Building with USDC and Circle Developer Platform I Blessing Adesiji

[Music] Hi everyone.

Okay. Uh let's get started. Uh so my name is blessing adj uh de at ciu. Uh I'm based in London. Uh so I'm focused on the Europe, Middle East and Africa region for SEO.

My role essentially at CEO is helping developers uh like yourself build uh on the circle developer services with USDC and circle stable coins. uh I've been I've been at ETH global acathaton for this is my third acaton right so I'm really familiar with the energy uh the opportunity the problem solving uh nature of global aaton so what I'm going to do essentially is I'm going to briefly talk about circle developer services uh and then focus on applications the bounties that you can contribute to to be able to win prizes in the circle category I think That's that's that's going to be like really helpful for you to understand how to submit uh prizes towards the the bounty. So I've got about 15 minutes uh and then 5 minutes for questioning. So I'll just try and power through my slides and then get into the applications, the use cases, the bounties that we are expecting so that you know how to submit a worthy application to the team. So uh I'll I'll start with the quickly talk about the mission like CEO's mission is to raise global economic prosperity through frictionless exchange of value and uh CEO is a financial platform company that enables borderless movements money movement and access to stable dollar store value all powered by regulated stable coins.

So when we talk about circle developer services this is what I want you to have in your mind like this is what I want you to have etched to your mind and circle developer services if you look at the base layer you see all the supported blockchains from uh and because this is global we're focused on EVM compactible blockchains so now going on top of that the developer services and I'll break down all the elements that you have in the developer services, but essentially we have wallets, we have contracts, we have pay master, and we have CCTP. Don't worry if this is the first time that you're hearing of some of these applications or some of these products. I'll do my best to break it down so you understand, and then we'll move into the examples and the bounties that you'll submit to the team so you know how to to contribute to that. And we've got like detailed documentation, sample applications, videos, resources that you can leverage so that you can get started building uh easily. So that's why I didn't talk I didn't come to walk through like demo right here.

We have like a lot of examples that you can essentially clone or fork and then start building on top of as you submit bounties back to the team. So uh starting with the wallet, right? So wallet infrastructure that we support at circle we have three uh three different infrastructure models of wallets that you can think of. We have the first one which is developer controlled wallet. We've got user control wallet and we have modular wallet.

Now, developer controlled wallet essentially, I want you to think of this as uh excuse me, essentially a wallet that allows developers to control the application uh the interactions, transactions, operations on behalf of the user. Say for example you are this acaton you'd want to build an application for uh nomies or for like normal users who they don't want to get bogged down by the complexity of the blockchains like signing a message authorizing transactions you would use a developer controlled wallet so you can build a payment platform or AI agent use cases where agents trade on your on behalf of the users uh and of course because of that you'd want to give agents the autonomy to carry out the transactions on behalf of the users. So you would use a developer controlled wallet. Then the user controlled wallet just like as it says the user controls the key operations with easy access to recovery. So there's a pin code there's an authentication mechanism where you have like email social sign in right all embedded into user controlled pro u wallet.

So you can build essentially an application where the user can sign in with their email or or like uh Google sign in or like uh their social login essentially and then support blockchain interactions and then they can have access to a recovery mechanism that you can connect to the application. So in case the user forget kind of maybe like a pin code because they can also set their pin code they can recover their access. Now, modular wallet. So, modular wallet, I want you to think of this as smart contract account. Modular smart contract account essentially is a wallet that allows you gives you the flexibility of adding smart contract layer that would allow you offer lots more uh customizability, right?

Allows you to maybe like uh allow the you allow the developer to configure some set operations for transactions. So that modular wallet offer deep more flexibilities when it comes to the wallet infrastructure. So these are the three key infrastructure models right that we offer at circle and you can build with that during the uh araton. So gas station. So gas station is embedded into uh developer developer wallet uh uh developer wallet, developer control wallet, user control wallet where you can essentially support the user uh for gas gas.

So you can perform gasless transactions, right? Uh like I said, you want to build an application for normal people where they just want to transact, right? they don't want to go source native tokens somewhere else to be able to offer to be able to carry out transactions on your applications. You can essentially create a smart contract account that uses gas station baked in and you would sponsor gas fees on behalf of the users. So compliance engine so compliance engine is also a part of this infrastructure where you can uh have customizable programmability enforced screening to flag risky transaction in real time.

