Chainlink's Cross-Chain Protocol Launches on Base Mainnet
In Brief
Chainlink shared that its Cross-Chain Interoperability Protocol (CCIP) has launched on the Base Layer-2 blockchain.
Now, developers utilizing Base can tap into Chainlink’s interoperability protocol to create applications and services that function across multiple blockchains.
Chainlink Chainlink announced today that its Cross-Chain Interoperability Protocol (CCIP) is now functional on the Base Layer-2 blockchain. This empowers developers on Base to innovate cross-chain applications and services with the CCIP framework.
The Web3 platform highlights that the CCIP provides a straightforward interface for developers to construct secure applications capable of sending messages, transferring tokens, and triggering actions across various blockchains.
The protocol makes use of Chainlink’s decentralized oracle networks, which have been responsible for securing billions of dollars and facilitating over $8 trillion in on-chain transactions. Moreover, CCIP has strengthened its security measures through the Risk Management Network, which continuously checks and validates cross-chain transactions for any unusual activity.
Johann Eid, Chief Business Officer at Chainlink Labs, commented in a statement, 'The innovation and scalability of Base as a Layer-2 solution, paired with the expanding range of Chainlink services, offers fantastic opportunities for developers aiming to create the next wave of cross-chain applications and services.'
Chainlink confirmed that several projects, including Raft, Nuon, and Polychain Monsters, are already in the process of incorporating Chainlink CCIP on the Base platform.
'We’re thrilled about the CCIP launch on Base, as it empowers developers to create secure cross-chain applications, opening the door for them to explore new possibilities,' noted Jesse Pollak, the Creator of Base.
Additionally, DeFi platform Folks Finance The platform revealed that it will be integrating the CCIP, employing its messaging capabilities for cross-chain Hub & Spoke lending, enabling users to place collateral on one blockchain while borrowing assets on another.
'Assets will be exchanged between blockchains without the usual cumbersome manual bridging processes, which have often been considered one of the less user-friendly elements of DeFi,' Folks Finance stated in a recent communication. blog post .
In July, Chainlink CCIP launched During that same month, in addition to developments on Ethereum, Optimism, Polygon, and Avalanche blockchains, Swift also announced an initial proof of concept employing CCIP for secure messaging and token transfers among major financial institutions across multiple blockchains. announced Please remember that the content provided here is not designed to be legal, tax, investment, or any other type of advice. It's crucial to only invest what you can afford to lose and seek independent financial consultation if you have any uncertainties. For more detailed information, we recommend reviewing the terms and conditions alongside the help and support resources offered by the issuer or advertiser. MetaversePost is dedicated to impartial reporting, yet market conditions can change unexpectedly.
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In line with the Trust Project guidelines Cindy is a journalist with Metaverse Post, focusing on web3, NFTs, the metaverse, and AI topics, particularly through interviews with significant players in the Web3 space. She has conversed with over 30 top executives, delivering their insights to her audience. Originally hailing from Singapore, Cindy now resides in Tbilisi, Georgia. She earned her Bachelor's in Communications & Media Studies from the University of South Australia and boasts a decade-long background in journalism and writing.
