July 17, 2023 2:51 PM | 2 min read
Chainlink (CRYPTO: LINK), a leading Web3 services platform, announced the launch of its Cross-Chain Interoperability Protocol (CCIP) on the Ethereum (CRYPTO: ETH), Optimism (CRYPTO: OP), Polygon (CRYPTO: MATIC) and Avalanche (CRYPTO: AVAX) blockchains.
The protocol, which is designed to facilitate the development of cross-chain applications and services, is being adopted by major DeFi protocols such as Synthetix (CRYPTO: SNX) and Aave (CRYPTO: AAVE).
CCIP provides developers with the flexibility to build their own cross-chain solutions and enables protocols to transfer tokens across chains quickly and securely.
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Sergey Nazarov, co-founder of Chainlink, stated CCIP offers a platform for building applications that can operate securely across any blockchain.
Synthetix, a DeFi protocol that provides a liquidity layer for on-chain derivatives and financial instruments, integrated Chainlink’s CCIP into its Synth Teleporter feature.
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This feature allows users to transfer Synth liquidity between chains by burning sUSD on the source chain and minting an equivalent amount on the destination chain.
Aave, a lending protocol, is also integrating Chainlink’s CCIP into its system through BGD Labs, a Web3 development initiative.
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This integration will allow Aave to launch itself onto more chains and conduct key operations like governance through a highly secure solution.
Chainlink stated that in addition to its adoption by leading DeFi applications, CCIP is also being used by Swift and over a dozen financial institutions and financial market infrastructure providers for messages and token transfers across public and private chains.
This collaboration aims to connect the global financial system to on-chain financial products, laying the groundwork for a globally accepted interoperability standard.
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