For example, say you are building an application for borrowing and lending. Right? What you can do is you can uh use compliance engine to scan the address of a particular user and see if there's if there's any risk that you should be aware of and you can do all this with the compliance engine uh API and this is also connected to the bounty of what we're expecting you to submit all of which I would explain uh shortly. So moving on uh on top of that stack if you remember there is CCTP which is crosschain transfer protocol. This is really interesting because this offers ability for you to move USDC from one chain to another chain.

Right? And we now offer something called CCTP v2. So CCTP v2 allows you to experience faster than finality USDC transfers from Ethereum to its layer 2 blockchains all secured by circle. So you can have a source chain right a user is on a source chain and wants to send USDC to another user on a destination chain they can use crosschain transfer protocol to make that happen seamlessly. So you can burn USDC on the source chain and meet the equivalent amount of USDC on the destination chain using CCTP and with V2 is fast right uh compared to CCTP v1.

So and CCTP v2 a lot of the blockchain that we do support you can find that in the documentation with the link as shown all of which is readily available uh for you to contribute to the bounty. So now pay master. So pay master is really interesting because pay master allows you to uh offer permissionless onchain utility that enables the users to pay gas fees in USDC. Remember the example that I talked about earlier on where you have an a payment application and you don't want your user to go out there and source ETH native token to be able to pay for gas fees. they can pay for gas fees using USDC and pay master let you do that.

So we've got like quick quick start detailed example code example that you can use to get started and integrate circle pay master into your uh application. So essentially I have this diagram to explain quickly how sec pay master works. So the user initiates USDC transaction right with the intent of sending USDC to a recipient that would receive the USDC payment. So SEO pay master receive USDC from the user and then uh the blockchain receive native token from the pay master. So essentially you've abstracted uh the need for the user to go source native token and they can settle the transaction using gas fees.

So it's some somewhat akin or similar to the normal transaction fees that we have in the web two world. So you can pre pre present that kind of interaction or that kind of experience to your user using circle pay master. So uh I'll just quickly because I I'm really against time I'll quick move quickly to the bounty so you understand how to submit a worthy application back to the team. So if you go to the Ethereum global website for/event/can you see uh circle. So click on circle and that will take you to our bounties page.

And on the bounties page we have four important category right. So we've got the first one which of course we expecting two solid submission for the first place and the second place and that's build a multi-chain USDC payment system. Remember when I explained crosschain transfer protocol that lets you facilitate the movement of USDC from one chain to the other chain? This is where that uh product or the the circle developer product would really shine because you build an application that enables multi-chain USDC payment and payout using fast transfers from CCTP v2. So I've got a lot of examples, a couple of examples of use cases that you can think of.

So you can think of of liquidity provider intent system that enables liquidity providers to send and receive USDC across multiple chains. You can think of multi-chain treasure management system to help businesses manage USDC balances across multiple chains. So everything is based on the primitive that there's a source chain, there's a destination chain and you can perform the swaps or the crosschain transfers using CCTP v2. So we're expecting really userfriendly application. It could be a mobile application.

It could be a web application. It could even be a protocol, right? That really solves this problem as highlighted here. I'll be picking two prices here. So the first place going for $2,500 and then the second place going for $1,500 USDC.

So the next category is enable end user to pay for gas using USDC. Remember that I just explained pay master circle pay master that let you support the user to pay for gas using USDC. Kind of like a transaction fees that you have in the normal world, the normal web two world, right? So you build an application where the user they don't necessarily have to go source for native token native ETH they can settle transactions in USDC right example is defy protocol that enables USDC as default gas payment token for transaction activity uh in decentralized applications or simplify transactions where you have make it easier for users to perform transactions in USDC or other token networks with the gas fees paid exactly from their USDC balance. So again we have the documentation there's a quick start with like examples uh that is easy for you to get started with to build with circle pay master.

So the other one is to create a gasless experience. Now the difference between both of them is that here you are you're actually using circle wallet in connection with the gas station. So remember that I explained the different uh circle wallet infrastructure model where we have uh circle developer controlled wallets, user controlled wallet and the modular wallet. Right? So you combine this with the gas station to create a fully functional gas sponsored experience similar to the one I just explained where the user don't have to go source for native token.

they can just carry out transactions on your application or your protocol using uh our gas station and sec wallet. And then the last one is to build a smart wallet with dynamic security control. So I already talked about our compliance engine. For example, I said if you are building a borrowing and lending platform, right? You can have compliance engine baked in and that would screen the transaction that will look at the address and highlight any risky uh information that you should take note of and you build this you do this leveraging circle wallet and compliance engine all together.

