Mobius Formed an Alliance with Allbridge
Mobius is happy to announce that they have partnered with Allbridge to bring Solana USDC to Celo.
Solana is one of the fastest growing blockchains of 2021, providing high transaction throughput with low fees. The total value locked in its DeFi ecosystem has mooned this calendar year. Since its launch in February 2021, USDC’s market-cap on Solana has ballooned to over $2.5B.
As more USDC holders on Solana discover the unique properties of Celo stablecoins, they will need an efficient way to bridge their USDC to Celo (then swap for native stablecoins). Since Mobius is perfectly positioned to facilitate this migration, we have partnered with Allbridge to make it happen.
Starting today, users will be able to move Solana USDC between Solana and Celo, and swap it for native cUSD on Mobius.
What is Allbridge?
Allbridge is a multi-chain, custodial token bridge connecting Ethereum, Polygon, Solana, Celo, Avalanche, and more. The interface allows users to easily transfer ERC20, SPL, and other tokens with just a few clicks. Since launching its Celo<>Solana bridge, Allbridge has transferred nearly 15M cUSD from Celo to Solana. Now it is time to bring some of that value back.
How do I bridge my USDC from Solana to Celo?
Start by going to the ‘Bridge’ page on Mobius, then select Solana as the ‘From’ chain and Celo as the ‘To’ chain. Their website will automatically redirect you to the Allbridge website with Solana and Celo pre-selected (the bridge will first be available through the Allbridge website, and soon via the Mobius Bridge Aggregator).
Send Tokens
On the ‘Choose asset’ drop-down menu, select USDC, then connect your Solana wallet. Then enter a token amount and your Celo wallet address. The transfer will take about 1 minute.
Receive Tokens
Once your transfer is confirmed by the Allbridge network, you will need to claim your tokens. Click the ‘Receive’ tab at the top of the page, enter your transaction ID, and connect your wallet. You will be prompted to initiate a transfer in your Celo wallet. Once you approve the transaction, the tokens will be transferred to your Celo wallet address.
The token you receive will have the name asUSDC (Allbridge Solana USDC) and token address 0xCD7D7Ff64746C1909E44Db8e95331F9316478817.
Incentivizing asUSDC Liquidity on Celo
To help kick-start asUSDC liquidity on Celo, Mobius has launched an asUSDC/cUSD pool with additional incentives via MOBI, a governance token for the MobiusDAO. Liquidity providers will earn 15% of the total MOBI mining rewards, which equates to 441,345 MOBI/week. MOBI rewards go live today, September 29, at 5PM PST.
Need Help?
If you run into any issues bridging your tokens, you can contact the Allbridge team at [email protected], or you can interact with the chat-bot on their website. If you need help providing liquidity and/or swapping on Mobius, join our Discord.
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