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July 2023 Recap: Chainlink Launches CCIP To Unlock New Chapter In Web3

July was a landmark month for Chainlink with the mainnet launch of its Cross-Chain Interoperability Protocol (CCIP). During a speech at EthCC in Paris, Chainlink Labs Chief Product Officer Kemal El Moujahid underscored Chainlink’s unique opportunity to transform the world’s financial system into a global internet of contracts through CCIP.    

“This is really the moment that I think we unlock web3 interoperability,” he said. “This is going to be a whole new chapter in web3.”

Chainlink Labs Chief Product Officer Kemal El Moujahid announces CCIP’s mainnet launch at EthCC.

With CCIP live for general access on multiple testnets, Chainlink co-founder Sergey Nazarov delivered an EthCC keynote inspiring developers to start building the next generation of cross-chain smart contracts on the path toward a more secure, reliable, and transparent alternative financial system.

Nazarov highlighted CCIP’s early DeFi adopters, including Synthetix and Aave, as well as Swift’s collaboration with over a dozen top financial institutions to develop how banks use CCIP to transact with an increasingly multi-chain world.

“And now with the launch of CCIP here at EthCC, we’re able to also provide the access to value that resides on various public chains and, relatively soon, private bank chains which have even more value that can flow into these applications to make them successful and useful,” he said.

Chainlink co-founder Sergey Nazarov delivers a keynote speech at EthCC[6] in Paris.

In an interview with Nathaniel Whittemore on The Breakdown podcast, Nazarov elaborated on how CCIP would ultimately enable the convergence of TradFi and DeFi by incentivizing banks to create their own stablecoins, private blockchains, and tokenized real-world assets. Comparing web3 to the internet, and CCIP to TCP/IP, he predicted banks’ ability to interact with the blockchain economy will become an imperative.

“It won’t be a choice,” he said. “It will be like having email or not having email.”

In Chainlink Ecosystem news, the Chainlink BUILD program continued its expansion throughout the month of July. New BUILD projects include DLT Payments, which is launching a non-custodial web3 payment platform; EtherScore, which is building a decentralized on-chain reputation system; and Lendvest, which is developing a decentralized credit score framework.

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