CCTP

Pheasant Network uses Circle's Cross-Chain Transfer Protocol (CCTP) for USDC transactions alongside its own optimistic protocol. For smaller transactions below a certain threshold, the network employs its fast optimistic protocol. For larger transactions, it automatically switches to CCTP. More details about the threshold can be found here.

CCTP Transaction Flow

1. A user starts the transaction by burning USDC on the source chain through the PheasantNetworkCctpBurn contract.

2. The relayer then submits a request to CCTP’s attestation service for authorization to mint USDC on the destination chain.

3. Upon receiving authorization, the minting process is initiated on the destination chain.

4. Once the minting process is successfully completed, the newly minted USDC is credited to the user’s account on the destination chain.

You can find more about CCTP here.