Wormhole submits a proposal to the Arbitrum community for a migration fund of 100 million USDC

ChainCatcher news, the cross-chain protocol Wormhole has submitted a funding proposal to the Arbitrum community.

The proposal aims to encourage users to mint native USDC on Arbitrum using Circle's Cross-Chain Transfer Protocol (CCTP) through Wormhole and its partners. Wormhole's goal is to attract 100 million USDC from other chains to Arbitrum within 12 weeks. To this end, Wormhole is requesting up to 2,500,000 ARB in funding to provide users with an annualized return rate of up to 8%.

The Wormhole team stated that they are ready to create a Dune dashboard or an equivalent publicly available tool for their incentive program based on project requirements.