Avalanche USDC.e & USDT.e Banks Migrating to Native Versions

OH! Finance’s Avalanche banks are soon migrating from USDC.e and USDT.e to their native versions, USDC and USDT, respectively. As a sign of the network’s growth, USDT and USDC launched on Avalanche’s C-Chain late last year.

What This Means for Users

If you have deposited USDC.e or USDT.e into the OH! Finance vaults in the past then you will need to manually migrate your tokens to the new native USDC and USDT vaults when they go live. The team will notify the community in Telegram and Twitter when this occurs.

Migrating your tokens will be a quick and simple process:

  1. With MetaMask connected to the Avalanche network, go to oh.finance and launch the app.
  2. Click on the bank in which you have deposited tokens (USDC.e or USDT.e).
  3. Go to the withdrawal area and click “Max,” then proceed with the withdraw.
  4. Swap your USDC.e or USDT.e for USDC or USDT on a decentralized exchange on Avalanche, such as Trader Joe or Pangolin.
  5. Deposit your USDC or USDT back into the appropriate OH! Finance bank.

How They’re Different

USDC.e is not the same as native USDC. Likewise, USDT.e and USDT are different tokens. For example, you cannot send USDC.e to a Circle deposit address. USDC.e and USDT.e are the bridged versions of their native counterparts. These bridged versions are being phased out on Avalanche, so OH! Finance is following suit.

Note: The below is excerpted from Avalanche’s releases on the launches of native USDC and USDT on their network.

About Tether

Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand and Solana blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), the leading dollar digital currency powering always-on internet-native commerce and payments with a circulation greater than $40 billion and over $1.4 trillion in on-chain transactions.

Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, one of the largest startup fundraising platforms in the U.S. Learn more at circle.com.

About OH! Finance

OH! Finance is an optimized yield-generation protocol, focused on reducing risk and increasing volume exposure. Start earning industry-leading interest rates on stablecoins in just a few clicks: https://oh.finance

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Source: https://ohfinance.medium.com/avalanche-usdc-e-usdt-e-banks-migrating-to-native-versions-d7bc310e3175

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