Hello ICP Community,
I’m new to ICP, having previously been an ETH maximalist. However, I’ve been exploring ICP and am fascinated what ICP can do!
While the Ethereum ecosystem has strong liquidity, especially for stablecoins, the stablecoin payment experience is horrendous. The complexities of managing multiple chains, tokens, and gas requirements are just a few of the challenges. The basic design of EVM limits the innovation in this area.
I’m particularly intrigued by ICP’s fast transaction speeds, reverse gas model, and the potential integration of ckUSDC. I’d like to share an idea and gather feedback from the experts in this community.
The concept involves users depositing USDC or USDT from any EVM network into a smart contract, which would then bridge to USDC on the Ethereum network. An ICP canister would lock this value and mint ckUSDC, which would be credited to the user’s ICP payment app.
Quick sketch
The goal is to enable users to make payments on the ICP network while retaining the true value of USDC on the EVM chain, where the liquidity is strongest. This approach abstracts away the complexities of network selection and gas fees, allowing value to transfer seamlessly on ICP while EVM serves as the settlement layer.
From the user’s perspective, they would have an ICP wallet that can be topped up or withdrawn using major EVM stablecoins.
What do you guys think about this noob idea?