News and resources on digital currencies, crypto assets and crypto exchanges worldwide.

Chainlink and Arbitrum announce launch of Cross-Chain Interoperability Protocol

Source: Chainlink

Chainlink, the industry-standard Web3 services platform, and Arbitrum, the most widely used layer 2 scaling solution suite for Ethereum dApp development, have announced today the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.

CCIP provides Web3 developers with a secure, easy-to-use interface to build secure applications that can send messages, transfer tokens, and initiate actions across blockchains. The protocol is powered by Chainlink decentralized oracle networks, which have a proven track record of securing tens of billions of dollars and enabling over $8 trillion in on-chain transaction value. CCIP was designed with ease of use for developers in mind, embedding robust security into the protocol through the Risk Management Network, and being underpinned by Chainlink's time-tested oracle infrastructure.

"Layer 2s like Arbitrum play an important role in offloading transaction congestion and enabling developers to constructively build in the Ethereum ecosystem, " said Johann Eid, Chief Business Officer at Chainlink Labs. "CCIP now gives these users access to a highly secure and easy-to-use interoperability protocol built on Chainlink's time-tested infrastructure, powering cross-chain smart contracts in a way that will open up new avenues of growth, accessibility, and innovation."

Arbitrum One is an optimistic rollup for Ethereum that powers high-throughput, low-cost dApps. CCIP provides developers with the ability to build their own cross-chain dApps using Arbitrary Messaging and provides Simplified Token Transfers, a plug-and-play solution to enhance composability around assets on the Arbitrum network. By combining CCIP with Arbitrum One's ecosystem, developers can use CCIP to unlock a variety of use cases, such as cross-chain tokenized assets, collateral, gaming, data storage and computation. Projects including BetSwirl, Galaxis, Stafi, Raft, Polychain Monsters and others are already integrating Chainlink CCIP on Arbitrum.

"Builders and applications on Arbitrum now have access to the CCIP Network, providing a secure, reliable, and easy-to-use solution for developers," said A.J. Warner, Chief Strategy Officer at Offchain Labs. "We are excited to see the benefits it brings to those already building, or seeking to build on Arbitrum One."

In July, CCIP went live on Mainnet Early Access with DeFi Leaders Synthetix and Aave as early adopters, while Swift collaborated with Chainlink and over a dozen financial institutions and financial market infrastructure providers on a new series of experiments, which show that Swift's infrastructure can seamlessly facilitate the transfer of tokenized value across multiple public and private blockchains.

Comments: (0)