Decentralized oracle network Chainlink (LINK) has announced that its Cross-Chain Interoperability Protocol (CCIP) is now live on Coinbase’s Ethereum layer-2 scaling solution, Base.
According to a statement, this latest development aims to provide base developers with a secure means to build cross-chain services and applications capable of transferring tokens, sending messages, and initiating other transactions across multiple blockchains.
Discover how CCIP is empowering apps built on Base to scale faster and connect to Web3's rapidly expanding multi-chain ecosystem 🧵👇https://t.co/AbiGprCx1J
— Chainlink (@chainlink) September 27, 2023
Chief Business Officer at Chainlink Labs, Johann Eid, emphasized that both companies are actively leveraging their innovative products in recent months to drive greater adoption within the crypto ecosystem.
“The scalability and technological creativity of Base as a layer 2 solution, combined with an ever-increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.”
Jesse Pollak, the creator of Base, said they are excited about the launch of CCIP on Base. This allows developers to securely build cross-chain applications, thereby empowering them to experiment further and discover new use cases, he added.
Chainlink’s native token, LINK, has gained 5.21% in the past 24 hours. At the time of writing, it is trading at $7.82.
CCIP is a cross-chain communication protocol for various blockchain networks and traditional Web2 apps like SWIFT’s payment system. It relies on Chainlink’s oracle network. Developer Chainlink Labs estimated that the protocol has secured billions of dollars in assets and facilitated over $8 trillion in on-chain transaction value. Therefore, the recent integration can open up new opportunities for enhancing asset security and transactional efficiency in the blockchain industry.
Chainlink’s CCIP has been integrated with multiple blockchain networks since its launch in July of this year. These include Polygon, Orbitrum, Ethereum, Avalanche, and Optimism. Base has recently joined this growing list.
The daily transactions on Base and new unique addresses have recently overtaken optimistic rollup scaling solutions such as Optimism and Arbitrum, according to data from TheBlock. Hence, this new development marks a major milestone for both companies.
Besides networks, numerous projects, including Raft, Polychain Monsters, Nuon, and Folks Finance, are already incorporating Chainlink’s CCIP into Layer 2. Furthermore, earlier this month, the DeFi exchange Sushi revealed its integration with CCIP.