This proposal, if passed, will add USDC bridged from Gravity Bridge to the Regen Ecocredit Marketplace allow list, adding it as one of the many currency options in which buyers/sellers may transact.

Adding Gravity USDC will add the framework needed for a seamless onboarding experience targeting ETH native and non-crypto native buyers and sellers, thus covering one of the many use-cases described in discussions by RND and Regen community members.

Adding Gravity Bridge’s transactional capabilities will help the Regen Marketplace’s goal of coin plurality by increasing the currency options for buyers/sellers.

• A YES result on proposal will add

  USDC.grv
  to the allow list, represented by the ibc denom:
  ibc/9B1FC3F80786ACDD1808854BCFD234AFB71471C3972FF3DE0E279AFD2D50FDE4

• A NO result would not add USDC.grv to the allow list

Additional Information:

What makes the Gravity Bridge USDC such a valuable asset to the Regen Community?

Gravity USDC is USDC that has been bridged across Gravity Bridge to make it IBC compatible. Gravity USDC can be sent to any IBC enabled chain such as Regen, and the token balance is displayed in Cosmos wallets such as Keplr and Cosmostation.

Gravity Bridge key advantages include:

• Open access, permissionless, decentralized & neutral bridge, thus aligned with the core principles of Regen Network
• Secured by a 150+ tendermint node validator set forming consensus and governing bridge (Gravity Bridge does not simply use multisig accounts for control/governance)
• Uses NOT UPGRADEABLE smart contract Gravity.sol which has been extensively audited and forked, thus it has the most time in production for any Eth/Cosmos bridge
• Over $10million USDC liquidity already bridged into the Cosmos ecosystem
• Batched deposits ensure users receive the lowest gas fees of any bridge

For recap, the Regen Prop 13 guidelines ask:

1. Is the token in question a currency? USDC is a fully reserved stablecoin that is externally audited. Please see more details here USDC is USD Coin issued by Centre, a partnership between Coinbase and Circle.

2. Is the token in question IBC compatible? Gravity USDC is IBC compatible. ETH-based USDC is locked in the Gravity Bridge contract, validated by a decentralized Cosmos validator set, then an IBC representation is minted.

3. Is the token in question liquid, stable and safe to use? Gravity Bridge is the most decentralized and most integrated bridge in the Cosmos ecosystem. Gravity Bridge offers highest security having been audited by Code4Rena, LeastAuthority, Informal, and Certik. Audit reports and more information can be found in security docs Also, USDC is the largest and most credible stablecoin available at this time.

4. Does the token support a good onboarding experience for non crypto natives? USDC currently provides one of the best onboarding experiences of any stablecoin. Gravity Bridge provides IBC auto-forwarding from Ethereum. Allowing tokens to be sent directly from Ethereum to Regen network with only one Metamask transaction. Such transactions can be sent using The Blockscape Gravity Bridge frontend or with a Regen-native front end using Gravity Bridge decentralized frontend integrators API

5. Is the currency in question something that supports or enables a better world, and most specifically ecological regeneration? Since USDC is issued on Ethereum, its ecological impact is decidedly negative until the ETH2.0 merge has completed. Despite this, we believe that USDC is by far the most credible and liquid stablecoin at this time, opening up opportunities for Regen Network to sell larger volumes of credits to a wider audience.

Final Thoughts

For the Regen Marketplace to open and transactions to begin, viable currencies need to be added to the allow list. The marketplace is launching with discovery and experimentation in mind as the community finds which currencies deliver the best user experiences.

Regen Marketplace’s value proposition will increase by adding Gravity USDC, which will bring a stable, trusted, and secure currency through a decentralized bridge, helping it to grow and achieve its goals in becoming the leading marketplace for tokenized ecological assets.

Further discussion can be found in the commonwealth thread on this topic

.