In May, high-performance blockchain Solana officially integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), allowing Cross-Chain Tokens (CCTs) with a collective market cap of more than $19 billion to enter Solana’s ecosystem.
Solana is the first non-EVM chain to employ the latest CCIP v1.6 upgrade, which accelerates cost-effective scaling to hundreds of additional blockchains. The initial integration connects Solana to Arbitrum, Base, BNB Chain, Ethereum, Optimism, and Sonic. CCIP-enabled bridging apps Interport, OpenOcean, Transporter, and XSwap are also integrating support for Solana.
“The launch of CCIP on Solana is pretty significant because it’ll allow public chain liquidity and usage to flow into the Solana ecosystem, but it will also allow institutional value and liquidity to interact with Solana-based applications,” Chainlink co-founder Sergey Nazarov explained in an interview with FINTECH.TV’s Remy Blaire during Solana Accelerate.
Among the first to integrate CCIP on Solana is Zeus Network, a permissionless multi-chain layer connecting Bitcoin and other top blockchains to Solana’s ecosystem. CCIP now facilitates the transfer of zBTC, a fully permissionless Bitcoin asset, across the Base, Ethereum, Solana, and Sonic mainnets. Zeus also integrated Chainlink Proof of Reserve to cryptographically verify zBTC is collateralized 1:1 with BTC.
Proof of Reserve continues to scale Bitcoin-driven DeFi (BTCFi) by providing real-time updates for reserves backing wrapped BTC tokens. Coinbase announced it’s using Proof of Reserve to boost the transparency of over $4.6 billion worth of BTC reserves backing its wrapped BTC, cbBTC, with verifiable onchain data published on Ethereum and Base.
Chainlink, Kinexys by J.P. Morgan, and Ondo Finance successfully completed a cross-chain delivery versus payment (DvP) test transaction powered end-to-end by the Chainlink Runtime Environment (CRE) – a flexible, modular, chain-agnostic computing environment that makes it easier to build decentralized applications which are compatible with existing financial systems.
The novel DvP solution establishes how assets and payments can be exchanged simultaneously cross-chain, reducing counterparty and settlement risk by averting system fragmentation and manual workflows that make TradFi DvP transactions difficult to execute while costing market participants more than $914 billion over the past decade.
Following a successful pilot, the Aave DAO unanimously voted to expand market coverage of Chainlink’s Smart Value Recapture (SVR) from approximately 3% to 27% of the protocol’s TVL on Ethereum. SVR, the first service connected to Chainlink’s cross-chain Payment Abstraction system, allows DeFi applications using Chainlink Price Feeds to benefit from recaptured non-toxic oracle-related Maximal Extractable Value (MEV) from liquidations.
Adoption of the Chainlink standard, which supports a spectrum of tokenized real-world asset and stablecoin issuers from top DeFi protocols to some of the world’s largest financial institutions, continued to accelerate in May.
Leading blockchain data indexing and query protocol, The Graph, announced its upcoming CCIP integration to facilitate secure, seamless transfers of its native GRT token across Arbitrum, Base, and Solana.
Dolomite, a margin protocol and DEX with over $1 billion in TVL, integrated CCIP to power seamless cross-chain transfers between Berachain, Ethereum, and Arbitrum while upholding the highest standards of user safety and protocol integrity.
Elixir, a decentralized network designed to bring institutional liquidity onchain, integrated Price Feeds and CCIP to enhance the security and utility of its fully collateralized, yield-bearing synthetic dollar, deUSD.
Kelp, the second-largest liquid restaking protocol in the KernelDAO ecosystem with over $2 billion in TVL, announced it’s integrating Proof of Reserve’s Secure Mint capability to enhance the security and transparency of its liquid restaking token, rsETH.
View the entire Chainlink ecosystem in one place.
