Chainlink Launches Cross-Chain Interoperability Protocol on Ethereum Layer 2 Scaling Platform
Decentralized oracle network Chainlink has released its Cross-Chain Interoperability Protocol (CCIP) on Base, an Ethereum Layer 2 scaling platform incubated by Coinbase. The move enables Base developers to build cross-chain applications and services that can interact with multiple blockchain networks.
CCIP utilizes Chainlink’s oracle networks, which have secured billions of dollars in assets and facilitated over $8 trillion in on-chain transaction value. The integration of Base and Chainlink offers scalability and technological creativity for developers seeking to create the next generation of cross-chain applications.
Projects like Raft, Nuon, Folks Finance, and Polychain Monsters are already integrating Chainlink CCIP on the Layer 2. Chainlink’s price feeds went live on Base in August.
Base Mainnet Goes Public
The Base mainnet was publicly launched on August 9th, allowing projects to deploy their applications on the Layer 2 and onboard users and assets from Ethereum, Coinbase, and other interoperable chains. Recent data shows that daily transactions and new unique addresses on Base have surpassed those of optimistic rollup scaling solutions Arbitrum and Optimism.
Chainlink’s CCIP Rollout and Swift Interoperability Experiment
In July, Chainlink introduced its Cross-Chain Interoperability Protocol on various blockchains including Arbitrum, Avalanche, Ethereum, Optimism, and Polygon. Synthetix and Aave are among the decentralized finance protocols that have adopted CCIP for cross-chain transfers.
Unlike traditional cross-chain bridge models that use token wrapping, Chainlink’s CCIP leverages smart contract-enabled mechanisms between audited token pools across different chains. This allows for seamless interactions between blockchain networks.
Swift, the global financial messaging giant, successfully conducted an interoperability experiment between its network, banks, and Chainlink’s CCIP. The experiment demonstrated the potential of CCIP to facilitate interoperability between traditional financial systems and emerging blockchain technologies.
Hot Take: Chainlink and Base Pave the Way for Cross-Chain Applications
The integration of Chainlink’s Cross-Chain Interoperability Protocol on Base provides developers with a secure solution to build cross-chain applications and services. With the scalability and technological creativity offered by Base as a Layer 2 solution, combined with Chainlink’s expanding range of services, developers can unlock new use cases in the blockchain industry. This collaboration between Chainlink and Base marks a significant milestone in advancing cross-chain interoperability and bringing millions of new users into the blockchain space.
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