Decentralized Oracle System Chainlink has added the zero-knowledge proofs platform ZKsync to its cross-chain interoperability protocol.
On September 16, Chainlink declared that the blockchain protocol, Chainlink CCIP, had gone live on the ZKsync Era mainnet.
The integration’s goal is to improve the compatibility of decentralized and conventional banking. The objective of creating a cohesive layer 2 ecosystem on Ethereum is in line with CCIP on ZKSync.
Additionally, it is a component of a larger initiative to promote the development and uptake of zero-knowledge technology through decentralized applications that facilitate the integration of traditional finance and decentralized finance.
The ZKsync Foundation’s director, Marco Cora, stated that the introduction of Chainlink CCIP on the ZKsync Era will spur additional development in tokenizing real-world assets.
This is occurring as many top financial institutions globally start implementing on-chain solutions. Cora continued:
The need for transparent and secure cross-chain standards becomes paramount to grow the adoption of blockchains in traditional finance and with the integration of Chainlink CCIP, ZKsync provides a gateway for these institutions to come on chain.”
Developers of ZKsync will now have access to a feature that allows cross-chain token transfers powered by smart contracts.
Using smart contracts and Chainlink’s programmable token transfers, users can incorporate instructions into tokens sent between chains to build more interconnected decentralized applications.
The launch of CCIp on ZKsyncs comes after Chainlink’s most recent achievement in the tokenized assets market.
Interoperability aids tokenization market
This comes after it joined forces with Sygnum and Fidelity International to deliver net asset value to the blockchain.
The $6.9 billion Institutional Liquidity Fund of Fidelity International was enhanced by NAV on-chain. Through the RWA initiative ILF, Sygnum could transfer $50 million from Matter Labs, the company that created ZKSync, to the ZKsync network.
With recent integrations with Sony Group’s freshly established L2 Soneium, Chainlink, and market rival Pyth Network are aiming for more of this web3 traction.
