Chainlink Launches Cross-Chain Interoperability Protocol on Layer 2 Blockchain

Crypto News- Today marks the activation of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on the Base network. In an exciting development, Folks Finance, a versatile decentralized finance platform, has integrated Chainlink’s CCIP on the Base testnet to enhance its cross-chain lending capabilities. This integration has garnered the participation of other notable crypto projects, including the popular NFT collection Polychain Monsters.

Chainlink Launches Cross-Chain Interoperability Protocol on Layer 2 Blockchain

Chainlink made an official announcement today, celebrating the successful deployment of CCIP on Base, which is a layer 2 protocol developed by the American crypto exchange Coinbase. Base, fortified by the Ethereum blockchain, has gained considerable popularity within the online crypto community. Notably, following these developments, Chainlink’s native token, LINK, surged by over 7% in price.

Johann Eid, Chief Business Officer at Chainlink Labs, expressed, “The scalability and innovative technology of Base as a layer 2 solution, combined with the growing array of Chainlink services, provide a significant advantage for developers aiming to create the next generation of cross-chain applications and services.”

Jesse Pollak, the visionary creator behind Base, shared his enthusiasm about the integration of Chainlink CCIP. This integration comes just one month after Chainlink price feeds were seamlessly integrated into Base, granting Base developers access to industry-standard Chainlink Data Feeds and other essential Web3 services.

CCIP operates using Chainlink’s decentralized price oracle networks, which have not only secured tens of billions of dollars but have also facilitated an impressive $8 trillion in on-chain transaction value. CCIP offers a robust security framework and a risk management network, both underpinned by Chainlink’s renowned Oracle infrastructure.

On the adoption front, the stablecoin project Raft took advantage of Chainlink CCIP today to enable cross-chain transfers for its R stablecoin and successfully integrate with Base. Nuon Finance, the crypto entity responsible for introducing the first flat coin pegged to inflation, has also embraced Chainlink CCIP within the Base ecosystem. Furthermore, earlier this month, the DeFi exchange Sushi made headlines by announcing its integration with CCIP.