In an era of rapid development of blockchain technology, Flow Network continues to pursue innovation and progress. As part of the upcoming Flow Crescendo network upgrade, the Flow network will usher in an important change: all ERC-20 compatible tokens will be able to be used in Cadence smart contracts without any special handling. This initiative will greatly enhance the interoperability of the Flow network, allowing it to connect seamlessly with the broader Web3 ecosystem.
Improved interoperability
This upgrade to the Flow network means that all fungible tokens written in the Cadence language will be fully compatible with ERC-20 tokens. This not only provides developers with greater flexibility, but also creates a more convenient experience for users. Whether using Solidity or Cadence, developers can build applications on Flow and enjoy broader ecosystem support.
This interoperability will greatly promote application development on the Flow network and make the interaction between different tokens smoother. Users will be able to flow freely between different blockchains and enjoy a richer digital asset experience.
Transition to USDC
As the Crescendo network upgrade approaches, Circle will stop supporting USDC on Cadence starting at 3 a.m. ET on September 3, 2024. This decision means that EVM-based ERC-20 USDC will be naturally compatible across the Flow ecosystem. Circle and Flow will provide users with dedicated resources and support to ensure a smooth process.
Against this background, the Flow network supports the USDC token on Ethereum, launching a new wrapper token so that users currently holding USDC on Cadence can easily replace it. This newly wrapped token will seamlessly transition to a fully functional bridge token via a Flow network upgrade, continuing to be supported by bridge USDC on the EVM.
long term vision
The long-term vision of the Flow Network is to build an accessible and interoperable network. This vision is not only a technical innovation, but also a hope to reduce the operational burden faced by partners when deploying assets such as ERC-20-based stablecoins. By improving interoperability, the Flow network will bring greater convenience to developers and users, allowing them to focus on innovation and development rather than being bound by cumbersome technical details.
Conclusion
The Flow Crescendo network upgrade is not only a technical update, but also has a profound impact on the future blockchain ecosystem. By increasing interoperability and supporting multiple tokens, the Flow Network is moving towards a more open and connected future. With the implementation of this upgrade, users and developers will be able to freely explore in a richer ecosystem and enjoy the infinite possibilities brought by blockchain.
In the days to come, Flow Network will continue to be committed to promoting the advancement of blockchain technology and ensuring that all users can find their place in this evolving digital world. Whether they are developers or users, Flow Network will provide them with the highest quality support and services to help them ride the wave of Web3.