OKX and Circle Collaborate to Offer Gas-Free USDC Transactions

OKX and Circle Internet Financial have partnered to redefine USDC transactions, introducing gasless transactions and eliminating network fees.

Sep 9, 2023 - 16:20
Sep 15, 2023 - 14:46
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OKX and Circle Collaborate to Offer Gas-Free USDC Transactions
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Recognizing this, OKX, a global leader in web3 technology, and Circle Internet Financial, a renowned fintech firm, have unveiled a revolutionary partnership. Their collaboration promises to redefine the way users transact with USDC, one of the most popular stablecoins in the market.

OKX and Circle's collaboration is set to introduce USDC features on the OKX Wallet and the OKX DEX aggregator. This partnership's primary goal is to facilitate gasless USDC transactions, effectively eliminating network fees. Such a move is not just about cost-saving; it's about enhancing the user experience, making cross-chain USDC swaps across multiple blockchains cost-free.

The integration of the OKX DEX aggregator with Circle's Cross-Chain Transfer Protocol (CCTP) is central to this initiative. This integration ensures seamless, feeless transactions across seven blockchain networks, including Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C.

Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte said:

“Circle is delighted to improve access to DeFi with CCTP and innovative gas abstraction features built on USDC in order to streamline user experiences, pioneer transformative change in finance and drive greater adoption of blockchain-powered technology,” 

To mark this significant development, OKX has launched the "USDC Zero Network Fee Campaign." Running from September 7 to October 5, 2023, this campaign empowers OKX Wallet users to send, receive, and swap USDC without incurring any network fees. The only condition is that they utilize the wallet's Smart Account feature.

Introduced on August 2, 2023, the Smart Account leverages account abstraction technology to streamline USDC transactions across various blockchains. With the quick-swap feature, participants can enjoy up to five feeless transactions per day, per device. However, there are some conditions to be aware of:

  • Participants must hold a minimum of 10 USDC in their wallet.
  • Unofficially released assets, like USDC.e, are not factored into the total assets.
  • Each transaction can get a maximum waiver of 5 USDC. If the network fee exceeds this, the transaction won't qualify for a fee waiver.
  • If the daily limit for waived fees is reached, feeless transactions will pause but will resume the following day.

Jason Lau, OKX's Chief Innovation Officer, emphasized the company's commitment to enhancing usability and accessibility in the Web3 space. OKX has been at the forefront of several initiatives aimed at broadening its Web3 offerings. From securing its license in Hong Kong to expanding to India and forging partnerships with various Web3 projects, OKX's vision is clear: to be a leader in the Web3 revolution.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.