Chainlink (LINK) has announced the adoption of its Cross-Chain Interoperability Protocol (CCIP) on Base, Coinbase’s layer-2 scaling solution for Ethereum.
The capacity to send messages, manage token transfers, and execute other transactions across different blockchain systems is improved thanks to this advancement, which gives Base developers a way to create cross-chain services and apps.
Chainlink’s oracle networks are at the foundation of CCIP’s technology. The creator, Chainlink Labs, claims that these networks have successfully protected billions of dollars’ worth of assets and handled more than $8 trillion in on-chain transactions.
The chief business officer of Chainlink Labs, Johann Eid, stressed the potential of Base’s scalability and the growing range of services offered by Chainlink. He said,
“Base and Chainlink aim to lead blockchain innovation, ushering in an influx of users. Together, their synergies can revolutionize cross-chain services and applications.”
Numerous projects already integrate Chainlink’s CCIP into Layer 2, like Raft, Nuon, Folks Finance, and Polychain Monsters. Notably, Base now incorporates Chainlink’s price feeds as of March 3 of the current year.
Jesse Pollak, the protocols lead at Coinbase and a key player in the launch of Base expressed excitement about CCIP’s appearance on Base. He stressed the protocol’s ability to excite programmers and open up new possibilities.
On August 9, the Base mainnet became live, enabling developers to release applications. As a result, users and assets from Ethereum(ETH), Coinbase, and other compatible chains could switch over more easily.
Chainlink has been proactive in reaching out to other chains. On earlier iterations of platforms like Arbitrum, Avalanche, Ethereum, Optimism, and Polygon, CCIP was implemented.
CCIP has been adopted by significant decentralized finance platforms like Synthetix and Aave to support their cross-chain transactions, which is noteworthy.
The way that Chainlink’s CCIP handles cross-chain bridges sets it apart. Bypassing the traditional token-wrapping methodology, CCIP uses “audited token pools” that interact with smart contracts on several chains to provide smooth inter-blockchain operations.
Late in August, Swift, a major player in global financial communication, announced that its systems had been successfully integrated with Chainlink’s protocol, uniting the worlds of traditional finance and blockchain technology.
