Chainlink Integrates Cross-Chain Interoperability Protocol on Coinbase Base
Blockchain oracle network Chainlink has announced the integration of its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase layer 2 network, Base. This integration allows developers on Base to access the entire structure for building web3 products and services. By utilizing smart contracts, creators can build decentralized applications (dApps) that can host multiple networks simultaneously, enabling the transfer of tokens and initiation of transactions across chains.
The CCIP relies on Chainlink’s oracle network, which has facilitated transactions worth $8 trillion in on-chain value. The partnership between Chainlink and Base aims to drive more adoption in the crypto ecosystem through their innovative products.
Unlocking New Use Cases with CCIP on Base
Jesse Pollak, the creator of Base, expressed excitement about the integration, stating that it enables developers to securely build cross-chain applications and unlock new use cases. Chainlink has consistently pursued innovation to expand its Oracle service to numerous smart contracts. The CCIP introduced cross-chain lending on the platform, allowing users to lend and borrow virtual assets hosted on different networks.
Base is the sixth network integrated with CCIP in less than three months, following Ethereum, Arbitrum, Optimism, Polygon, and Avalanche. Chainlink has also collaborated with Swift to enable blockchain interoperability for tokenized assets across various chains.
Addressing Centralization Concerns
In response to concerns about centralization, Chainlink clarified that it regularly updates its multisig system as part of a signer rotation process. The recent reduction in signers was a standard procedure to ensure reliable operation.
Hot Take: Chainlink Expands Cross-Chain Capabilities with Coinbase Integration
The integration of Chainlink’s Cross-Chain Interoperability Protocol on Coinbase Base opens up new possibilities for developers in the crypto space. By leveraging smart contracts and Chainlink’s oracle network, creators can build decentralized applications that span multiple networks and enable seamless token transfers. This collaboration between Chainlink and Coinbase Base reflects their commitment to driving adoption and innovation in the blockchain industry. With the addition of Base as the sixth network integrated with CCIP, Chainlink continues to expand its cross-chain capabilities, offering users access to diverse lending and borrowing opportunities. This integration further solidifies Chainlink’s position as a leader in blockchain interoperability.
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