Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is the industry standard for cross-chain digital asset and data transfer. Leading DeFi protocols and decentralized exchanges (DEXs) as well as traditional financial institutions are integrating CCIP to unlock new use cases and markets for digital assets with unique onchain utility.
Today, Vertex, a leading Arbitrum-based DEX for trading on derivatives and spot markets for digital assets, announced it has adopted CCIP to secure seamless cross-chain transfers for its utility token, VRTX. Transporter, a highly secure, CCIP-powered app for bridging tokens and messages, will facilitate VRTX transfers and messaging between supported chains, starting with Base and Blast.
As the industry-standard decentralized computing platform, Chainlink has enabled over $16 trillion in transaction value through a comprehensive set of oracle services including CCIP, which achieves the highest level of cross-chain security and features a separate Risk Management Network that independently monitors cross-chain functions for suspicious activity.
CCIP’s Simplified Token Transfer capabilities allow Vertex to abstract away the complexity of cross-chain validation when transferring VRTX to smart contracts or externally owned accounts on different chains.
Additionally, CCIP’s Programmable Token Transfers allow tokens to move between chains with instructions for use on the destination chain, unlocking advanced cross-chain applications that leverage the unique strengths of different networks and serve a broader DeFi user base.
Vertex was launched by a team of traders and engineers with resumes in TradFi and DeFi to give users more flexibility within the multi-chain DeFi ecosystem. Unlocking VRTX’s cross-chain utility is key to making Vertex Edge’s composable order book a multi-chain hub for order book liquidity.
Vertex also uses Chainlink Data Streams – a pull-based oracle solution that allows protocols to consume data faster and more cost-effectively with less risk of frontrunning and MEV – to help power vital functions such as liquidating undercollateralized positions and calculating funding rates.
In the future, Vertex plans to use CCIP to give users the ability to stake and directly claim trading rewards for VRTX on Base and Blast.
To learn more about Vertex, visit their website, X, Telegram, and Discord.