Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is the industry standard for cross-chain asset and information transfer. This week, Thales, an Ethereum protocol for the creation of onchain parimutual markets, announced it integrated CCIP to facilitate a unified staking and rewards system for its users across the Arbitrum, Base, and Optimism mainnets.
CCIP achieves the highest level of cross-chain security by utilizing Chainlink’s time-tested oracle infrastructure, which has enabled $9.5+ trillion in transaction value, and a separate Risk Management Network that independently monitors cross-chain functions for erroneous activity.
CCIP’s secure and reliable cross-chain messaging functionality allows Thales, which also utilizes Chainlink Data Feeds, to operate in a chain-agnostic manner that gives users the same experience regardless of which network they choose to stake on.
Before CCIP, Thales had to distribute staking rewards via separate pools on each network resulting in different APYs, while its governance structure took on “unnecessary logistical overhead” trying to balance rewards for stakers across all networks.
CCIP also allowed Thales to fix what was previously an “impossible problem to solve in a permissionless way” by unifying SafeBox Fees from all networks into a single sum from which rewards are proportionately distributed to all stakers.
“Chainlink’s track record of security and reliability is unmatched, which is why we’ve integrated Chainlink CCIP to help unlock a chain-agnostic cross-chain staking and protocol rewards mechanism for Thales Protocol,” said Thales’ founder, Danijel, in an official announcement.
“This allows the protocol to have a balanced cross-chain foundation and enables it to freely expand its products across networks without having to worry about the logistics and overhead of cross-chain staking rewards.”