So we have examples that that has been noted right here and that would enable you to build something that for like for example risk based authentication where you implement a dynamic uh authentication where transaction requires pass key authentication and implemented risk policies. So with modular wallet you can have a pass key you can create kind of like a pass key authentication for the user and before the carrier transaction you've implemented some other risk policy that is being checked for before the carrier transactions. So thank you for joining the workshop. Uh it's time for questions.

Thank you. Yes.

Yeah. Yes, please.

Uh thanks a lot. Uh I'm uh I'm wondering how the compliance is done with uh the SDK. So it's like uh you will have the like blacklist or something like that. Say again.

Uh how's the compliance?

Yes. Okay. Like there's an API. So if you go to let me pull it up. If you go to developers.

circle.com, [Music] uh you can go to wallets and then Yes. So transaction screening, right? And you can have that baked in into your wallet transactions where for every transaction you're scanning for like pre you are scanning the transaction for any risk based and you anything you have to take note of. So everything is documented in the uh documentation and you can take a look at it.

Yeah. Yeah.

Please give her a mic. He's with the mic. Hi. Oh,

yes.

I didn't think that I was that loud.

I'm small and I'm a lot louder than I thought I was. Hi, I'm Jenna. I'm from Circle as well on the ecosystem team with Blessing. I just wanted to provide some additional context around compliance engine. So, Circle has legacy compliance data from the 10 or so years that we've been managing our Circle Mint product, which essentially allows um enterprises to mint USDC at scale.

So, a combination of that compliance data coming in from all those transactions as well as working with all of the major thirdparty compliance providers. This is essentially like where we're sourcing all of this data to inform when this could be a transaction that should be blocked. And then you are also able to provide, you know, any additional intel. Uh we have a quick start guide for our compliance engine that makes it really easy to get started um that could help you know set up these offtheshelf policies using that data and you can also add to that as well.

Yeah. Uh thank you Jenna. So and so she mentioned the quick start guide. So that's the result you get. So you get a result either denied uh with different actions right and the address and the chain.

So this is the quick start guide that she's talking about.

So you can use this to get started. Thank you.

Hi. Uh what's the difference between CCTP one and the Wii 2?

Yeah.

Okay. Right. So CCTP v2 allows faster than finality transfers. Essentially fast transfers when you compare it to CCTP v1. But CCTP v2 it contains everything that V1 already has.

But V1 doesn't have everything that CCTP v2 have, right? So you can essentially use CCTP v2 to provide standard transfer where it happens at normal time. It's not fast, right? But we're not taking any fees for that. But CCTP v2, if you want to do fast transfers, where you want faster than finality transfer, you'd use CCTP v2 for that.

And we're taking a tiny fee for that transfer to happen.

Okay. I know that I use the CCTV1 and it take uh several blocks to make sure the source chain final finalization. Sorry.

Yeah.

And user have to ask the circle for the signature of the burn event on source chain and relay that signature to destination chain. Yeah.

And user have to do this on the CCTV with two as well. is is a

yes. So CCTP v2 works similar to CCTP v1, right? There's a burn event. There's an attestation that is called in the middle and then there's a uh destination chain where you meet the USDC. The only difference is that CCTP v2 is faster than finality.

So for a transaction that would take 13 to 19 minutes from Ethereum to L2 chains that would take 8 to 20 seconds for CCTP v2.

So so for V2 you have only one block time to wait.

Yes. Compared to compared to CCTP v1

but it it is risky right?

No no no no. So circle uh circle perform this for you right. So you have to pay a certain onchain fee to wait to make that transaction fast. Does that make sense?

Okay. Got it. Got it.

So and and CCTP v2 like I said it has the standard transfer and also the fast transfer.

Right. So you can perform what you normally do on V1.

Okay. You can keep the normal space. Exactly. And you can choose to faster with

Okay. Got it. Got it. Yes. So you can think of it like an upgrade.

So for example, you were using iPhone 15 but you upgrade to iPhone 16. Okay. Does that make sense?

Got it.

But you still have to relay the signature itself.

Yes. The attestation.

Okay. Yes.

Yes. Attestation.

Any question. Okay.

Thank you everyone. Wish you guys good luck. [Music]