- Chainlink’s new Cross-Chain Interoperability Protocol bridges traditional finance (TradeFi) to the blockchain-powered space.
- CCIP’s early access is available on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism.
- LINK, the native token of Chainlink, surged over 6% in the last 24 hours.
Chainlink, the popular decentralized oracle network, launched its Cross-Chain Interoperability Protocol (CCIP), aiming to facilitate seamless integration between traditional financial institutions and various public and private blockchains.
1/ The Chainlink Cross-Chain Interoperability Protocol (CCIP) has officially launched on Avalanche, Ethereum, Optimism, and Polygon mainnets.#LinkTheWorld pic.twitter.com/SdLVyaapg3
— Chainlink (@chainlink) July 17, 2023
On Monday, Kemal El Moujahid, Chief Product Officer of Chainlink Labs, revealed that CCIP has entered the early access phase on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. CCIP has been through efficient testing with nearly 25 partners such as Aave, Synthetix, and Swift.
Starting from July 20, developers can access CCIP on the five major testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai. The protocol focuses on enabling financial institutions to securely transfer data. And value directly from their existing backend systems to blockchain environments. Ultimately, this protocol aims to enable entities to harness the potential of blockchain interoperability.
Chainlink Cross-Chain Interoperability Protocol, Gaps No More?
During an interview, Sergey Nazarov, co-founder of Chainlink, emphasized the significance of interoperability as a fundamental component of a blockchain-powered economy. He stated that a robust value transmission solution between networks is essential for further blockchain innovation.
Nazarove added:
“CCIP is a cross-chain solution that banking and DeFi builders both need to 10x the on-chain economy in their respective verticals […] Our goal with CCIP is not only to create connectivity within these two critical groups but to create a way for them to securely and efficiently transact with each other.”
Moreover, CCIP leverages Swift’s messaging infrastructure, a widely-used system employed by over 11,000 banks globally for international payments and settlements. Notably, the blockchain-based data oracle aided major banks such as BNY Mellon, BNP Paribas, Citi, Australia and more. And Lloyds Banking Group in embracing blockchain interoperability.
CCIP’s transition to the mainnet after extensive testing with over 25 partner organizations demonstrates its potential to bridge various blockchain and banking networks.
Following the announcement, Chainlink’s native token LINK experienced a surge of 6.69% in the last 24 hours. The Price hit $7.12, according to CoinMarketCap.
