USDC Pool on Polygon

BOB pool converted to USDC

The migration to USDC from BOB was completed Jul-18-2023 02:11:08 PM +UTC 0x7cf8f47d95b7e38eea8c9b2b1110d3ce4602f2936f70cdc44a5fa670923e7d58

-> Learn more about the migration

A proposal to migrate the zkBob BOB pool on Polygon to USDC was added to the zkBob forum June 28, 2023. This proposal was initiated to address user feedback and concerns regarding usage and adoption. While BOB is a small, niche stablecoin, USDC is a top 5 coin by marketcap with billions in daily volume. USDC is widely used and accepted, and presents better anonymity overall for zkBob users who no longer need to convert USDC to BOB. Eliminating this conversion process not only increases anonymity but also removes a barrier to entry for many users.

In response to comments and discussion, the proposal has successfully moved forward and all BOB in the pool will be automatically converted to USDC.

Users don't need to do anything, BOB will be automatically converted in the pool. Anyone with BOB in the pool will see their BOB balance automatically converted to a USDC balance.

On withdrawal, a receiving wallet will receive USDC rather than BOB. USDC deposits will be accepted into zkBob on Polygon and can be transferred and withdrawn privately.

USDC Migration FAQ

What will the migration process look like - will there be downtime and will the app be unavailable?

Yes, there will be a short downtime period of 1-2 hours where the app will not be available during the migration. All operations in all pools will stop during this time. Following the migration, all BOB will be replaced 1:1 with USDC.

Update: The migration is complete and all operations are functioning normally.

Will a BOB pool still be available on Polygon?

No. The BOB pool on Polygon will be replaced by the USDC pool. However, a BOB pool is available on Optimism along with the newly deployed ETH pool on Optimism.

What about my BOB? How is it converted?

The default token for the pool is simply swapped. Following the successful proposal, a transaction initiated by the zkBob DAO multisig will:

  1. Remove all BOB from the pool

  2. Swap BOB for the same amount of USDC

  3. Deposit all USDC into the pool.

Transaction details will be posted once the transaction is complete. TX: 0x7cf8f47d95b7e38eea8c9b2b1110d3ce4602f2936f70cdc44a5fa670923e7d58

What changes for the Polygon pool?

Nothing will change regarding general processes, only the token will change. Deposits, transfers and withdrawals will use USDC instead of BOB. The rest of the functionality remains the same.

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