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50641**
01/07 23:35
How does USDC handle upgrades?
I am curious about how USDC manages upgrades.
#Crypto FAQ
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Related Questions
50641**
That's an interesting topic! I've been curious about how stablecoins like USDC adapt to changes in the market and technology
2025-01-23 07:50ReplyLike
50640**
USDC handles upgrades through a multi-step process involving both the parent and child chains. Here’s a concise overview: Transition Agreement: Circle and the Orbit chain owner must agree to transition to native USDC issuance. Pause Deposits/Withdrawals: The L1 gateway owner pauses deposits, and the L2 gateway owner pauses withdrawals. Minter Role Removal: The master minter removes the minter role from the child chain gateway. Burn Process: The L1 gateway owner sets Circle's account as the burner, reads the total supply, and invokes the burn amount on the parent/child gateway. Ownership Transfer: The L2 gateway owner transfers ownership to Circle, which then triggers the transfer of USDC roles and burns the locked USDC. This process ensures a controlled and secure transition to native USDC issuance.
2025-01-23 07:50ReplyLike