Today, Chainlink published its Q1 2024 Product Update and announced Cross-Chain Interoperability Protocol (CCIP) has officially entered General Availability (GA) on Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX, with plans to add “many more” chains in the near future.
Having enabled over $10.5 trillion in onchain transaction value, Chainlink is the industry-standard decentralized computing platform offering a comprehensive suite of oracle services that are essential for creating, securing, and transporting stablecoins and tokenized real-world assets throughout the growing multi-chain economy.
Tokenized real-world assets are blockchain-based tokens that represent physical or traditional financial assets, such as cash, debt, securities, commodities, and real estate. Because tokenized assets confer new opportunities such as fractionalization and programmability alongside better liquidity, transparency, and risk management, the space is projected to reach $10 trillion by 2030.
As illustrated by Swift’s proof of concept, CCIP allows traditional financial institutions to transact with a wide range of private and public blockchains using their existing infrastructure. By allowing tokenized assets to flow freely between private bank chains and public DeFi applications, CCIP empowers traditional financial institutions like Euroclear and ANZ to unlock exciting new use cases for tokenized assets.
CCIP achieves the highest level of cross-chain security by utilizing Chainlink’s time-tested oracle infrastructure and a separate Risk Management Network. Earlier this month, Chainlink launched Transporter, a highly secure, CCIP-powered bridging app for transferring large token value and critical messages across chains, and introduced a new lock and unlock mechanism for CCIP, with an initial use case enabling cross-chain ETH transfers via WETH token pools.
Prominent CCIP users include Ethereum L2, Metis, which selected CCIP as its canonical token bridge for new tokens, and Aave, the largest DeFi lending market by TVL, which is integrating CCIP to enable cross-chain transfers of its decentralized stablecoin, GHO. Last month, WEMADE, one of South Korea’s largest game developers, integrated CCIP on WEMIX3.0 mainnet as its exclusive cross-chain infrastructure.
In an official announcement, Chainlink co-founder Sergey Nazarov highlighted CCIP’s growing adoption as the blockchain interoperability standard for DeFi and TradFi alike.
“CCIP is now starting to become the standard for both capital markets blockchain transactions across banks, as well as the way that secure Web3 cross-chain value and data is moved across public chains,” he said. “The mainnet general availability of CCIP is something that makes it even easier for developers to quickly adopt CCIP as a secure mechanism for cross-chain connectivity.”
Chainlink also announced it will host a Q1 2024 Q&A with the Chainlink community via the official Chainlink YouTube on May 3 at 12pm EST. Community members can use this form to submit questions for consideration until April 26 at 12pm EST.
Read the complete Q1 2024 product update here.