How to send USDC from Ethereum to dYdX

Deployments

Deployment	Chain ID	USDC Native Chain	USDC_ERC20_ADDRESS	TOKEN_MESSENGER_CONTRACT_ADDRESS
DYDX token holders	dydx-mainnet-1	Ethereum	0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 (opens in a new tab)	0xBd3fa81B58Ba92a82136038B25aDec7066af3155 (opens in a new tab)
Testnet	dydx-testnet-4	Sepolia Testnet	0x1c7D4B196Cb0C7B01d743Fbc6116a902379C7238 (opens in a new tab)	0x9f3B8679c73C2Fef8b59B4f3444d4e156fb70AA5 (opens in a new tab)

Note: the example values in the steps below align with the deployment by DYDX token holders.

Requirements

Your wallet is on the Ethereum network.
You have sufficient ETH for gas and USDC.

Prerequisite USDC Approval

First, go to USDC_ERC20_ADDRESS's writeProxyContract tab https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48#writeProxyContract (opens in a new tab)
Click the “Connect to Web3” button
Now it turns green.
Click on the first line 1. Approve (0x095ea7b3) to expand it, input 0xbd3fa81b58ba92a82136038b25adec7066af3155 (the TOKEN_MESSENGER_CONTRACT_ADDRESS) in the spender (address) box and 115792089237316195423570985008687907853269984665640564039457584007913129639935 in the second box (value (uint256)) for unlimited. You can specify a smaller number here as well.
Click the Write button.

Procedure

Starting with code provided here: https://github.com/bd21/noble-tutorials/tree/master/tutorials/05-eth-noble-python (opens in a new tab), a few changes have been made to allow you to specify: (1) a dYdX Chain address, and (2) the USDC amount. Here is a diff showing the differences:
Save the source code (last section of this document) as deposit_for_burn.py, create a directory called abi/, and download TokenMessengerWithMetadata.json from the abi/ directory at github above, and save it into abi/. You now have the following files in the working directory.

./deposit_for_burn.py
./abi/TokenMessengerWithMetadata.json

Run the program like this:

python3 deposit_for_burn.py <dydxaddress> <burnamount>

where <dydxaddress> is your dYdX-Chain address and <burnamount> is the amount of USDC. For example:

python3 deposit_for_burn.py dydx1gem4xs643fjhaqvphrvv0adpg4435j7xx9pp4z 100

Be patient. It may take up to 30 minutes to see the funds show up on the Noble blockchain. After that you can connect your wallet to v4 and it will sweep the funds from Noble into v4.

Source Code

import hexbytes
from web3 import Web3
import bech32
from pprint import pprint
from sys import argv
 
 
TOKEN_MESSENGER_CONTRACT_ADDRESS = "0xbd3fa81b58ba92a82136038b25adec7066af3155"
USDC_ERC20_ADDRESS = "0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48"
 
########################## YOU FILL THIS OUT #################
private_key = '<FILL_THIS_OUT>'
RPC_URL = '<FILL_THIS_OUT>'
##############################################################
 
# requires a local file named 'private_key' with a hex encoded eth private key (no 0x prefix)
def deposit_for_burn(noble_address, dydx_address):
    # initialize client
    web3 = Web3(Web3.HTTPProvider(RPC_URL))
    assert web3.is_connected()
 
    # initialize account, smart contract
    account = web3.eth.account.from_key(private_key)
    file = open("abi/TokenMessenger.json")
    abi = file.read()
 
    contract_address = str(web3.to_checksum_address(TOKEN_MESSENGER_CONTRACT_ADDRESS))
    contract = web3.eth.contract(address=contract_address, abi=abi)
 
    print("Building Ethereum depositForBurn txn...")
 
    mint_recipient = convert(noble_address)  # intermediate noble minting address
    print("Derived Noble address: " + noble_address)
 
    burn_amount = int(burn_amount1) * 1000000
    usdc_address = str(Web3.to_checksum_address(USDC_ERC20_ADDRESS))
 
    print("Broadcasting...")
 
    call_function = contract.functions.depositForBurn(
        burn_amount,
        4,  # noble
        mint_recipient,
        usdc_address
    ).build_transaction({
        "chainId": web3.eth.chain_id,
        "from": account.address,
        "nonce": web3.eth.get_transaction_count(account.address),
    })
    signed_tx = web3.eth.account.sign_transaction(call_function, private_key=private_key)
 
    # Send the raw transaction:
    tx_hash = web3.eth.send_raw_transaction(signed_tx.rawTransaction)
    tx_receipt = web3.eth.wait_for_transaction_receipt(tx_hash)
    # print("eth tx hash: https://etherscan.io/tx/" + tx_hash.hex())
    print("eth tx hash: https://goerli.etherscan.io/tx/" + tx_hash.hex())
    print("eth tx receipt: ")
    pprint(tx_receipt)
 
    # print("Minting to https://testnet.mintscan.io/noble-testnet/account/" + noble_address)
    print("Minting to https://mintscan.io/noble/account/" + noble_address)
 
 
# Convert bech32 address to a format suited for CCTP
def convert(address) -> hexbytes.HexBytes:
    result = bytearray(32)
    decoded = bech32.convertbits(
        data=bech32.bech32_decode(address)[1],
        frombits=5,
        tobits=8,
        pad=False
    )
    result[32 - len(decoded):] = decoded
    return hexbytes.HexBytes(result)
 
if len(argv) < 3:
        print('Error: Please specify dydxaddress and burnamount')
        exit()
dydx_address1 = argv[1]
burn_amount1 = argv[2]
noble_address1 = bech32.bech32_encode("noble", bech32.bech32_decode(dydx_address1)[1])
 
if __name__ == "__main__":
    deposit_for_burn(
        noble_address=noble_address1,
        dydx_address=dydx_address1
    )
    # alternatively, you can derive the noble address
    # deposit_for_burn(
    #     dydx_address="dydx1kgjgvl3xer7rwskp6tlynmjrd2juas6nqxn8yg",
    #     noble_address=bech32.bech32_encode("noble", bech32.bech32_decode("dydx1kgjgvl3xer7rwskp6tlynmjrd2juas6nqxn8yg")[1]),
    # )

CLI Commands Rate Limits and Gating