Wormhole received a grant of 1.8 million ARB from Arbitrum to incentivize users to migrate native USDC to Arbitrum

2024-02-28 08:54:04

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ChainCatcher news, Wormhole Foundation announced the acceptance of a grant of 1.8 million ARB from Arbitrum DAO, aimed at facilitating the migration of 100 million natively issued USDC to the Arbitrum network.

The program distributes ARB rewards to users who bridge USDC using the cross-chain transfer protocol (CCTP) from Circle via Wormhole Connect. Users can deposit the bridged USDC into Aave, Compound, and Beefy, or keep it in the bridging address to accumulate rewards.

Methods for user participation include: bridging USDC to Arbitrum using Portal Bridge, providing USDC on Compound, Aave, or Beefy to continue earning ARB rewards (optional), and claiming ARB rewards. Rewards will accumulate every seven days for up to three months, and can be claimed within a year; unclaimed rewards will return to Arbitrum DAO.

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Wormhole Arbitrum ARB

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