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Chainlink(LINK), a decentralized oracle network, has Announced the implementation of its Cross-Chain Interoperability Protocol (CCIP) on Coinbase’s ethereum layer 2 scaling solution, Base.
This development offers Base developers a method to design cross-chain services and applications, improving the ability to transmit messages, handle token transfers, and process other transactions on various blockchain systems.
CCIP technology has its roots in Chainlink’s oracle networks.
Chainlink Labs, the developer, claims that these networks have successfully safeguarded billions in assets and processed more than $8 trillion in on-chain transactions.
Johann Eid, Chief Commercial Officer of Chainlink Labs, emphasized the combined potential of Base’s scalability and Chainlink’s expanding set of services, saying: “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, including Raft, Nuon, Folks Finance, and Polychain Monsters, are already incorporating Chainlink’s CCIP into Layer 2. Notably, Chainlink prices were integrated into Base as of March 3 of this year.
Coinbase Protocol Lead Jesse Pollak, who was instrumental in the launch of Base, expressed excitement about the debut of CCIP on Base. He highlighted the protocol’s potential to inspire developers and unlock novel applications.
The Base mainnet was unveiled to the public on August 9, allowing developers to deploy applications. This made it easier for users and assets to transition from ethereum(eth), Coinbase, and other supported chains.
Chainlink has been aggressive in its cross-chain outreach. It previously introduced CCIP on platforms such as Arbitrum, Avalanche, ethereum, Optimism, and Polygon. Notably, major decentralized finance platforms, including Synthetix and Aave, have adopted CCIP to bolster their cross-chain transactions.
A distinctive feature of Chainlink’s CCIP is its approach to cross-chain bridging. Bypassing the conventional token wrapping model, CCIP employs smart contracts that interact with “audited token pools” on various chains, promoting seamless cross-blockchain operations.
At the end of August, Swift, a titan of global financial communication, confirmed the successful integration of its systems with the Chainlink protocol, uniting the traditional financial and blockchain spheres.
