on the source blockchain and the minting of corresponding tokens on the target blockchain simultaneously. ChainPort integrates these protocols developed by third parties for specific assets.
Circle's Cross Chain Transfer Protocol, or CCTP, can be used for USDC bridging, for example. Through the integration of CCTP, USDC holders, and protocols using USDC, can leverage ChainPort to bridge their tokens across Ethereum, Avalanche, Base, Optimism and Arbitrum One quickly, securely, and easily.
External Cross-Chain Transfer Protocols enhance interoperability by allowing native tokens to move seamlessly across different blockchain networks.
These protocols facilitate secure and permissionless transactions by enabling the burning of native tokens on the source blockchain and the minting of corresponding tokens on the target blockchain.
External protocols, like Circle's Cross Chain Transfer Protocol (CCTP), can be integrated into advanced cross-chain bridges like ChainPort for specific assets.